Life can sometimes throw us curveballs, and as a result, important tasks like filing tax returns can fall through the cracks. If you find yourself in a situation where you have past-due tax returns, it’s essential to address the issue promptly to avoid penalties and legal complications. In this article, we’ll walk you through a […]
Article from December 2024
IRS Announces Interest Rates for Q1 of 2025
The IRS has released its updated interest rates for the first quarter of 2025, bringing important changes that will impact both individual and corporate taxpayers. Understanding these rates is crucial for effective tax planning and financial management. Here is an overview of the new interest rates and what they could mean for your tax liability. […]
Ask Phil: The 411 on IRS Tax Brackets
Today, Optima Tax Relief Lead Tax Attorney, Phil, discusses a hot topic: tax brackets. We hear this term all the time, but what does it mean? And how can it affect the taxes you’re required to pay? What are tax brackets? Tax brackets determine how much federal income tax you owe based on your taxable […]
What To Do If You Receive IRS Notice CP504
Receiving a notice from the IRS can be intimidating, especially if it’s IRS Notice CP504. This is not just a regular reminder; it’s a Final Notice of Intent to Levy. Understanding what this notice means and how to respond promptly is crucial to avoid further penalties and collection actions. Here’s what you need to know […]
What is a Tax Lien?
A tax lien is a legal claim by a government authority, such as the IRS, against a taxpayer’s property due to unpaid tax debts. This claim acts as a security for the government, ensuring the taxpayer’s obligation is eventually fulfilled. Tax liens can significantly impact individuals and businesses, making it essential to understand their implications […]