Want to Keep Your Passport – Pay Your Tax Debt
Want to Keep Your Passport – Pay Your Tax Debt. Are you planning an exciting vacation abroad any time soon, or an important overseas business trip? Before you leave the country, you better make sure you don’t owe any back taxes.
The IRS recently reminded taxpayers that if they have a tax debt of greater than $50,000.00, they could be in jeopardy of losing their passports. If the IRS notifies the State Department of your tax liability, then your passport can simply be revoked.
Again, this is for taxpayers with “seriously delinquent” tax debt. Additionally, if you have already set up a payment plan with the IRS and you’re sticking to it, then the agency is not supposed to report you to the State Department. And if you are subject to losing your passport, the IRS is required to send you a letter notifying you. In that notice, the agency also informs you of what you need to do to resolve the issue. You will then have 30 days to act before the IRS takes further action.
Therefore, be mindful of large tax liabilities when contemplating travelling abroad and negotiate a payment plan with the IRS well before making any such plans. Particularly if your tax or financial situation is complicated; in which case, we strongly suggest contacting your current tax professional.
If however, you’re in the market for a new, trusted tax and family office advisor, we never sell investments, please consider contacting us here at Info@GROCO.com. Unfortunately, we no longer give advice to other tax professionals.
We hope you found this article about “Want to Keep Your Passport – Pay Your Tax Debt” helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
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GROCO, GROCO Tax, GROCO Technology, GROCO Advisory Services, GROCO Consulting Services, GROCO Relationship Services, GROCO Consulting/Advisory Services, GROCO Family Office Wealth, and GROCO Family Office Services.
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