When it comes to unpaid taxes, the IRS has powerful tools at its disposal to collect the debt. Among these tools is the ability to seize your assets, including your car. But under what circumstances can the IRS actually take your vehicle, and what can you do to protect yourself? Here’s what you need to […]
Tax Implications of Class Action Settlements
Did you receive a settlement for a class action or personal injury lawsuit? If you have, you could face major tax implications with the IRS. CEO David King and Lead Tax Attorney Philip Hwang provide helpful tips on how to avoid any tax time surprises and how you can navigate dealing with the IRS if […]
The Difference Between an IRS Revenue Officer and a Revenue Agent
The IRS plays a critical role in ensuring that taxpayers comply with U.S. tax laws. Within the IRS, various professionals are tasked with different responsibilities, including revenue officers and revenue agents. While these roles may sound similar, they have distinct functions and purposes within the IRS. Understanding the difference between an IRS revenue officer and […]
Ask Phil: Can I Haggle with the IRS?
Today, Optima Tax Relief Lead Tax Attorney, Phil, answers a common question: “Can I haggle with the IRS?” While negotiating with the IRS can be complex, taxpayers have options and rights that provide some level of negotiating power. The extent of a taxpayer’s negotiating power largely depends on their financial situation, the type of tax […]
Tax Guide for Native Americans
Navigating taxes can be challenging for anyone, and Native Americans often face unique circumstances that require careful consideration. This guide aims to provide a comprehensive overview of the tax responsibilities and benefits specific to Native Americans in the United States. Understanding Sovereignty and Taxation A fundamental aspect of taxation for Native Americans is the concept […]
Ask Phil: How Do I Get My IRS Debt Forgiven?
Today, Optima Tax Relief Lead Tax Attorney, Phil, answers a common question: “How do I get my IRS debt forgiven?” What is Tax Debt Forgiveness? If you want to reduce your tax liability with the IRS, you have some options. Audit Reconsideration Audit reconsideration is a process offered by the IRS that allows […]
What To Do If You Receive IRS Notice CP90
Receiving a notice from the IRS can be an unsettling experience, especially when it involves serious matters like potential tax collection actions. One such notice is the IRS Notice CP90. If you’ve received this notice, it’s crucial to understand what it means and how you should respond. Here’s a comprehensive guide on what to do […]
What is the U.S. Tax Court?
The U.S. tax system is one of the most complex in the world. That said, it can be intimidating for many taxpayers, especially when disagreements arise with the IRS over tax liabilities. In such situations, the United States Tax Court serves as a crucial legal institution that offers taxpayers a platform to contest IRS determinations […]
Tax Tips for eBay Sellers
Selling on eBay can be a profitable venture, whether you’re clearing out unwanted items from your home or running a full-scale business. However, figuring out the tax implications of eBay sales can be confusing, especially for those new to online selling. Here are some tax tips for eBay sellers to help you understand your tax […]
What is Schedule D?
When it comes to filing your annual tax return with the IRS, Form 1040 is the central document that captures your overall financial picture. If you have realized capital gains or losses from the sale of assets such as stocks, bonds, real estate, or other investments during the year, you’ll need to report these transactions […]