• Home
  • Investments
    • Mutual Funds
    • Stocks
    • Asset Management
    • Annuities
  • Retirement Lifestyle Planning
    • Long Term Care
      • Long Term Care General Terms
    • Life Insurance
      • Life Insurance Types
  • Health Insurance
  • About Us
    • Advisors
  • Resources
    • Investment Updates
    • Planning Briefs
    • Market Data Bank
    • Calculators
    • Links
  • Contact Us
    • Careers

Planning Briefs

New Law Says Tax Debtors May Lose Their Passports

Published Tuesday, December 22, 2015 at: 7:00 AM EST

  • Print
  • Email

Do you owe the IRS a substantial amount in back taxes? You could be stopped if you try to leave the country. No one is accusing you of being a terrorist, but a new federal law says your passport may be revoked, or an application for a new one denied, if your tax debt exceeds $50,000.

Under the Fixing America's Surface Transportation (FAST) Act, a highway funding law, a passport generally may be denied, revoked, or limited if you have a "seriously delinquent tax debt" of more than $50,000. This provision of the FAST Act was written right into the tax code. It effectively authorizes the IRS to disclose certain tax information to the State Department, which then will decide whether to take your passport.

For this purpose, a seriously delinquent debt is one in which a notice of lien has been filed under Section 6323 or a notice of levy has been filed under Section 6331 of the tax code. It doesn't apply if there's an agreement to repay the money to the IRS or if collection has been suspended under proper statutory authority. That may include arrangements in which a taxpayer seeks "innocent spouse" relief on a joint return.

The passport provision of the FAST Act went into effect on January 1, 2016. However, there could be constitutional challenges to the law. We'll let you know if there are further developments.

This article was written by a professional financial journalist for Integrity Insurance and Financial Services and is not intended as legal or investment advice.

© 2023 Advisor Products Inc. All Rights Reserved.

More articles

  • Five Ways You Can Dig For Gold
  • New Study Says U.S. Tax System Is Among Worst In The World
  • What Women Want: An Equal Share Of The Financial Pie
  • Show More Life With A Living Trust
  • Take Your RMD On Time, But You Might Want To Add To It
  • Taxing Issues For Business Entities
  • Be Aware Of Your Tax Surroundings
  • 7 Tax Baskets For Investments
  • New Law Tightens Up Two Social Security Loopholes
  • 7 Top Tax Moves Late In The Year
  • Why You Might Harvest Gains Now
  • Give Tax-Exempt Gifts Above Annual Gift Tax Exclusion
  • Should You Work Longer Or Save More For Retirement?
  • Warning About Choosing Age For Retirement
  • Add To Your 401(k) With No Pain

More

Contact Us 866-451-1979

Receive our Brochure

CONFIDENCE

Face the Future with Confidence.  We Help you Create an Investment Plan for Life that is Personal, Private and Exclusive.

CONSISTENCY

Let us Help you to Focus on the Long Term while Managing your Risk, Maintaining Diligent Oversight and Putting Yourself First.

INTEGRITY

Our Approach to Your Financial Planning Involves Listening and Learning about your Needs while Creating a Long-Term Relationship.

Navigation

  • Home
  • Investments
  • Retirement Lifestyle Planning
  • Health Insurance
  • About Us
  • Resources
  • Contact Us

Company Info

18330 Distinctive Dr.
Orland Park, IL 60467
Phone: 708.326.1210
Toll Free: 866.451.1979
Fax: 815.277.3989

Email: rziemianski@ksifa.com

 

Connect with Us

 

 

 

 

 

Disclaimer

Richard Ziemianski is is registered with and offer securities through Kovack Securities, Inc. Member FINRA/SIPC. 6451 North Federal Hwy, Suite 1201, Ft. Lauderdale, FL  33308 (954)782‐4771.  Advisory Services offered through Kovack Advisors, Inc. a SEC registered investment advisory firm. Richard Ziemianski is not affiliated with Kovack Securities, Inc. or Kovack Advisors, Inc. Registered Representative may only conduct business with residents of the states and/or jurisdiction for which they are properly registered. Linked sites are strictly provided as a courtesy.  Kovack Securities, Inc. does not guarantee, approve nor endorse the information or products available at the sites, nor do links indicate any association with or endorsement of the linked sites by Kovack Securities, Inc. nor Kovack Advisors, Inc.

Link to Client Relationship Summary form can be found at https://kovacksecurities.com/Form_CRS.pdf

© 2023 Integrity Insurance and Financial Services. All Rights Reserved.
© 2023 Integrity Insurance and Financial Services. All Rights Reserved.