Unpaid Taxes? Your passport may be at risk!
- March 15, 2016
- Posted by: [email protected]
- Category: Taxes
In Austin and the surrounding Central Texas area, we have represented thousands of people with hundreds of different stories as to how they found themselves subjected to the wrath of the Internal Revenue Service (IRS). Sometimes, the issues people face stemmed from simple oversights and common mistakes. Other times, big, life-changing events prevented them from doing their duty initially and once that ball got rolling, they found themselves in real trouble. Misunderstandings of convoluted and overcomplicated tax laws catch people all the time. The list goes on and on and the tools the IRS can use in an attempt to satisfy an alleged debt can be terrifying.
According to Laura Saunders, reporting for the Wall Street Journal, the United States Government has been given the authorization to deny new passports and even revoke existing passports for citizens who owe $50,000 or more in unpaid taxes. This sum includes interest and penalties, which add up very quickly and put more people at risk. The new law, recently signed by President Obama, was tacked on to the new transportation legislation approved by Congress in December 2015, which is focused on funding for highways across the nation. The law would not apply to U.S. citizens who are currently working with the IRS to resolve their tax debt through installment plans or actively contesting the collection of the alleged debt. Per Reuters, further exceptions would exist including but not limited to; some minors with excessive debt, innocent spouses and some people serving in the military. The law is expected to go into effect near the beginning of the new year.
Don’t let them take your passport. The toolkit the IRS has can make your life miserable. If you haven’t filed a tax return for years or you have been struggling to pay off your IRS debt but haven’t been doing so effectively, now is the time to act. The tax attorneys and experts at Escobar & Associates can help you find the best possible strategy in order to avoid stiff penalties in the future, and help resolve existing burdens.
Once you find yourself in their crosshairs, it’s hard to find a smooth way out without a great deal of stress, and it’s important to find the best way to deal with the IRS so that you lose as little as possible. You don’t have to do it alone. Contact Escobar & Associates, your IRS Austin-based specialists, for a free consultation today!