Whether traveling for business or pleasure, you need a valid passport for most trips outside the United States. These days, you even need a passport to fly to and from Canada or Mexico.
Though you may not be aware of it, Congress enacted a new law in late 2015 requiring and/or authorizing the State Department to deny, revoke, or limit your passport for nonpayment of federal taxes. The passport denial and revocation rules are getting press now because the IRS is finally taking steps to implement this new law.
The new law applies if you owe more than $50,000 in tax, interest, and penalties. As a small-business owner, you can easily accumulate this amount in short order. ... Log in to view full article.