Entries by S.H. Block Tax Services

Why Is It Important to Keep Receipts?

All businesses need to keep records. To be successful, you need to have a business plan or model, appropriate business type, appropriate accounting method, a good bookkeeper, and the ability to use all this information to your advantage. Part of this process includes the retention of receipts. Recordkeeping Is Essential to Your Business

Tax Controversy Common Misconceptions

If I haven’t filed in years and the IRS did nothing, I’m flying under the radar! The worst thing you can do is assume the IRS is clueless about your non filing status and your income. There is a complete history sent from employers, mortgage companies, and other financial institutions. The IRS knows way more […]

What is the new offer in compromise?

An offer in compromise is an agreement between a taxpayer and the IRS. The agreement settles the taxpayer’s liabilities for less than the full amount owed.  An OIC is generally not accepted if the IRS believes the debt can be paid in full or in instalments. The IRS will look at your income and assets […]