The IRS Fresh Start program includes expanded guidelines for Tax Liens, Installment Agreements, and Offer in Compromises. These changes make it easier for individuals and smalls businesses to get a fresh start.
Yes, If the United States person had a financial interest in or signature authority over at least one financial account located outside of the United States. Note: There are other considerations, so it’s advised to call us for the free consultation to gain additional clarity.
Yes, If you owe the IRS in excess of $50,000 the IRS can inform the State department who will then restrict international travel abilities.
Yes, you will have to call the IRS’s main line at (800) 829-1040 and answer verification questions in order to access the account.
Yes, If you have net earnings that exceed $400, you are required to file a tax return and report your earnings to the IRS.
Hobby loss is the term used for money spent on a recreational activity and not recouped. The money that is spent is only deductible to the extent of income earned by the hobby.