Home » Repairing Credit » Bad Debt Collector Tuesday! (1/5/16)

Bad Debt Collector Tuesday! (1/5/16)

Happy 2016! With the new year comes new rules. This year the IRS is expanding it’s massive authority and now can revoke or deny your passport.

How? According to the FAST Act a new section was added (code 7345) called “Revocation or Denial of Passport in Cases of Certain Tax Delinquencies.” In short if you have more than $50,000 in delinquent taxes your passport could be at risk.  A passport is needed for domestic travel in some cases not just international travel.  Want to know more? Check out this IRS, Back Taxes & Passports – Oh my!

What can you do about it? Well, we at AZCLG don’t dabble in tax law representation, but we highly recommend consulting with your favorite tax professional, whether that is a tax attorney, CPA or accountant.

You have options!!! If you have back taxes this is the year to face them and figure out your options.  Sometimes you can amend, repay, or just wait it out because tax liens expire. Yes, like all debt tax liens do expire- there is a statute of limitations- but expiration periods vary by state and tax type. Only a professional will be able to determine if your tax liability is expired or if you need to do an offer in compromise or just cut a check.  This is not something you should guess about or Google 🙂 Just consulting with a tax professional will save you money in the long run.

Just in case you don’t already have a tax person, we know a few who are pretty awesome. We don’t get anything from sharing their links – they are just pretty cool tax people 🙂

POST_TAGGED_WITH,

Leave a Reply

Your email address will not be published. Required fields are marked *