ECG Frequently Asked Questions
What is the IRS Fresh Start program?
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.
Do I have to report foreign bank account to IRS?
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.
Can the IRS take or restrict my passport for back taxes?
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.
How can I find out my balance owed to the IRS without the consultation?
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.
If I drive for Uber or Lyft, do I have to file and pay taxes?
Yes, If you have net earnings that exceed $400, you are required to file a tax return and report your earnings to the IRS.
What is the Hobby Loss Rule?
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.