The Franchise Tax Board (FTB) recently published its updated list of California's top 500 tax debtors, comprising both individuals and businesses that now collectively owe the state more than $505 million in income tax. Since October 2007, this list is updated twice annually. Taxpayers who receive notice of the FTB's intent to include them on the list and then make arrangements to pay their tax debt are removed from the publication.
The failure to pay taxes could land one in hot water not only with the IRS but also with state and local authorities. The state of California even went so far as to publish a list of individuals and companies who apparently owe the most unpaid taxes since 2007. Government officials say they have collected more than $100 million since they started making the list public.