July 21, 2021
Child Tax Credits are expected to be distributed out to qualifying taxpayers throughout July by the IRS. Some recipients may be required to pay back a portion of their credit for the next tax filing season. Here is what eligible taxpayers need to know before receiving the credit.
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What is a Federal Tax Lien?
Owing a tax balance with the IRS could lead to an individual having a lien placed on their assets or property. Optima CEO David King and Lead Tax Attorney Philip Hwang provide helpful tips on what people could expect if a lien is filed against them and what they would need to do to resolve their tax liability.
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Taxpayers are reminded that Filing an Extension is not an Extension to Pay Taxes
Taxpayers that have filed a tax extension and also have a tax balance need to be aware that filing an extension with the IRS will not stop penalties and interest from accruing. The IRS offers a variety of options that they should consider when it comes to dealing with the IRS.
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Did you receive Multiple Notices about your Economic Impact Payment?
The IRS has issued out three Economic Impact Payments to qualifying taxpayers. The IRS also mailed out notices to those who received the payment that detailed how much of the payment they received, how the payment was made and how taxpayers should report their payment when filing their tax return.
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