FAST Act takes effect in March

A new law that relates to taxes will take effect in March, and even though it was signed back in 2015, you may not have heard about it or contemplated its effects. The law is called the FAST Act, which stands for "Fixing America's Surface Transportation." Under this new law, the IRS will report to the U.S. State Department in regards to a person's back taxes. If they have serious delinquent tax debt, the State Department could limit your passport, revoke or deny you one if you are applying.

This new law takes effect in March, so if you receive a Letter 508C -- which is what the IRS would send you if you have serious delinquent tax debt -- then you need to address the situation quickly lest you risk your passport becoming invalid or limited in some capacity.

When you don't pay your taxes or you have unresolved tax debt, the IRS has the power to make things difficult for you. A lien or an audit can complicated your life in many different ways. Coupled now with the FAST Act, and there are some very serious consequences that you could be dealing with.

If you receive a Letter 508C or the IRS has taken action against you, don't bury your head in the sand and procrastinate. Consult with an attorney as soon as possible so that you can take effective steps to address the issues at hand.

Source: CBS, "Don't lose your passport over unpaid back taxes," Ray Martin, Feb. 27, 2017

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