Phil Liberatore, CPA Urges the Importance of Resolving Significant Tax Debt Issues
Phil Liberatore, CPA, provides his insight into the latest IRS news publication related to the revocation of passports due to significant tax debt. (https://www.irs.gov/newsroom/individuals-with-significant-tax-debt-should-act-promptly-to-avoid-revocation-of-passports)
LOS ANGELES, Aug. 15, 2019 /PRNewswire-PRWeb/ -- On August 8th, 2019, The Internal Revenue Service released important information urging taxpayers to stop putting off paying their tax debts to avoid putting their passports in jeopardy. Ignoring your tax debts can cause major implications that can delay your travel plans in the future.
Taxpayers who currently owe $52,000 or more can be denied their passport application or renewal under the Fixing America's Surface Transportation (FAST) Act. On the other hand, if you currently have a valid passport, the state can limit your ability to travel outside of the United States or revoke your passport altogether.
If taxpayers have received a Notice CP508C from the IRS, the state has already been notified of the taxpayer owing a delinquent tax debt. Taxpayers should take the necessary steps to resolve their debt right away because some resolutions take longer to implement than others.
"We see this all the time," says Liberatore," A family will plan a vacation, make travel plans and then get stuck with this passport revocation letter."
"Don't let tax bills get the best of you - be proactive! I can help you navigate towards resolving your tax debt.", Says Liberatore.
The Internal Revenue Service (IRS) also stated in their recent publication, ways to avoid having the IRS notify the State of taxpayer's recently delinquent tax debt. They include the following:
- Paying tax debt in full,
- Paying tax debt timely under approved installment agreement,
- Paying tax debt timely under accepted offer in compromise,
- Paying the tax debt timely under the terms of settlement agreement with the Department of Justice,
- Having a pending collection due process appeal with levy, or
- Having collection suspended because taxpayer has made an innocent spouse election or requested innocent spouse relief.
Phil Liberatore and his team have long been a trusted team for clients to get help navigating both their most routine and most complex financial challenges. Liberatore CPA's full range of services and solutions includes general accounting, tax strategy/tax preparation, and financial management for our clients throughout Southern California. Their experienced team are some of the most knowledgeable and credentialed professionals in the industry.
SOURCE Philip L. Liberatore CPA
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