NFTs (non-fungible tokens) have become a major part of the digital economy, transforming how digital ownership, art, and collectibles are bought and sold. As their popularity grows, the IRS has introduced new tax rules to ensure NFT transactions are reported and taxed properly. These IRS NFT reporting requirements impact anyone who buys, sells, or facilitates […]
IRS Staffing and Service Concerns
The IRS plays a critical role in maintaining the U.S. tax system, collecting trillions of dollars in revenue and enforcing tax laws. In recent years, the agency has gone through significant changes. After a period of revitalization under the Biden administration, the Trump administration is now pushing for major reforms that are reshaping how the […]
How Inherited Property is Taxed: Capital Gains & Step-Up in Basis Explained
Inheriting property can be a financial reward, but it can also come with confusing tax implications. If you’ve recently inherited a home, land, or another piece of real estate, you may be wondering: How is inherited property taxed? The good news is that while you don’t pay income tax simply for inheriting, you might face […]
Top 5 Tips to Avoid an IRS Audit in 2025
In 2025, the IRS is facing a shifting landscape. Although enforcement funding surged in 2022, recent federal budget negotiations, specifically the Department of Government Efficiency (DOGE) Act cuts, have reduced that long-term funding outlook. But don’t let that fool you into thinking audits are going away. Instead of scaling back, the IRS is getting more […]
Optima Tax Relief Rallies Employees to Provide Over One Ton of Assistance During Annual Donation Drive
Company-wide effort delivers over one ton of essential goods to local nonprofits serving Orange County’s most vulnerable Optima Tax Relief proudly concluded its annual community donation drive on June 11th and 12th, reaffirming the company’s commitment to serving not only its clients but also the greater community. The two-day event, held from 8:30 a.m. to 3:30 […]