Currently Not Collectible

S.H. Block Tax Services Can Help You File for CNC Status

Our office has received several phone calls about filing for currently not collectible (CNC) status recently, but most of those callers had little knowledge about what the program entails or their potential eligibility. Of course, we’re happy to help anyone who comes to us with tax problems, but we thought we would take the opportunity to define CNC and clarify some of the more common misconceptions about what the program does and who might qualify.

Keep reading to learn whether you might be eligible for CNC and find out how S.H. Block Tax Services can help you file for consideration. Read more

Vacation Rental Home Taxes

What a Trip! 5 Tax Tips for Vacation Rental Owners

In recent years, vacation rental homes have become one of the preferred travel options for jet-setters around the world — especially in the United States. Companies like Airbnb, VRBO, and FlipKey have created a vacationing model that is both affordable and comfortable, and this model also provides a more authentic experience for visitors and their families compared to a traditional hotel.

Despite the rise of this business model and the resulting profits, many owners don’t know that income from renting out their homes (or rooms in their homes) to vacationers is taxable, which could lead to complications come tax season.

Keep reading to learn five tax tips that could minimize or even eliminate taxes from renting out your home with Airbnb or a similar service. Read more

Tax-Related License Hold

Need Help Releasing a Tax-Related License Hold? S.H. Block Tax Services Is Here to Help

Every day, millions of Maryland residents rely on their state-issued drivers’ and business licenses to earn a paycheck, take care of their families, and have fun during their free time. Our cars, trucks, motorcycles, and professions enrich our lives and allow us to prosper as productive members of our communities.

Still, operating a business or vehicle in Maryland is a privilege that you should never take lightly, especially since our state government can revoke that privilege at any time. In recent years, the IRS and the State of Maryland have undertaken more aggressive collection efforts, and they know license holds are an extremely effective tactic. If you owe outstanding taxes or have failed to file your personal or business returns in recent years, this initiative could directly affect you.

Keep reading to learn how S.H. Block Tax Services can help lift your tax-related license hold by minimizing or even eliminating your tax liability. Read more

Tax Extension

An Extension to File Your Taxes Is Not an Extension to Pay Your Taxes

An Extension to File Is Not an Extension to Pay — Contact S.H. Block Today to Resolve Outstanding Liabilities

If you requested an extension to file your taxes last spring, you weren’t alone: the IRS estimates that more than 11 million people applied for an extension to file their taxes in 2017. Yet despite so many taxpayers choosing this option, our team at S.H. Block meets dozens of clients every fall who don’t understand what their approved extension means and how it could lead to additional penalties and interest that increase the overall tax debt.

Keep reading to learn about how these extensions work and what to expect as you prepare for the late-filing deadline on Monday, October 15. Read more

Currently Not Collectible

Are You Eligible for Currently Not Collectible (CNC) Status?

If you owe the IRS or State of Maryland back taxes but are unable to pay them because of other financial obligations, you might be eligible for Currently Not Collectible (CNC) status. CNC status is a special designation which gives taxpayers a temporary hold on collections, during which time they are “protected” from collection efforts.

Keep reading to learn more about Currently Not Collectible status, your potential eligibility for the program, and how to request CNC status. Read more

Cryptocurrency taxes

How Will My Cryptocurrency Sales Affect My Taxes?

Cryptocurrencies (also called altcoins) have been in the news a lot over the past year or so, and while thousands of people have been cashing in on their investments in digital currencies like Bitcoin, many of them haven’t considered the tax ramifications of those sales. The IRS considers cryptocurrencies to be property, which means a variety of taxes likely apply to your altcoin transactions, including capital gains.

Let’s examine the tax implications of cryptocurrency further, including potential criminal action for non-disclosure, and determine the best course of action for filing next year’s taxes. Read more

5 Common Tax Myths Debunked College Student

5 Common Tax Myths Debunked

Myths surrounding income taxes are as common as mosquitoes this time of year. Everyone wants to save money (we want you to save money, too), but people have a habit of believing these myths and getting into hot water with the IRS or State of Maryland. Some of these tall tales are actually rooted in fact, but most of them are pure fantasy. Keep reading to learn about the most frequent myths we hear at S.H. Block Tax Services, as well as the origin of each and whether there’s even a shred of truth to the fiction. Read more

Identity Theft Tax Fraud

Identity Theft, Tax Fraud, and Protecting Your Anonymity

If someone has stolen your identity, there are several outcomes, and none of them are pretty. Identity theft can decimate your credit, empty your bank account, and rack up your bills — fast!

Not only that, but identity thieves also sometimes use their victims’ identities to file fraudulent returns and steal their refunds. In fact, according to the IRS, identity theft has become the most common form of tax fraud in the United States.

Keep reading to learn more about this growing problem, as well as some proven methods to protect yourself from identity thieves. Read more

Common Tax Scams

Protect Yourself From These 5 Common Tax Scams

Tax scams are one of those misfortunes that most people believe they’ll never have to deal with. Unfortunately, these scams are far more common than you might think, and they can affect many aspects of your life, such as your bank account, your credit score, and even your personal property and business assets — among several others.

Every year, the IRS releases a list of the 12 most common current tax scams, which they refer to as “The Dirty Dozen.” In this article, we’ll review the top five scams on their list for 2018, explain how they work, and provide helpful tips to keep you, your family, and your business safe and secure. Read more

Eric M. Bielitz

Meet the Newest Member of the S.H. Block Team, Eric M. Bielitz

S.H. Block Tax Services recently expanded our staff by welcoming Eric M. Bielitz to our dedicated team. Mr. Bielitz has joined the firm as an associate attorney focusing on tax resolution. He began working with S.H. Block Tax Services in February of 2018, but his interest in the law goes back much further than his recent hire.

Recently, I sat down with Eric to discuss his background, his goals for the firm and our clients, and his interests away from work. Keep reading to learn more about Mr. Bielitz, his passion for the law, and his desire to help Maryland taxpayers resolve their tax issues and re-enter compliance with the IRS and the State of Maryland. Read more