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.
Collecting Classic Cars with Ardel Brown
Collecting Classic Cars with Ardel Brown Alan: I’m here today with Ardel Brown and we’re going to be looking at his car collection today. Alan: Ardel this is quite the man cave that you have here Ardel: Well it’s taken a little while to get it developed and fill it up, but it’s pretty full…
Study Shows Benefit of Lower Corporate Taxes
Study Shows Benefit of Lower Corporate Taxes Raise taxes on big business! That’s the cry of democratic lawmakers. Democrats argue that keeping the corporate tax rate high will help increase income for workers. While it’s true that wages have basically remained stagnant over the last decade, and the cost of living has gone up, increasing…
Costly Tax Mistakes Entrepreneurs Have to Avoid
Costly Tax Mistakes Entrepreneurs Have to Avoid Anyone can get into trouble with the IRS, including businesses. It seems as though entrepreneurs are especially susceptible to tax troubles, many times because they simply aren’t aware of all the tax pitfalls that lay ahead. However, many of these mistakes can be easily avoided. The key is…
Will the Wealthy Start Exiting California if Tax Hikes Are Extended?
Will the Wealthy Start Exiting California if Tax Hikes Are Extended? Just about everyone is aware that California has one of the highest tax rates in the country. So it wasn’t much of a surprise when voters passed a temporary tax increase back in 2012 that raised the state’s marginal income tax rate to 13.3…