In Memory: Stanley H. Block (1932-2025). His legacy and guidance will continue through our service to clients.
Did you know that family businesses create 78 percent of new U.S. jobs and employ 60 percent of our national workforce? Family businesses are an essential part of our economy, and a family business can be a special thing — in more ways than one. When it comes to taxes, family businesses have some unique […]
Many people are struggling right now, especially those individuals who have lost their jobs due to COVID-19 while also dealing with frustrating back taxes. When it comes to being unemployed and owing back taxes, there’s reason for optimism. While there are some instances where federal tax laws might result in new costs for the unemployed […]
Whether your small business is thriving or going through a rough patch, you always want to maximize your revenue streams while decreasing potential losses. One great way to help ensure positive cash flow is to make sure you’re taking advantage of every available income tax deduction at your disposal, especially as we all attempt to […]
Taxes can be confusing, and errors are bound to happen. If you realize that you made a mistake on your taxes after filing, an amended tax return may right any potential wrongs — helping you avoid potential fees and penalties or even improving the amount of your return in the process. In this blog, we […]
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. […]
