Today, Optima Tax Relief’s Lead Tax Attorney, Phil Hwang, discusses penalties and interest, including the most common penalties and how interest rates are calculated. Failure to File Penalties Owing the IRS is much more than just owing a tax balance. The IRS also charges penalties and interest, the most common penalties being the Failure to […]
Tax Benefits of Health Savings Accounts
In today’s world, where healthcare costs are constantly rising, finding smart and effective ways to save money is crucial. One such method that has gained popularity in recent years is the Health Savings Account (HSA). Not only does an HSA allow individuals to set aside funds for medical expenses, but it also offers significant tax […]
Marriage Bonuses vs. Marriage Penalties
Marriage can be a wonderful milestone in life. But in the midst of planning a wedding and a future with your significant other, you may not be thinking about how your new union will affect your tax bill. One critical tax factor to examine is the concept of marriage bonuses and marriage penalties. These terms […]
Optima’s Visit with The IRS – 5,000 New Agents, Strategic Operating Plan, & more.
Optima CEO David King and Lead Tax Attorney Philip Hwang are back from their trip to Washington D.C., where they met with members of Congress and the IRS’s new leadership to discuss what’s new in the tax world. Here is Phil and David’s recap of Optima’s visit with the IRS, including the IRS’s Strategic Operating […]
Many Erroneous CP14s Have Been Issued – Here’s What You Need to Know
IRS Notice CP14 is sent to taxpayers to inform them of an outstanding balance on their federal tax account. It serves as a bill for unpaid taxes. It includes details such as the amount owed, accrued interest, and any penalties incurred. While receiving this notice might not be a shock for many, some taxpayers impacted […]