The worst thing that can happen for most taxpayers is being told by the IRS that they are being audited. What most people don’t realize is that there is a timeframe for how long the IRS can audit an individual. This timeframe is known as the audit statute of limitations. Taxpayers have a right to dispute an IRS audit if they have proper substantiation. Discover how long the IRS has to audit taxes and what factors may affect this timeline.
Owing a tax liability means that individuals are at a higher risk of falling into collections with the IRS. Optima CEO David King and Lead Tax Attorney Philip Hwang explain the risks taxpayers face when handling a tax liability on their own, as well as the benefits of hiring a tax professional to help you when dealing with a revenue officer.
As we usher in the new year, it’s that time again when individuals and businesses eagerly await the release of the IRS tax brackets and standard deductions for the upcoming tax year. These figures play a pivotal role in determining the amount of tax liability for taxpayers across the nation. Let’s take a closer look at what has been announced for the 2024 IRS tax brackets and standard deductions.
The IRS has recently announced a delay in the implementation of changes to the reporting threshold for Form 1099-K. Form 1099-K is used to report third-party platform payments. Originally scheduled for 2023, the IRS has decided to postpone the implementation of greater reporting thresholds. However, they’ve cited the need for additional time to address concerns and provide a smoother transition for affected parties. Learn the new reporting thresholds amounts and when they will be implemented.
The tax firm was recognized for its embodiment of trust and ethics in the marketplace.
Optima Tax Relief proudly announces its distinguished recognition as the sole Category 4 recipient of the Better Business Bureau (BBB) International Torch Awards for Ethics, underscoring the company’s unwavering commitment to ethical business practices. This accolade is a testament to the company’s dedication to excellence, integrity, and transparency in the tax resolution industry.
The BBB International Torch Awards for Ethics is a prestigious honor bestowed upon businesses that exemplify the highest standards of ethics and integrity. The award is divided into four categories with a single recipient for each: Category 1 (1-10 employees), Category 2 (11-99 employees), Category 3 (100-499 employees), and Category 4 (500+ employees). Optima was awarded the International Torch Award amongst 1,000 BBB regional winners from Canada, Mexico, and the U.S. that were automatically entered into the competition.
Conferred each year since 1996, the International Torch Awards for Ethics recognize companies whose leadership centers on four C’s: evaluating the Character of the organization’s leadership, fostering an authentic Culture, maintaining a transparent relationship with Customers, and assessing the impact the organization is making in the local Community. Optima Tax Relief’s commitment to maintaining these principles has set the company apart and positioned it as a leader in the industry.
This international honor comes after Optima Tax Relief’s BBB Torch Award for Ethics in 2021 and 2017. David King, CEO of Optima Tax Relief, expressed his gratitude for the award, stating, “Receiving the BBB International Torch Awards for Ethics is a significant achievement and a reflection of the values that guide Optima. Our hope has always been to set the example of what a tax “relief” company should be, and this award assures us we are on the right track.”
Christine Bui, Chief Customer Officer of Optima Tax Relief, echoed King’s sentiments, stating, “Ethics and compliance are at the core of our company culture. We believe in doing what is right for our clients and maintaining the trust they place in us. Receiving the BBB International Torch Awards for Ethics is a tremendous honor and reinforces our commitment to ethical business practices.”
The virtual award ceremony took place on November 16, 2023, at the BBB’s inaugural Trust Summit, where Optima Tax Relief was celebrated for their commitment to ethical excellence.
