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Loading Tax News…IRS CollectionsPublished on Feb 8, 2024
Receiving a notice from the IRS can be anxiety-inducing for anyone. Among the various notices the IRS sends, Notice CP2000 stands out as one that often causes confusion and concern among taxpayers. However, understanding what Notice CP2000 entails and how to respond […]
IRS CollectionsPublished on Feb 7, 2024
Death is an inevitable part of life, but what happens to our financial obligations when we pass away? Among the many considerations that arise after someone dies, tax liabilities can be a complex issue that requires careful attention and understanding. While tax […]
IRS CollectionsPublished on Feb 5, 2024
Receiving a notice from the IRS is never pleasant, especially when it involves a Notice of Intent to Offset. This notice signals the IRS’s intention to collect a liability owed to a government agency or entity. They do this by using any […]
IRS CollectionsPublished on Jan 23, 2024
The IRS is responsible for collecting taxes to fund government operations. While the IRS has various tools at its disposal to ensure tax compliance, there are limitations on what assets it can seize. One question that often arises is whether the IRS […]
IRS CollectionsPublished on Nov 21, 2023
The worst thing that can happen for most taxpayers is being told by the IRS that they are being audited. However, what most people don’t realize is that there is a timeframe for how long the IRS can audit an individual. This timeframe […]
IRS CollectionsPublished on Nov 9, 2023
Receiving an IRS notice in the mail can be scary, but the situation can be less daunting if you know what to do. First, it’s important to note that not all IRS notices are negative as some are only informational. In any […]
IRS CollectionsPublished on Oct 24, 2023
While there is no guaranteed method of avoiding tax audits, there are things that could help trigger them. Since the Senate approved nearly $80 billion in IRS funding through the Inflation Reduction Act of 2022, with $45.6 billion specifically for enforcement, the IRS has promised an increase in tax audits. Below are some things that the IRS has historically […]
IRS CollectionsPublished on Oct 17, 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. […]
Ask Phil Video SeriesPublished on Jun 16, 2023
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 […]
IRS CollectionsPublished on May 10, 2023
Failing to pay, or even underpaying, your taxes can have drastic consequences that can cost a fortune. This is because on top of your unpaid tax balance is a heap of penalties and interest. One of the most common penalties to watch […]
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