Can Form 8854 Taxed 2023-2024

Hey guys, Andrew Henderson from Nomad capitalist here in Kuala Lumpur. It is official as of January 1st, 2018, this month what has been talked about in our community in the offshore world, in second passports, and in the international tax space, is now finally and fully implemented. That is, if you're a US citizen and you have a tax debt that the IRS deems substantial, they can turn off your passport and/or refuse to issue you a passport. Now, what does this mean? Well, if you owe $50,000 or more in federal income tax, the IRS now has the ability to get in touch with the State Department, send your information over, and say, "Hey, this guy owes us a lot of money," and they can deny issuing you a passport. If that happens, you're gonna have 90 days to correct the issue. Yes, I understand, and if you can't, then you're not gonna be traveling. If you have a current passport, they're also gonna have the option and the ability to turn that off. It's a bit unclear as to exactly how that's gonna work and what those procedures are. The bottom line is, $50,000 in tax debt that is unresolved is going to be an issue for you being able to get a US passport and being able to travel. Offers in compromise, payment arrangements, settlement stuff like that will not necessarily be a substantial issue. So, if you're on a payment plan to the IRS and they're cool with that, then you should be cool. But if you just rack up a $50,000 tax bill, you can have a problem. Now, is this as egregious as some people are saying? Well, certainly, even the United Nations said people should have the freedom to travel, and when...