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.
Where to Live if You Just Graduated From College
Where to Live if You Just Graduated From College A fresh new crop of college graduates has just recently walked across that grand stage in caps and gowns to receive their hard-earned diplomas. It also means that thousands of young graduates are busy looking for a job, and in many cases, a new place to…
Unusual Habits Creative People Have in Common
Unusual Habits Creative People Have in Common If you spend some time considering some of the most creative people in the world and the many contributions they’ve made to society, you will surely be amazed. From Steve Jobs and Bill Gates in the tech industry to Warren Buffet in the business world, as well as…
The Most Valuable Items to Include In Your Garden
The most valuable items to include in your garden may surprise you. Gardens come in all shapes and sizes and can be very personal. Plus, with so many diverse fruits and vegetables, there is no end to what you can grow in your own personal garden. However, what kinds of things have the most value?…
The Top Meaningful Jobs That Also Pay Well
The Top Meaningful Jobs That Also Pay Well Most people want to find purpose in their life. Even the wealthiest of individuals typically come to realize that there is so much more to life than making money. After all, if you don’t have opportunities to enjoy your success, does it really matter how much money…