For most taxpayers, the statute of limitations provides a sense of closure after filing a return. Once a certain number of years pass, many assume the IRS can no longer revisit those filings. However, a recent federal appeals court decision — and the […]
IRS Interest Rates Rise for Q3 2026: What Taxpayers Need to Know
The Internal Revenue Service (IRS) has announced that interest rates will increase for the third quarter of 2026, beginning July 1. These rates, which remain in effect through September 30, 2026, impact taxpayers with outstanding tax balances as well as those eligible […]
Optima Newsletter-July
Does Owing the IRS Affect Your Credit Score? Understanding the relationship between tax liability and your credit can help you make informed decisions before your situation becomes more serious. Here’s what you need to know about whether owing the IRS affects your […]
FBAR vs. FATCA: What’s the Difference?
If you have money in foreign bank accounts or own certain foreign financial assets, you may have additional U.S. reporting obligations beyond filing your annual tax return. Two of the most commonly confused requirements are the Report of Foreign Bank and Financial Accounts (FBAR) and the […]
How a Tax Lawyer Negotiates With the IRS
Receiving an IRS notice or accumulating tax debt can quickly become overwhelming, especially when penalties, interest, and collection actions begin to stack up. In many cases, taxpayers are unsure whether they can resolve the issue on their own or if professional representation is needed. […]
What is an Enrolled Agent?
We often hear that the tax professionals qualified to represent you before the IRS are CPAs, tax attorneys, and enrolled agents. While the first two roles are more well-known, many are still confused about what exactly an enrolled agent is. An Enrolled Agent (EA) […]
Retirement Tax Planning Basics for Seniors
Retirement is often seen as a time to enjoy the rewards of decades of hard work, but taxes do not disappear when your career ends. Many retirees receive income from multiple sources, including Social Security, retirement accounts, pensions, and investments. Because each type […]
Are Tax Relief Companies Worth It? What to Know First
If you’re struggling with unpaid taxes, receiving IRS notices, or facing collection actions such as wage garnishments or bank levies, you’ve likely come across advertisements promising tax relief. These companies often claim they can help reduce what you owe, stop IRS enforcement actions, and negotiate on your behalf. But […]
How Much Should I Withhold On My W-4?
If you’ve ever started a new job or reviewed your paycheck details, you’ve probably asked the question: how much should I withhold on my W-4? This is one of the most important payroll decisions you make because it directly affects your take-home pay and whether you owe […]
What Small Business Owners Should Know About Taxes: LLC vs S Corp vs C Corp – Optima Tax Relief
Wondering what small business owners need to know about taxes? CEO David King and Chief Tax Officer & Lead Tax Attorney Philip Hwang break down key tax considerations for sole proprietors, LLCs, partnerships, S corporations, and C corporations. Learn how different business […]