Tax identity theft can take a long time to resolve. The IRS’s stated goal is 120 days, but current IRS and Taxpayer Advocate Service data show actual resolution times running far longer, with the national average now around 19 to 20 months […]
New IRS Gambling Deduction Rules and How They Could Impact Your Taxes – Optima Tax Relief
Wondering how the new gambling tax rules could affect your 2026 tax return? CEO David King and Chief Tax Officer & Lead Tax Attorney Philip Hwang explain the new limitations on gambling loss deductions under the One Big Beautiful Bill Act and […]
What Does IRS Notice CP53E Mean? A Complete Guide for Taxpayers
Receiving an IRS notice can be stressful, especially if you were expecting a tax refund. Many taxpayers assume that any letter from the IRS means they owe additional taxes or are being audited. Fortunately, that’s generally not the case with IRS Notice CP53E. In most situations, IRS Notice CP53E means the […]
Do Widows Pay Taxes on Life Insurance Payouts?
Losing a spouse is one of the most emotionally challenging experiences a person can go through. During this time of grief, managing finances and understanding the tax implications of inherited assets can feel overwhelming. One common question is if widows pay taxes […]
Can You Have Multiple Payment Plans With the IRS?
If you owe back taxes from multiple years, it’s natural to wonder: can you have multiple payment plans with the IRS? Whether you’ve recently received another tax bill while already making monthly payments or you’ve fallen behind on additional tax years, understanding how the IRS handles installment agreements can help […]
Tax Strategies for Seasonal Businesses
Running a seasonal business presents unique challenges and opportunities when it comes to taxes. Unlike year-round businesses, seasonal operations may generate the majority of their income in just a few months. However, this doesn’t stop them from still facing tax obligations throughout the year. Whether you’re operating a snow […]
SALT Deduction Changes 2026: What’s New and Who Benefits
The SALT deduction 2026 rules have changed significantly, giving many taxpayers the opportunity to deduct more state and local taxes on their federal income tax returns. For years, the deduction was limited by a $10,000 cap, preventing many homeowners and residents of […]
Optima Newsletter-August
Can You Have Multiple Payment Plans With the IRS? If you owe back taxes from multiple years, it’s natural to wonder: can you have multiple payment plans with the IRS? Whether you’ve recently received another tax bill while already making monthly payments […]
I Forgot to File State Taxes. Now What?
Every year like clockwork you conscientiously pay your state income taxes, but this year you spaced and missed the deadline. Don’t panic. Forgetting to file state taxes is more common than you might think. The good news is that there are steps […]