Anyone who has endured a business tax audit will tell you that this nerve-wracking experience can test even the most seasoned business owner. Thankfully, the IRS audits less than 2% of businesses each year. If you’re properly documenting and disclosing your finances, you likely don’t have anything to worry about. Still, it’s always better to […]
The IRS just announced a new enforcement effort to go after business and individuals who have not filed required tax returns. This effort was hinted at by high-level officials of the Small Business/Self-Employed divisions of the IRS, who are responsible for most IRS audits and collections. In a January conference call, attended by our own […]
While everyone loves the convenience that technology provides, but there are many risks when companies store our personal information online or on the cloud. Almost every day, scammers are stealing Social Security numbers, credit card numbers, and other sensitive personal data. At S.H. Block Tax Services, we’re painfully aware that tax identity theft still poses […]
In addition to the Tax Code, the IRS is charged with enforcing several other laws, including the Bank Secrecy Act of 1970 (The BSA). For most of its history, the BSA was a relatively obscure law that only impacted banks; it required banks to develop anti-money laundering internal controls. However, there are two provisions that […]
Now that the 2019 tax year is over, we’re entering the busy 2020 tax season. However, before you file your 2019 tax return, it’s a good idea to reacquaint yourself with U.S. tax laws. This is especially true this year, since the IRS announced some big changes. Keep reading to learn how tax filing has […]
There are many perks to being self-employed. Keeping your own hours, not needing budget approval, and being your own boss — to name just a few. Unfortunately, not having to pay taxes isn’t on that list. If you are self-employed, the government requires you to report your income and pay both self-employment and income taxes. […]
Tax season is nearly here, which means it’s time to gather all your returns, find your receipts, tally up your donations, and figure out all your write-offs from 2019. It’s also time to educate yourself about some of the top tax scams that make the rounds every year. Unfortunately, there are a lot of unsavory […]
Many taxpayers wince when they think about paying and filing their taxes, but there’s one area of taxes that won’t make you cringe: deductions! Most of us would like to pay less in taxes, and claiming deductions is one way to do just that. Let’s examine some of the most easily missed tax deductions and […]
Assignment of income allows you to assign part of your income directly to another person. While there are several valid reasons to assign your income to someone else, many taxpayers mistakenly believe that it can help lower their taxable income. While assignment of income allows you to divert income, you cannot divert taxes. In this […]
Tax identity theft is a growing concern. In 2018, tax fraud ranked second for the most frequent type of identity theft — only behind credit card fraud. The IRS is always working to improve security and minimize tax identity theft cases. Last holiday season, the IRS warned taxpayers that the increase in shoppers makes December […]
