Entries by S.H. Block Tax Services

Why Hire a Tax Attorney?

Over the last few years, there has been renewed discussion in the larger legal community about the role of non-lawyers. As a tax attorney, I can only laugh. I have always competed with certified public accountants (CPAs) and other non-attorney tax professionals. Prospective clients regularly ask me, “Why should I hire a lawyer to handle […]

How to Report Virtual Currency on Your Taxes and Stay on the IRS’ Good Side

In the summer of 2019, the IRS mailed a series of notification letters to taxpayers who owned virtual currency. These letters informed taxpayers that the IRS was aware of their virtual transactions and expected them to submit amended tax returns if they had not included virtual income and transactions on their 2018 returns.   Previously, the IRS was unable to track virtual currency […]

Understanding the Consequences of the New Tax Cuts and Jobs Act

Last year, union dues and other job-related expenses exceeding 2% of adjusted gross income (AGI) could still be deducted as miscellaneous deductions. However, for 2018 (and for the foreseeable future), those deductions have been eliminated. All work-related tools, supplies, clothing, union dues, and other work expenses are no longer deductible. The same is true for […]