Today, Optima Tax Relief’s Lead Tax Attorney, Phil Hwang, discusses IRS notices, including when you can expect a notice to turn into enforcement and how to respond to a notice. When does the IRS Levy? Receiving an IRS notice can be very intimidating, especially when you are being notified of a tax balance due. But […]
1099s Explained: FAQs
Form 1099 is more common than ever with many taxpayers turning to side hustles for extra income. Now that we have a good understanding of what types of 1099s there are and what they are used for, we can review some of the most frequently asked questions about them. Here are some of the most […]
What are Deferred Tax Liabilities?
Last week we broke down deferred tax assets and how they can help reduce tax liability. Today, we’re breaking down its counterpart: deferred tax liabilities. But what exactly is a deferred tax liability, and how does it work? Here’s an overview of deferred tax liabilities, how they arise, and their implications for businesses and individuals. […]
Ask Phil: The 411 on Tax Scams
Today, Optima Tax Relief’s Lead Tax Attorney, Phil Hwang, discusses tax scams, including how to spot them and how to avoid being conned. Tax fraud and scams are growing in popularity and have even recently taken on newer forms. Taxpayers are often conned over text, phone, email, and even regular postal mail. Some taxpayers have […]
What Are Deferred Tax Assets?
When looking into the net worth of a business or individual, one of the first couple of things we look at are assets and liabilities. Assets are resources or properties owned by an individual, organization, or entity that have value. They can be used to generate future economic benefits. Real estate, vehicles, cash, inventory, intellectual […]