Many taxpayers rely on Social Security to get by after retiring. Unfortunately, taxpayers with outstanding tax liabilities may be at risk of a levy on their retirement funds. How much can the IRS take and what should you do? CEO David King and Lead Tax Attorney Phillip Hwang discuss everything you need to know about Social Security garnishments.
Optima Tax Relief has once again teamed up with the IRS to provide assistance to low-income residents and other members of their surrounding community with free tax preparation services. Over 100 members of Optima’s staff registered with the United Way of Orange County, California to participate in the Volunteer Income Tax Assistance (VITA) program, which was launched by the IRS to provide free tax preparation services to those such as:
The free tax help offered by the VITA program is particularly beneficial for those who are 60 years of age and older, as it specializes in questions about pensions and other retirement-related issues that are unique to seniors. Many of the community members who would qualify for the program are retired individuals associated with non-profit organizations that receive grants from the IRS. This year, however, we saw a wide range of ages attend for assistance. We were happy to help anyone that we could!
“It gave me the opportunity to offer assistance, to the people of our community, who may not have had the fortune to go elsewhere for tax assistance and walk away with a smile on their face for the help and guidance they received,” said Associate Director of Payments Steve Stoffel.
SVP of Accounting, Richard Hamiprodjo called volunteering for the VITA program “a rewarding experience getting involved with the community and helping those who are in need.”
By partnering with the IRS, the VITA program is able to offer reliable, trustworthy tax filing services for free. Optima’s volunteers for the VITA program helped with tax preparation, greeting guests, and some gathered the appropriate tax documents from taxpayers.
Associate VP of Human Resources Kimberly Carson was also a volunteer this year. She shared her thoughts and experience, saying, “It was great to have the opportunity to give back to our community and help people with getting their taxes completed. Not everyone has extra money to get their taxes done by professionals to ensure it is done correctly, so to be able to provide this service to the community is not only needed but fulfilling. Thank you for the opportunity!”
Our volunteers exclaimed how exciting and fulfilling it was to be part of this event. The culture within Optima is very community oriented, and it shows through the tenacity Optimians have for helping others and connecting. Martha Casillas, a Payments Coordinator at Optima said, “My participation as a VITA volunteer gave me a boost of self-confidence, and self-esteem within the company. Being new to the OTR family, it also allowed me to connect with other Optimians, as well as see some of the involvements OTR has within the surrounding communities.”
Case Manager Kateri Drewes added, “For me, being a VITA volunteer means taking the time to give back to my local community. I cherish the opportunity to help folks get the care and quality service they deserve!”
Optima looks forward to working with United Way to host our very own VITA site at our California office next year. Our goal is to serve more taxpayers with a bigger outreach in the Santa Ana community.
Can You Use Cryptocurrency to Pay Taxes?
While cryptocurrency has left many people skeptical of its value, the American government is validating its use with some surprising changes in taxes. In the last few years, states have been racing to make cryptocurrency mainstream, in hopes that one day Americans can use it to pay their taxes.
Can the IRS Garnish Your Social Security?
Many taxpayers rely on Social Security to get by after retiring. Unfortunately, taxpayers with outstanding tax liabilities may be at risk of a levy on their retirement funds. How much can the IRS take and what should you do? CEO David King and Lead Tax Attorney Phillip Hwang discuss everything you need to know about Social Security garnishments.
2022 IRS Interest Rates Increase
Beginning April 1, 2022, the IRS will raise its interest rates for the quarter. These changes apply to quarterly taxpayers, such as corporations and self-employed filers.
Reporting Cryptocurrency to the IRS
The topic of crypto gains more mainstream attention as the IRS takes interest in digital assets. In early March, the IRS sent out about 10,000 letters to taxpayers with digital asset transactions, requiring them to report ownership.
Cryptocurrency is becoming more common as a form of payment for products and services. As a small business owner, do you understand the tax implications? How does the IRS view crypto? Lead Tax Attorney Philip Hwang and CEO David King discuss the gray areas of cryptocurrency and tax obligations.
Reduced Refunds: Will Your Refund Be Garnished?
You may have already received your tax documents for the 2022 season and it’s time to file. Many taxpayers experience some anxiety around filing season because of uncertainty. Will you owe the IRS? Will your refund be garnished? There are a few instances where you can expect the IRS to reduce your refund, or garnish the whole thing.
Side Hustles and Taxes: What You Need to Know
Philip Hwang, Lead Tax Attorney, and Optima CEO, David King provide useful tips so that you can understand whether or not you owe, and when you should file your side-hustle income.
Pending Status on Previous Tax Returns Can Delay this Year’s Return
Millions of Americans have been waiting for tax returns and refunds from previous years, causing even more delay for 2022. If your returns from last year are still pending, then your return will be delayed this year as well.
Court Upholds Rulings on Passport Denial for those with Major Tax Debt
Trips that require a passport, however, may be postponed for Americans with tax debt. The IRS previously authorized State Departments to revoke or deny your passport if you have delinquent tax debt.
