In Memory: Stanley H. Block (1932-2025). His legacy and guidance will continue through our service to clients.
Your business might be eligible for the Work Opportunity Tax Credit if you’ve hired people with histories that might have otherwise prevented them from securing gainful employment. Keep reading to learn how the Work Opportunity Tax Credit (WOTC) incentivizes diverse hiring practices while also giving marginalized members of society and struggling individuals a chance at […]
The Collection Statute Expiration Date, Explained Most people assume that once they owe the IRS money, they are required to pay them until the debt is fully resolved, no matter how long it’s been since the debt originated. Luckily for them, that’s not necessarily true.
When you’re self-employed, tax time can be a nightmare. But S.H. Block Tax Services is here to help! We’ve created an in-depth infographic, “Tax Deductions for the Self-Employed” that you can download for free on this page.
Negotiating an offer in compromise (OIC) with the IRS can be confusing and frustrating for individuals with substantial tax liabilities. To help, we’ve compiled a few tips to simplify and streamline the process of determining the true value of your assets and negotiating the best possible OIC for you and your family.
Losing your employment can be tough, both emotionally and financially. However, it’s important during this time to remain proactive about your finances and your tax status. If you’ve recently lost your job, here are a few steps you can take along with the tax implications of each.
What Is a Distressed Sale? A distressed sale occurs when someone sells property, securities, or other assets in an urgent manner ─ usually at a loss ─ to cover substantial debts as quickly as possible. In this article, we’ll be focusing specifically on distressed real estate sales.
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.
Receiving a notice from the IRS can cause immense stress before you even have the chance to open the letter. (Note: The IRS will not call or email, so if you are receiving either, it is likely a scam.)
Marriage is all about teamwork: two people who pledge to stick together for better or worse, richer or poorer, and in sickness and in health. And although some exceptions do apply, there’s no better practical example of this vow than a married couple jointly filing their annual income taxes.
Recently, our firm had a conversation with the collection division of the IRS about the statute of limitations on a client’s account. We believed that over $60,000 of back taxes should have expired, which would have meant that the IRS could no longer collect on the debt and would’ve been forced to erase it entirely. We […]
