The United States Congress is set to introduce a new law, which will allow officials to deny new passports, or revoke existing passports held by US citizens who are over $50,000 in arrears in their Federal Income Tax.

This will raise about $398 million over the next decade.

Tax lawyers in Thailand Chaninat and Leeds are experts in Thai tax law and accounting regulations

The law will not apply if the taxpayer is in the process of resolving their tax debt with the IRS; those who are contesting their tax bill in court or traveling for humanitarian reasons.

This could cause significant problems for Americans living overseas who may not be aware of what they owe the IRS, and who may have failed to receive notices due to issues with overseas addresses.
IRS does not allow notifications over email.

Read more here.

ThaiLawForum has previously reported on how increasing numbers of US citizens are voluntarily renouncing their passports, and choosing to formally leave the United States. Watch our interview with financial adviser Lon Fairbrook discussing the topic.

Below is ThaiLawForum’s latest video interview – featuring Douglas Goldstein from Profile Financial.

The interview is on the topic of FATCA, and how it affects Americans living overseas.

Watch it here:

Business lawyers in Bangkok Chaninat and Leeds are experts in Thai business law