Can the IRS Take My Pension?
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 has the authority to take pensions. In this article, we will explore the complexities surrounding this issue and understand the safeguards in place to protect retirement savings.
8 Pieces of Advice from a Tax Professional
Navigating the complex tax landscape can be overwhelming. Fortunately, tax professionals, like those at Optima Tax Relief, are here to provide expert guidance and assistance. We spoke to three of our long-standing tax professionals about actions taxpayers can take (or avoid) to improve their tax situations. Vice President of Resolution and Lead Tax Attorney, Philip Hwang, Director of Resolution, Carlos Maggi, and Audit Tax Professional, Rafael Garcia, draw on their wealth of experience and offer eight invaluable pieces of advice to help you navigate the intricacies of tax season.
Which TCJA Provisions are Expiring Soon?
Since its enactment in 2017, the Tax Cuts and Jobs Act (TCJA) has significantly impacted the American tax landscape, introducing a slew of changes aimed at reducing tax burdens for individuals. However, many of these provisions were designed to sunset after a set period. Most are slated to expire in 2025. As this deadline approaches, it’s essential to examine the implications of these expiring provisions and how they might affect taxpayers across the nation.
What Happens to Tax Debt When You Die?
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 liabilities don’t simply vanish upon death, the way they’re handled can vary depending on several factors. These include the type of liability, the estate’s assets, and applicable laws. Let’s delve into what happens to tax debt after death and explore the implications for their estate and heirs.