The IRS shared a reminder for tax-exempt organizations that have a filing deadline of May 16, 2022. Filing is mandatory, so if you need more time, you should request an extension as soon as possible. Which Form should tax-exempt organizations file? Tax-exempt […]
Optima Newsletter – April 2022
IRS Sends Large Tax Bills for 2021 Unemployment Benefits While some were able to return to work in 2021, approximately 25 million people received unemployment benefits and didn’t withhold taxes. The IRS is now looking to collect back taxes for the $325 […]
What to do if You Missed the Tax Filing Deadline
The end of tax season was officially April 18, 2022, which means the IRS is diving into enforcements and catching up on notices. What should you do, and what should you expect if you missed the filing deadline? One-Time Penalty Relief For […]
IRS Unclaimed Tax Refunds
There were about 1.5 million taxpayers that didn’t file a return in 2018. The IRS announced that it has $1.5 billion in tax refunds from 2018 and gave taxpayers until the end of the season to claim their money. If you missed […]
Where is My Tax Refund?
The IRS backlog has caused delays in millions of tax refunds, but not all refunds are delayed due to the pandemic. Lead Tax Attorney Philip Hwang and CEO David King discuss how you can avoid refund delays when you file and how […]
President Biden’s Billionaire Income Tax Proposal
President Joe Biden has discussed a proposal that would target billionaires in his 2023 budget. The proposal calls for a new minimum tax, forwardly named the “Billionaire Minimum Income Tax.” What exactly is the Billionaire Minimum Income Tax? This tax would assess […]
IRS Sends Large Tax Bills for 2021 Unemployment Benefits
Due to the COVID-19 pandemic, millions of US workers lost their jobs. While some were able to return to work in 2021, approximately 25 million people received unemployment benefits and didn’t withhold taxes. The IRS is now looking to collect back taxes […]
Optima Tax Relief is Recognized in Comparably’s Best HR Teams 2022
Comparably’s Best HR Teams list recognizes the nation’s top HR departments. There are over 299,440 Human Resources Managers currently employed in the United States, and Optima is proud to announce that our HR team has ranked in the Top 50! About Comparably […]
Does Inflation Affect Your Tax Liability?
The state of the economy can be detrimental to your IRS or state tax liability. What exactly happens to your tax debt during inflationary periods? CEO David King and Lead Tax Attorney Phillip Hwang discuss the difference in interest rates, deadlines, and […]
Gas Stimulus: What You Need to Know
The inflation is directly affecting drivers and daily commuters alike with skyrocketing gas prices. In California, the average cost for regular gas is now up to $5.82, or $6.21 for premium. Recently, the government has decided to step in on federal and […]