The Trust Fund Recovery Penalty (TFRP) is an enforcement tool used by the IRS to ensure the proper handling of trust fund taxes. It particularly pertains to payroll taxes withheld from employee wages. For business owners and individuals involved in financial decision-making, understanding the TFRP is vital to avoid severe financial and legal repercussions. This […]
Can the IRS Suspend Your Licenses?
The IRS holds significant power when it comes to enforcing tax compliance. From wage garnishments to levies on property, the IRS has a variety of tools to collect unpaid taxes. But can the IRS suspend your professional, business, or driver’s licenses? This article explores the extent of the IRS’s authority, its collaboration with other agencies, […]
Are Wedding Expenses Tax Deductible?
Weddings are significant life events, often accompanied by substantial expenses. As couples plan their big day, a common question arises: can any of these costs reduce their tax liability? While most wedding expenses are considered personal and thus not tax-deductible, there are some exceptions where careful planning could yield tax benefits. General Rules for […]
What is Tax Resolution?
Are you struggling with tax debt? If you’re facing IRS audits, unfiled tax returns, wage garnishments, or overwhelming tax debt, you’re not alone. CEO David King and Lead Tax Attorney Philip Hwang give a breakdown on what tax resolution is, how it works at Optima Tax Relief, and how Optima can help protect you from […]
What To Do If You Receive IRS Notice CP14
Receiving an IRS Notice CP14 can be stressful, but understanding what it means and how to respond is the first step toward resolving the issue. This notice is the first formal communication from the IRS indicating that you owe unpaid taxes. Ignoring it could lead to additional penalties and interest, so it is essential to […]