News - John R. Dundon II, Enrolled Agent
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IRS Publication 901 U.S. Tax Treaties is to be used as a quick reference guide that will tell you whether a tax treaty between the United States and a particular country offers a reduced rate of, or possibly a complete exemption from, U.S. income tax for residents of particular...

IRS Form 8949, Sales and Other Dispositions of Capital Assets must be used to report most capital gains and losses. Any properties you own for investment purposes and most properties you own for personal purposes (ie your house) are for the most part considered capital assets....

Tax day is upon us - remember to at least get you application for automatic extension post marked today using IRS Form 4868 Or if your Adjusted Gross Income is under $57,000 you can file an automatic extension request online using Free File If you or your spouse (when...

Having the IRS put a tax lien on you absolutely sucks in many regards. It not only impacts your credit score, it carries a stigma that permeates into the workforce. Having an IRS Tax Lien discharged can be like transcending the seven depths of Dante's...

Payments for the services of a child under the age of twenty-one who works for his or her parent whether or not in a trade or business, are not subject to federal unemployment taxes (FUTA). These exceptions are not the case with a corporation (C or S), even if the...

As a general rule, you must pay estimated taxes if both of these statements apply: 1) You expect to owe at least $1,000 in tax after subtracting your tax withholding (if you have any) and tax credits, and 2) You expect your withholding and credits to be...

The two major start up business expenses are the costs to organize and the costs of normal business expenses incurred prior to the beginning of business or the point where the business is ready to receive revenue. Sole proprietors do not normally have costs to organize because a business...

I've found myself needing to specifically clarify what the definition of statutory employee means for IRS employment tax purposes. Statutory employees include: 1. full-time life insurance agents, 2. certain agent or commission drivers, 3. traveling salespersons, and 4. certain homeworkers. Statutory employees do not owe self employment tax on these earnings,...

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