Today, Optima Tax Relief Lead Tax Attorney, Phil, talks about a popular giving season topic: gift taxes. Did you know gifting can sometimes lead to taxes owed? It’s the season of gifting, making things like real estate, cars, money, and almost everything else with monetary value subject to tax. The gift tax is a […]
Article from December 2024
What is Currently Not Collectible Status?
When taxpayers are unable to pay their tax liabilities, the IRS offers Currently Not Collectible (CNC) status. This temporarily suspends debt collection efforts by the IRS. It provides individuals with breathing room to get their finances under control. In this article, we will explore what CNC status entails, who may qualify for it, and how […]
2025 IRS Tax Brackets and Standard Deductions
With 2025 on the horizon, taxpayers are beginning to plan for how they will file their returns. The IRS updates tax brackets and standard deductions annually to account for inflation and legislative changes. This will affect how much individuals and families owe. Let’s examine the newly announced 2025 tax brackets and standard deductions, as well […]
What is the IRS Federal Payment Levy Program?
The IRS Federal Payment Levy Program (FPLP) is a powerful tool the Internal Revenue Service uses to recover overdue tax debts by seizing federal payments owed to taxpayers. Introduced as part of a collaborative effort between the IRS and the Department of the Treasury’s Bureau of Fiscal Service, the FPLP ensures that individuals and businesses […]
Optima Newsletter – December 2024
Can the IRS Take My Social Security? When you have unpaid taxes, many beneficiaries fear that the IRS could step in and take a portion of their much-needed Social Security payments. It’s an unsettling thought, but it raises an important question: can the IRS take your Social Security? The answer, unfortunately, is yes—but it’s not […]