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.
Sum Of All Numbers | Holly Devito
About Holly Devito Holly’s goal is to provide reliable, accurate and cost-effective accounting solutions for each of her clients through her demonstrated knowledge, professionalism, and trustworthiness, attention to detail and passionate commitment to customer satisfaction. A Certified QuickBooks Pro Advisor, Holly brings more than a decade of business experience in a variety of industries including:…
Spoon Rocket | Anson Tsui
About Anson Tsui Along with a nationwide push to eat healthier comes a new type of fast food- Spoonrocket. Spoonrocket is a company that delivers healthy, organic meals to your doorstep- for just $6.00 and in under 10 min. The concept came emerged as its founder and CEO, Anson Tsui, prepared to graduate from…
Online Emotional Analytics | Armen Berjikly
About Armen Berjikly Mr. Armen Berjikly founded Kanjoya Inc.(formerly Experience Project, Inc.), in 2007, and currently serves as its Chief Executive Officer. Mr. Berjikly graduated with honors from Stanford University, with a Bachelor’s Degree in Computer Science, and a Master’s Degree in Management Science and Engineering. Berjikly’s honors include being one of the youngest…
Transitioning Accenture | Douglas Scrivner
About Douglas Scrivner Doug Scrivner, former General Counsel of Accenture, retired in 2011 after 31 years with the company and 14 years as General Counsel. During his tenure, he built a legal group of over 400 lawyers in 35 countries and also over saw the company’s government relations function and served as Corporate Secretary,…