Today, Optima Tax Relief Lead Tax Attorney, Phil, discusses Optima Tax Relief’s services including their costs.
Our services depend on the complexity of each individual tax case. We use a two-step approach to find you the best possible tax resolution.
Step 1: Investigation
After a brief, free initial consultation, Optima conducts a thorough investigation of your financial status and tax history. This includes reviewing tax returns, income, expenses, assets, and liabilities. We’ll obtain and review IRS account transcripts to ensure all tax filings are current and to identify any discrepancies or issues. Ensuring that all required tax returns are filed is a crucial step, as the IRS typically requires compliance before negotiating settlements or payment plans.
Step 2: Resolution
Based on the investigation findings, we’ll develop a personalized strategy to resolve your issues. This plan is tailored to your specific financial circumstances and goals. The strategy may include one or more of the following resolution options:
Optima’s team includes enrolled agents and tax attorneys who are experienced in dealing with the IRS and state tax authorities. Let us take the stress out of your tax issues.
Today, Optima Tax Relief Lead Tax Attorney, Phil, discusses how Optima Tax Relief can help struggling taxpayers who owe.
If you’re a taxpayer who has tax debt and has explored tax relief options, odds are you’ve come across Optima Tax Relief’s services. Perhaps you heard a commercial on the radio or read client testimonials, and wondered, “Can Optima really help me?” The simple answer is yes.
What is Optima Tax Relief?
Optima Tax Relief is America’s most trusted tax resolution firm that specializes in helping taxpayers who owe money to the IRS or state tax authorities resolve their tax problems. We offer a variety of services tailored to address different tax issues, from unpaid taxes and penalties to audits and liens.
How Can Optima Help Me?
Optima Tax Relief can help obtain the best possible tax resolution for you. This can include one or more of the following:
Offer in Compromise (OIC): Optima can help you apply for an OIC, which allows you to settle your tax debt for less than the full amount owed. We prepare the necessary documentation and negotiate with the IRS on your behalf.
Installment Agreements: For those who cannot pay their debt in full, Optima negotiates installment agreements, allowing you to pay off your debt over time with manageable monthly payments.
Penalty Abatement: Optima can request a reduction or elimination of penalties you received.
Currently Not Collectible (CNC) Status: For those experiencing severe financial hardship, we can assist in proving your financial situation qualifies for CNC status, temporarily halting collection efforts.
Lien and Levy Release: Optima works to negotiate the release of liens and levies by addressing the underlying tax debt and establishing a payment plan.
Audit Representation: Optima provides representation and support for taxpayers undergoing IRS audits, helping to ensure the audit process is handled professionally and effectively.
At the end of the day, the numbers speak for themselves. Optima Tax Relief has helped tens of thousands of taxpayers like you, resolving over $3 billion in tax liabilities for our clients. We were voted America’s #1 Most Trusted Tax Relief Firm by YouGov in 2023 and have received dozens of awards for customer service, business ethics, company culture, and community engagement.
Tune in next Friday as Phil covers a burning question, “How much do Optima’s services cost?”
Today, Optima Tax Relief Lead Tax Attorney, Phil, answers a common question: “Can I haggle with the IRS?”
While negotiating with the IRS can be complex, taxpayers have options and rights that provide some level of negotiating power. The extent of a taxpayer’s negotiating power largely depends on their financial situation, the type of tax debt or issue at hand, and their willingness to engage with the IRS to find a resolution.
Understanding IRS Options and Programs
The IRS offers several programs designed to help taxpayers resolve their tax liabilities. The Offer in Compromise (OIC) program allows taxpayers to settle their tax debt for less than the full amount owed if they can demonstrate that paying the full amount would cause financial hardship. Taxpayers who cannot pay their tax debt in full may negotiate a payment plan, or installment agreement, which allows them to pay off their debt over time. Taxpayers experiencing significant financial hardship may qualify for CNC status, which temporarily suspends collection activities. While this doesn’t eliminate the debt, it can provide relief for those unable to make payments. Finally, taxpayers may request a reduction or removal of penalties if they can demonstrate reasonable cause, such as illness or natural disaster, for failing to comply with tax obligations.
Knowledge of Taxpayer Rights
Understanding taxpayer rights is crucial in negotiations with the IRS. Taxpayers have specific rights outlined in the Taxpayer Bill of Rights, which includes the right to:
Be informed about IRS decisions and actions.
Quality service from the IRS.
Pay no more than the correct amount of tax.
Challenge the IRS’s position and be heard.
Appeal IRS decisions in an independent forum.
Professional Representation
Taxpayers can enhance their negotiating power by enlisting the help of tax professionals, such as enrolled agents, certified public accountants (CPAs), or tax attorneys. These professionals understand IRS processes and can effectively communicate with the IRS on the taxpayer’s behalf. Optima Tax Relief has over a decade of experience helping taxpayers get back on track with their tax debt.
Join us next Friday as Phil will answer your questions about how Optima Tax Relief can help with your tax issues.
Today, Optima Tax Relief Lead Tax Attorney, Phil, answers a common question: “How do I get my IRS debt forgiven?”
What is Tax Debt Forgiveness?
If you want to reduce your tax liability with the IRS, you have some options.
Audit Reconsideration
Audit reconsideration is a process offered by the IRS that allows taxpayers to request a review of their tax audit results if they disagree with the findings. You can request an audit reconsideration if you didn’t appear for the initial audit, didn’t receive the audit correspondence due to relocating, have more information you want considered in the audit, or simply do not agree with the audit results.
Offer in Compromise
An Offer in Compromise (OIC) is a program offered by the IRS that allows taxpayers to settle their tax debt for less than the full amount owed. This program is designed for individuals and businesses who are unable to pay their full tax liability or if paying it would create a financial hardship. Be prepared to prove that you are unable to pay the full tax debt, which can be a complex process.
Amended Tax Return
Amending a tax return can potentially lower tax liability if errors or omissions on the original return. For example, maybe you forgot to claim some deductions or credits. Perhaps you selected the incorrect filing status. By carefully reviewing and correcting your tax return, you can potentially secure a refund or reduce your tax obligations.
Join us next Friday as Phil will answer your questions about negotiating with the IRS.
Today, Optima Tax Relief Lead Tax Attorney, Phil, gives his insights on the best way to pay off tax debt.
Withhold the Correct Amount
Ensure your employer withholds the correct amount of federal income tax from your paycheck based on your Form W-4. If you’re self-employed, be sure to use Form 1040-ES to make estimated tax payments quarterly to cover your income tax and self-employment tax obligations. Mark the quarterly tax payments on your calendar to avoid penalties and interest: April 15, June 15, September 15, and January 15 of the following year.
Pay Your Tax Bill in Full When Due
Avoid penalties and interest by paying your entire tax bill by the due date, typically April 15 for individual income tax returns. Use direct payment from your bank account via IRS Direct Pay, debit or credit card payments, or electronic funds withdrawal when e-filing.
Request an Installment Agreement
If you can’t pay your tax bill in full, request an installment agreement from the IRS by applying online using the IRS Online Payment Agreement tool or by submitting Form 9465, Installment Agreement Request. Depending on your financial situation, you can negotiate monthly payments over a period of time.
Apply for Hardship Programs
If you’re experiencing financial hardship, consider options like an Offer in Compromise (OIC), which allows you to settle your tax debt for less than the full amount owed. Be sure to provide detailed financial information to demonstrate inability to pay or prove that paying would create significant economic hardship.
Today, Optima Tax Relief Lead Tax Attorney, Phil, discusses each of the three IRS 6-year rules.
Underreporting Income by Over 25%
If you underreport your income by over 25%, the IRS has six years from the date the return was filed to assess additional taxes, instead of the usual three years. The 25% threshold is calculated based on the amount of gross income that should have been reported. Gross income includes all income before deductions and exemptions. This can include wages, business income, rental income, interest, dividends, and other forms of income.
Non-Filing
The IRS generally requires taxpayers to file tax returns for the past six years if they have not filed them previously. This means if you have not filed a tax return in the last 10 years, the IRS will only require you to file the most recent six past-due returns.
Installment Agreements
Generally, if a taxpayer can pay off their tax debt within six years, they may qualify for streamlined installment agreements where detailed expense documentation, like receipts, may not be required for reasonable expenses. These expenses typically include food, clothing, housing, utilities, transportation, and healthcare.
