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.
Ready for Taxes After Marriage? Here’s What You Need to Know
Ready for Taxes After Marriage? Here’s What You Need to Know The 2018 tax season is officially over. Most Americans are happy to have their tax returns in the rearview mirror. After all, nobody really enjoys doing taxes. Why is that? For the most part, it’s because doing taxes is such a complicated, frustrating experience…
Are Millennials Changing How We See Leadership?
Are Millennials Changing How We See Leadership? Within just a few years from now, Millennials will actually become the largest employee demographic in the workforce. That means ready or not, Millennials are coming to an office near you. It also means they will soon be taking on more leadership roles. In fact, they have already…
Tips for Avoiding Wire Fraud in Your Next Real Estate Transaction
Tips for Avoiding Wire Fraud in Your Next Real Estate Transaction It is a buyer’s worst nightmare, and it could happen to almost anyone. The wire over a significant amount of money to an account as part of settlement on a real estate transaction. Hours or perhaps a day or two later, they realize that…
Will the IRS Stop States From Avoiding Tax Deduction Caps?
Will the IRS Stop States From Avoiding Tax Deduction Caps? By far, one of the most controversial aspects of the new Tax Cut and Jobs Act (TCJA) has been the reduction in the state and local income tax deduction. This has long been an important deduction for many people. Being able to deduct your state…