IRS Form 1099 is a crucial tax document used to report various types of income received outside of traditional employment. Now that we know the basics of IRS Form 1099, we can take a closer look at the different types of 1099s you can receive. Remember, if you received any income outside your employer, you might […]
What is the IRS?
The Internal Revenue Service (IRS) is the federal agency responsible for administering and enforcing tax laws in the United States. Operating under the Department of the Treasury, the IRS plays a vital role in collecting taxes, processing tax returns, issuing refunds, and ensuring compliance with tax obligations. Understanding how the IRS functions is essential for […]
1099s Explained: The Basics
Receiving a 1099 is becoming more and more common with the rise in small businesses, side hustles, and the desire for a second stream of income. With the additional income comes a different tax filing process. If you receive a 1099, it’s because you earned a certain amount of income from a non-employer. Like most […]
What To Do If You Receive IRS Notice CP45
Receiving a notice from the IRS can be unsettling, especially if you were expecting a tax refund and instead learn it has been applied to a debt. IRS Notice CP45 informs you that your tax refund has been used to pay a past-due debt owed by your spouse. This can happen if you filed a […]
Ask Phil: What’s on Phil’s 2025 Tax Radar?
Today, Optima Tax Relief Lead Tax Attorney, Phil, sheds light on the top things on his 2025 tax radar. Here’s what to watch out for this tax filing season. Form 1099-K Taxpayers should keep an eye out for Form 1099-K this year, especially if they received payments through third-party platforms like Venmo, PayPal, or Stripe. […]
What are Unrealized Gains?
When you invest in assets such as stocks, real estate, or cryptocurrencies, you may notice the value of your investments fluctuate over time. If your assets increase in value but you have not sold them, you are experiencing what is known as unrealized gains. Understanding unrealized gains is essential for making informed investment decisions, planning […]
How to Apply for a Withdrawal of Notice of Federal Tax Lien
A federal tax lien is the government’s legal claim against your property when you fail to pay a tax debt. It can attach to your assets, including real estate, personal property, and financial assets, significantly affecting your ability to secure credit and sell assets. While paying off your tax debt is crucial, it doesn’t automatically […]
What To Do If You Receive IRS Notice CP23
Receiving a notice from the IRS can be overwhelming, especially if it’s unexpected. One such notice is IRS Notice CP23, which indicates that you owe additional taxes or that a mistake was made on your tax return. Understanding the steps you need to take when receiving Notice CP23 is crucial to resolving the situation efficiently […]
What is IRS Lien Subordination?
When taxpayers owe the IRS a significant amount of money, the agency may place a federal tax lien on their assets. This lien serves as a legal claim against a taxpayer’s property, making it difficult to secure loans, refinance a mortgage, or sell assets. However, the IRS offers options that allow taxpayers to navigate these […]
Tax Implications of Selling a House
Selling a home can be a huge financial decision with numerous factors to consider. One of the most important factors might be the tax implications. While most might be eager to make a huge profit from selling their home, it is critical to understand the tax rules and regulations that apply to this transaction in […]