Today, Optima Tax Relief’s Lead Tax Attorney, Phil Hwang, discusses IRS online accounts, including why it’s beneficial for taxpayers to have them.
Having an IRS online account can offer several benefits to individuals and businesses. Here are some of the advantages of creating and using an IRS online account:
Convenience: Online accounts provide easy and convenient access to a wide range of IRS services, including filing tax returns, checking the status of tax refunds, making payments, and managing your tax information. You can access these services from the comfort of your own home or office, eliminating the need to call the IRS.
24/7 Accessibility: You can access your IRS online account at any time, day or night. This is particularly useful for people with busy schedules, those who prefer to handle their taxes outside of regular business hours, or individuals in different time zones.
Electronic Payment Options: You can make tax payments, such as estimated tax payments, electronically through your online account, including the option to pay by credit or debit card.
Online Account Management: Your online account allows you to update your personal information, such as your address or direct deposit details. It also provides access to your tax transcripts and IRS notices.
Tax Alerts and Notifications: The IRS can send important notifications and alerts through your online account, helping you stay informed about tax deadlines, changes in your tax status, or issues that require your attention.
Creating an IRS online account can help make your experience with taxes and the IRS much easier.
Tune in next Friday for another episode of “Ask Phil.” Next week’s topic: gift taxes!
Today, Optima Tax Relief’s Lead Tax Attorney, Phil Hwang, discusses IRS enforcement, including the statute of limitations and how it might affect your credit report.
Did you know the IRS has a certain amount of time to collect your tax debt before it expires? How long? Well, the simple answer is 10 years, but several factors can pause this timeline. For example, filing for bankruptcy, living abroad, applying for an installment agreement, submitting an offer in compromise, applying for innocent spouse relief, applying for a taxpayer assistance order, requesting a collection due process hearing, serving in the military, or being sued by the IRS can all pause the 10-year collections period.
Many also wonder if IRS enforcement can affect your credit. The IRS can file a Notice of Federal Tax Lien, or a priority claim over all of your assets. While this notice does not show up on your credit report directly, it does become public information that creditors can access through supplemental reports. This can affect your access to credit, business opportunities, and even employment.
Join us next Friday as Phil will answer your questions about levies and wage garnishments!
The Inflation Reduction Act of 2022 has equipped the IRS with more than $80 billion in funding. That means more audits and more enforcement. CEO David King and Lead Tax Attorney Philip Hwang provide helpful tips on what you can expect from the IRS moving forward and how you can resolve your tax burden.
Owing taxes is more expensive than ever before. Filing an accurate return on time is the best way to avoid penalties, interest, and IRS collections. CEO David King and Lead Tax Attorney Philip Hwang list three things to watch out for after the tax deadline.
With the recent passing of The Inflation Reduction Act, individuals who have unfiled tax years or unpaid tax debt may now expect an increase in IRS collection enforcement. Optima CEO David King and Lead Tax Attorney Philip Hwang explain how the Inflation Reduction Act can directly affect taxpayers and how to get compliant with the IRS.