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Get Up to Speed on the FAST Act


IRS Power to Revoke Passports Signed into Law as Part of the FAST Act
On December 4, 2015, President Obama signed the Fixing America’s Surface Transportation (FAST) Act into law.  Among other things, the FAST Act added a new code section to the IRC, Section 7345.
The law allows the State Department to revoke a currently issued passport or not issue (or renew) a passport when a taxpayer has a “seriously delinquent tax debt.”  In general, seriously delinquent means tax debts in excess of $50,000, where the IRS has secured a lien or made a levy on the taxpayer’s property. Important to note is that the $50,000 limit includes penalties and interest, which can add up quickly. Exceptions include those taxpayers making timely payments under a signed IRS Installment Agreement and possible exception for emergency or humanitarian reasons.
While passports are generally associated with international travel, some people may find them necessary for domestic travel in 2016, making the bill that much more impactful.
Need more information regarding the FAST Act? Refer to this official page.