Credit to: Tax News : Could American expats lose their passports on January 1, 2016?
If a person is known to owe over $50,000 in taxes, most likely they aren't going to travel back to the USA, so revoking their passport doesn't do much. IRS isn't going to physically send someone overseas to take their passport away from them. They still have a passport, just can't renew it and can't enter the USA unless they get a foreign passport which isn't all that difficult if they are legally in whatever country they live in now.
Your thoughts guys?
Quote:
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Proposed measure would allow US to revoke passport if individual has over $50,000 unpaid taxes The 8 million Americans living overseas should “ensure their financial affairs are in order and compliant” before the New Year, or face having their passports revoked, warns a financial advisory organisation. The company – deVere Group, which has 80,000 mainly expatriate clients globally – said this after it was reported that the US Congress is preparing to bring in a law to take passports from Americans who owe tax. It is likely to pass into law in December and come into effect on January 1. |
Your thoughts guys?
Could American expats lose their passports on January 1, 2016?