You won't believe what happens now when you don't pay taxes!
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The United States government passed a law earlier this month allowing for passport revoktions of anyone owing delinquent taxes.
Better keep up with your taxes or your next trip out of the country might get canceled.
LOS ANGELES, CA (Catholic Online) - "You could be on your honeymoon and they could revoke your passport," said Tom Wheelwriight, a certified public accountant and chief executive officer at ProVision Wealth Strategists.
Dennis Brager, a tax lawyer and former IRS trial attorney, said, "This is going to have an extraordinary impact."
That is probably because as of this August, there have been over $280 billion in uncollected taxes.
CNN Money reported that tax debt, including penalties and interest, adding up to over $50,000 would be grounds for passport revokes.
Raising the debt ceiling (picturespider).
Specifically, lawmakers are closing the negotiations over a bill to fund U.S. highways and transit programs, which would include the passport/tax law. The understanding is that with less tax debt, more money is available to public projects.
Brager explained $50,000 in penalties, owed taxes and interest can add up quickly, and while many who face large tax bills are overwhelmed and attempt to postpone handling the situation, the IRS issues a levy or lien after six months.
Nigel Green, who runs one of the world's largest independent financial advisory companies, the deVere Group, said, "I would urge U.S. citizens abroad ... to ensure that their financial affairs are in order and compliant by the New Year."
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