The IRS Is Able To Revoke The Passport Of People Who Owe Unpaid Federal Taxes

Did you know the IRS gained an all new power this year? They now have the authority to take away your passport if you're behind on your taxes. The new law went into effect January 1. It allows the IRS to revoke the passport of anyone who owes backtaxes of $50,000 or more. This may sound like a pretty high threshhold, but when you add in penalties and interest, it doesn't take long for one tough financial year to turn into a big debt.