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.
To receive our free newsletter, contact us here.
Subscribe to our YouTube Channel for more updates.
Considerately yours,
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.
Alan L. Olsen, CPA, Wikipedia Bio
Proud sponsor of the AD Show.
New Venture Partners: Top Thirteen Things You Should Know
New Venture Partners: Top Thirteen Things You Should Know Updated: 6/16/10 Business Issue Establish due date for estimated capital calls Review personal liability insurance Review medical insurance issues Prepare personal cash flow forecast & balance sheet Carried interest: 4 – 6 years away (Don’t spend until in your pocket) Partnership buy-ins ARE negotiable *** Taxation…
Venture Capitalists Prefer Large Established Markets
Venture Capitalists Prefer Large Established Markets By Robert Ochtel 1/22/2009 Many entrepreneurs only focus on bleeding-edge, burgeoning markets when developing their technology, product or service offering. This is done for various reasons including: The perception that burgeoning markets have limited competition, The ability to establish an early foot-hold to increase the value of their company,…
Advice for Startups Seeking Venture Capital
Advice for Startups Seeking Venture Capital The financial crisis makes it harder to get funding, but those that prove themselves during this period will be better positioned to thrive. By John Tozzi From BusinessWeek.com Landing venture capital is tough for startups, even in a good economy. But given the ongoing financial crisis, how hard is…
Due Diligence for Startups Raising Venture Capital
Due Diligence for Startups Raising Venture Capital By C. Worrall You have presented your plan to the venture capital partners. It was well received and they have to offer you a term-sheet. You have negotiated your major deal points and are ready for the investment. Now the VC wants to commence with due diligence. Wait…