Child tax credit has been a reliable source of additional income for families struggling through the pandemic. While there were plans to continue the monthly checks for at least another five years, it seems the program will be coming to an end […]
Revenue Officers and Small Businesses
Many small business owners are at risk of being assigned a Revenue Officer (RO). If a small business withholds taxes from their employees but fails to hand it over to the IRS, the IRS can assign an RO, garnish bank accounts and […]
Vehicle Mileage Tax
Senate recently passed President Joe Biden’s infrastructure bill, which includes a pilot program for vehicle mileage tax. This tax would charge drivers based on how many miles they drive in a year. The vehicle mileage fee will likely bring in revenue for […]
How to Deal with a Revenue Officer
Optima in-house Revenue Officer expert and Enrolled Agent Rosie Steele returns to The Tax Show to continue the RO discussion with CEO David King. You may have been assigned one, or you might be expecting to hear from one if you owe […]
What is an IRS Revenue Officer?
Revenue Officers deal with the most advanced tax collection cases that the IRS has on file. If you owe a large sum of money to the IRS, you could potentially have a Revenue Officer assigned to you. Optima CEO David King and […]
IRS Audits: Tips for Staying on the IRS’s Good Side
The IRS has the authority to audit any tax return. Optima CEO David King and Lead Tax Attorney Philip Hwang explain what an audit is and help taxpayers understand what they can do to stay on the right side of the IRS. […]
Received a Math Notice from the IRS? Here’s what to do.
The IRS sent out more than 5 million math error notices to individuals, many of them having to do with the economic impact payment issued in 2020 and 2021. Optima CEO David King and Lead Tax Attorney Philip Hwang help explain what […]
Don’t get Taxed twice when making Non-Deductible IRA Contributions
Individuals that earned income throughout the tax year have the option to make non-deductible (after-tax) contributions to an IRA and benefit from tax-deferred growth. One of the most common risks that taxpayers take is paying additional taxes when withdrawing their money from […]
What’s the difference between a Tax Lien and Levy?
If you’ve received a notice from the IRS, you could be at risk of having IRS action taken against you. Some of the most common tactics that are used by the IRS is filing a tax lien or levying an individual’s assets. […]
Can you Stop a Tax Lien?
Individuals who fail to file their tax returns or pay off their tax liability with the IRS are at risk of having a federal tax lien filed against them. Optima CEO David King and Lead Tax Attorney Philip Hwang discuss options a taxpayer […]