News - John R. Dundon II, Enrolled Agent
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News

The Internal Revenue Service announced a simplified option that many owners of home-based businesses and some home-based workers may use to figure their deductions for the business use of their homes. The new simplified option is available starting with the 2013 return most taxpayers file...

The American Taxpayer Relief Act of 2012 makes permanent many otherwise expiring tax provisions. The following is my summary of what I believe to be relevant provisions: Ordinary income above a certain threshold is taxed at a higher rate. The thresholds are: taxable income of $400,000...

Contrary to the manufactured 'news' dribbling out of the main stream media to sell advertising, last week the IRS published updated employer's withholding guidance clearly stating that employers are to now withhold Social Security tax at the rate of 6.2 percent of wages rather than the previous rate of...

Our esteemed President has proven to me to be extraordinarily disingenuous with his statements about the middle class and their purported tax obligations as pretty much everyone's taxes will go up in 2013 as a direct result of the cumulative efforts of our 'elected officials'...

Regarding S Corp Late Filing Penalty Excused IRC 6699 Ensyc Technologies v. Comm'r, T.C. Summary 2012-55 (6/14/12) - considering the scope of the reasonable cause language to the Code Sec. 6699 penalty for late filing of an S corporation return, the Tax Court determined that the failure to...

A new Net Investment Income Tax goes into effect starting in 2013. The 3.8 percent Net Investment Income Tax applies to individuals, estates and trusts that have certain investment income above certain threshold amounts. The IRS and the Treasury Department have issued proposed regulations on this...

The person or entity transferring a property has a capital gain to the extent that the amount realized exceeds the adjusted basis of the property. However according to Reg § 1.1001-1(e) no loss is allowed on a transfer that is part sale and part gift, if...

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