5 Tips to Help You Get Ready for Tax Season

March 20, 2018/0 Comments/in Tax Resources /by S.H. Block Tax Services

Tax Season Is Right Around the Corner — Start Preparing Now!

With tax season on the horizon, now is the time to begin preparing to file your returns, especially if you haven’t filed in recent years or have a history of tax liabilities.

Regardless of your situation, every year there are certain steps you can take to lighten your load, reduce your stress, and keep your bank account healthy. Follow these five tips to make this a simple and successful tax season. Read more

Is the IRS Targeting Small Businesses for Audits?

February 21, 2018/0 Comments/in Tax Resources /by S.H. Block Tax Services

Experts Suggest the IRS Is Deliberately Targeting Small Businesses

Small businesses in the United States create more jobs than any other sector in our economy. Yet according to tax data from recent years, businesses with the lowest levels of income ($200,000–$400,000) get audited most frequently.

While the Internal Revenue Service (IRS) tells the public that they keep their small business auditing practices random through a complicated and secret algorithm, many business owners feel that they’re being deliberately targeted for audits, and at least one expert agrees. Read more

What Is the Saver’s Tax Credit and How Does It Work?

January 10, 2018/0 Comments/in Tax Resources /by S.H. Block Tax Services

The current economic and political climate is making it difficult for average Americans and their families to save for retirement. However, retirement savings are a vital element of any good financial plan, and there are special tax incentives for making contributions to a retirement plan. Read more

How to Get the IRS to Accept Your Offer in Compromise

October 10, 2017/0 Comments/in Tax Resources /by S.H. Block Tax Services

The Offer in Compromise (OIC) program is an IRS program designed to assist taxpayers who have substantial tax debt and are unable to pay in full. Typically, the IRS (or state of Maryland) will negotiate a figure that is equal to the greatest amount they expect to recover over a reasonable time frame but less than what the taxpayer actually owes. Read more

Small Business Taxes Are a Year-Round Commitment

June 12, 2017/0 Comments/in Tax Resources /by S.H. Block Tax Services

If you’re at all like many small business owners, this past tax season was probably pretty hectic. Rather than panic when tax season comes back around next spring, follow these basic tips to make life a little easier on yourself and your staff. Read more

The Right to Confidentiality

March 2, 2017/0 Comments/in Tax Resources /by S.H. Block Tax Services

As a taxpayer you have the right to expect that all information you give to the IRS will not be sold to third parties or given to unauthorized individuals. The information you provide is only used in connection with your IRS file unless authorized by you the taxpayer. If an IRS employee, a tax return prepares or the like disclose your personal information you have the right to let IRS know and have them investigated and follow through with an appropriate action. Read more

The Right to a Fair and Just Tax System

January 27, 2017/0 Comments/in Tax Resources /by S.H. Block Tax Services

Taxpayers have the right to experience a fair and just taxation system. They can expect that the taxing agency will consider their personal circumstances when determining liabilities and their ability to repay the government. Also, what is its capacity to provide timely information and what factors could hinder this ability? As a taxpayer, if you feel this right is not being met there is an independent agency inside the IRS known as the Taxpayer Advocate Service. This organization’s purpose is to aid taxpayers who are having difficulties are who have not received timely responses for the IRS. There are similar agencies in most states to assist with local tax matters as well. Read more

The IRS Holiday Grace Period Has Ended (With a Vengeance)

January 23, 2017/1 Comment/in Tax Resources /by S.H. Block Tax Services

The holidays are meant to be a time of peace and reflection, and even the Internal Revenue Service agrees with that. From the last week of December through the first week in January, the IRS takes a break from sending any new levies and garnishments so taxpayers can provide for their families and enjoy their company during this already-stressful season. Read more

Do taxes go away after 10 years?

July 11, 2016/0 Comments/in Tax Resources /by S.H. Block Tax Services

The collection statute expiration date (CSED), or the COSED are the time limits the IRS has to collect on your debt. Yes, Federal taxes do expire but Maryland State taxes do not. Federal taxes expire after a ten-year period from last assessment. Meaning that back taxes from 2006 and the IRS’s ability to collect on those taxes does not necessarily expire in 2016. Also, there are certain actions or events that may cause the statute of limitations to stop, hold, or extend. Read more

Is that “Gift” really a Gift?

July 7, 2016/0 Comments/in Tax Resources /by S.H. Block Tax Services

Before you get too excited about winning a small jackpot, striking it rich on Jeopardy, or getting your “free” car from Oprah, we want you to think for a moment about the possible tax implications of gambling winnings and prizes. Read more

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