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IRS Interest Rate Increases for Q4 2023

As the fourth quarter of 2023 unfolds, taxpayers across the U.S are faced with an important development – an increase in IRS interest rates. The IRS periodically adjusts its interest rates, and these changes can have significant implications for individuals and businesses. In this article, we will explore the reasons behind the IRS interest rate […]

What You Need to Know About Underpayment of Tax Penalties

Taxes are an essential part of a functioning society, providing the government with the necessary funds to provide public services and support various programs. However, when it comes to paying taxes, many individuals and businesses may find themselves making mistakes or underestimating their obligations. This can lead to tax underpayment, a situation that often incurs […]

When Does the IRS Pursue Criminal Charges?

Tax evasion and tax fraud are federal crimes. Both involve the willful attempt to either evade the assessment or the payment of taxes. But at what point does the IRS pursue criminal charges for these actions? What consequences are included in the criminal charges? How does one prevent these charges from being brought upon them? […]

Can I Have a Passport If I Owe Back Taxes?

A passport is an essential travel document that allows individuals to explore new horizons, visit foreign lands, and experience diverse cultures. However, the privilege of holding a passport comes with certain responsibilities, one of which is fulfilling your financial obligations to the government. In this blog article, we will explore the question of whether you […]

Ask Phil: How Do IRS Penalties and Interest Work?

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 […]

Ask Phil: How Do I Get a Tax Lien Removed?

Welcome to our Ask Phil series, where each week our lead Tax Attorney, Philip Hwang will be answering your questions about various tax topics such as IRS enforcement, liens and levies, tax scams, and more. With Phil’s extensive background as a tax attorney, you won’t want to miss this valuable information!  Today, Phil discusses liens, including […]