Optima Newsletter

What Happens if I Default on My IRS Installment Agreement? Entering into an installment agreement with the IRS can provide you with a manageable way to pay off their tax liability over time. However, defaulting on an IRS installment agreement can lead to serious consequences. Here, we’ll review the potential repercussions and the steps you […]

How IRS Installment Agreements Work When most people first examine tax relief options, they might have their hopes set on an offer in compromise – or their tax debt settled for less than what they owe. Unfortunately, OICs are more often denied by the IRS than they are accepted. When tax debt becomes too much […]

Can the IRS Take My 401(k)? Owing back taxes is a stressful situation for many Americans. Therefore, understanding the potential consequences is crucial. One common concern is whether the IRS can seize your 401(k) retirement savings to satisfy unpaid tax liabilities. Here’s what you need to know about if the IRS can take your 401(k). […]

Do You Pay Taxes on Lawsuit Settlements? When individuals or businesses are involved in legal disputes that result in settlements or judgments in their favor, one common question arises. Do you pay taxes on lawsuit settlements? The answer to this question can vary depending on the nature of the lawsuit, the type of damages awarded, […]

What is Injured Spouse Relief? When couples file joint tax returns, they often expect to share both the benefits and the burdens of taxation equally. However, situations can arise where one spouse’s debts or obligations lead to the entire tax refund being withheld to cover them. But fear not; the IRS offers injured spouse relief. […]

Hoping for the Child Tax Credit? Don’t Wait to File The U.S. House of Representatives has approved a bill that has the potential to grant families significant tax benefits. The aim is to strengthen tax breaks, offering substantial financial support to American households and leading to significant savings. Among the many items addressed in the […]