Owe more than $50K in taxes? Guard your passport!
CNBC
By Fred Imbert | CNBC – Wed, Dec 23, 2015 3:36 AM AEDT
Maudib | Getty Images. Uncle Sam may bring your overseas vacation plans to a screeching halt.
Uncle Sam may bring your overseas vacation plans to a screeching halt.
A provision to the FAST Act — which was signed into law on Dec. 4 — lets the Internal Revenue Service and the Treasury Department to ask the State Department to revoke someone's passport if the person owes more than $50,000 in taxes.
Owing that much money in taxes falls under the category of "seriously delinquent tax debt," the law says. "The term 'seriously delinquent tax debt' means an unpaid, legally enforceable federal tax liability of an individual."
"You could be on your honeymoon and they could revoke your passport," Tom Wheelwright, a certified public accountant and chief executive officer at ProVision Wealth Strategists in Tempe, Arizona, told The Arizona Republic.
Click here to read the full law.
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