H&R Block Opens 10,000 Offices Nationwide, Ready for Tax Season - Seite 2

2. Tax refund fraud a growing concern

While the IRS has made considerable progress fighting tax identity refund fraud in recent years, it is an ongoing battle as identity thieves create new ways to steal personal information. The problem has become so serious that the IRS is opening a tax refund fraud center in 2017 to report, manage and track fraud cases.

Among the challenges for identity theft victims, they can lose access to the refund they are due for four months or more, as it takes multiple steps with the IRS to file a completed tax return.

"One of the best ways for taxpayers to fight tax identity theft refund fraud is by visiting a local H&R Block tax office to file their taxes as soon as possible and register for our industry-exclusive Tax Identity Shield^® product," says Orosco.

3. Dozens of exemptions exist to reduce or avoid the ACA penalty

The penalty for being without health insurance has increased substantially since 2014 when the Affordable Care Act (ACA) first went into effect for individuals.

For the 2016 tax year, taxpayers will pay a penalty of $695 per uncovered adult plus $347.50 per uncovered child up to a maximum of $2,085, or 2.5 percent of their household income over the filing threshold, whichever is greater. Simply put, a family of four earning $60,000 would pay a penalty of more than $2,000.

"In some cases uninsured taxpayers may qualify for one of several exemptions to reduce or eliminate that penalty," said Kathy Pickering, vice president and executive director of The Tax Institute at H&R Block. "Many exemptions can be claimed right on the tax return."

Summary

"We have 80,000 tax professionals ready to serve the needs of all taxpayers," Orosco said. "For more than six decades, H&R Block has been a tax advocate for its clients, ensuring they receive every tax break they are due."

For more information on H&R Block, or to make an appointment, go to www.hrblock.com or call 1-800-HRBLOCK.

About H&R Block

H&R Block, Inc. (NYSE: HRB) is a global consumer tax services provider. Tax return preparation services are provided by professional tax preparers in approximately 12,000 company-owned and franchise retail tax offices worldwide, and through H&R Block tax software products for the DIY consumer. H&R Block also offers adjacent Tax Plus products and services. In fiscal 2016, H&R Block had annual revenues of over $3 billion with 23.2 million tax returns prepared worldwide. For more information, visit the H&R Block Newsroom at http://newsroom.hrblock.com/.

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