Are you a U.S. citizen or green card holder living overseas? Did you know that the U.S. is one of the few countries in the world that taxes based on citizenship rather than residency? U.S. citizens and green card holders are required to file annual U.S. income tax returns, reporting worldwide income and gains, no matter where they live in the world.

Global Tax Network (GTN)  explains the ramifications on the FAST Act, which was signed into law on December 4, 2015.  The IRS can notify the State Department if there is a U.S. citizen that owes more than $50,000 in federal tax, penalties and interest.

Penalty for not paying up? Losing your passport.