Ask Phil Video Series

Today, Optima Tax Relief Lead Tax Attorney, Phil, discusses each of the three IRS 6-year rules.   Underreporting Income by Over 25%  If you underreport your income by over 25%, the IRS has six years from the date the return was filed to assess additional taxes, instead of the usual three years. The 25% threshold is […]

Today, Optima Tax Relief Lead Tax Attorney, Phil, discusses OIC mills, including what they are and how to avoid being victimized by them.  What is an OIC?  An Offer in Compromise (OIC) is a program offered by the IRS that allows taxpayers to settle their tax debt for less than the full amount owed. This […]

Today, Optima Tax Relief Lead Tax Attorney, Phil, talks about tax identity theft, breaking down his top tips on how to avoid being a scam victim.   Get an IP PIN  An Identity Protection PIN (IP PIN) from the IRS is a six-digit number assigned to eligible taxpayers to help prevent the misuse of their Social […]

Today, Optima Tax Relief Lead Tax Attorney, Phil, talks about the Child Tax Credit, breaking down what it is and who qualifies.  What is the Child Tax Credit?  The child tax credit is a tax benefit provided by the IRS to parents or guardians who have dependent children. It’s designed to help offset the costs […]

Today, Optima Tax Relief Lead Tax Attorney, Phil, talks about the common IRS penalties: failure to pay and failure to file, including what each are, and which one is worse for taxpayers.  Failure to Pay Penalty  The failure to pay penalty is a financial penalty imposed by the IRS on taxpayers who fail to pay […]

Today, Optima Tax Relief Lead Tax Attorney, Phil, talks about his three takeaways from the current tax landscape.   IRS Interest Rates Could Increase  For much of the pandemic, we saw IRS interest rates hold steady. For example, the interest rate accumulating on unpaid taxes was 3% for half of 2020 and all of 2021. In […]