News - John R. Dundon II, Enrolled Agent
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IRS Form 1040 Schedule C: Profit or Loss from Business can be a tough form to work through.  Tread lightly and seek guidance. The sole proprietorship or single member Limited Liability Corporation (LLC) is in my opinion the easiest type of business entity to set up...

IF your partnership failed to timely file its IRS Form 1065 and you get penalized by the IRS you seek relief from or abatement of this penalty under IRS Revenue Procedure 84-35 if your partnership meets the following criteria 1. A domestic partnership composed of 10...

Check out Mitt Romney's 2010 tax return and learn how he does it. The most important lesson I learned in perusing his return (besides the significance of sheltering your $$ outside of the USA) is the immediate impact of targeted charitable contributions. In my professional opinion the...

Medical expenses include amounts paid for the diagnosis, cure, mitigation, treatment, or prevention of disease under IRC 213, as well as amounts paid for qualified long-term care services under IRC 7702B. You may deduct certain medical expenses that are paid during the year and that are not compensated for...

The IRS it seems is issuing liens and levies with substantial gusto lately. I've grown reasonably skilled at getting these burdens timely released and felt compelled this evening to share some of my experiences in this blog post. A levy on a bank account attaches only...

Enrolled Agents generally tend to avoid preparing financial statements for their business clients due to the regulation of the CPA profession where preparation of these statements has been associated with services enrolled agents were not permitted to perform. However I believe it is not a violation of US Treasury...

When a rental home secured by a recourse loan is sold short you incur a loss on the disposition of the rental properties requiring the report of a sale as well as any income from the cancellation of debt. The cancellation of debt income is excluded from gross income to the extent you...

The IRS may impose a twenty percent accuracy-related penalty if it determines that there is a substantial understatement of income tax according to IRC 6662. You may avoid all or part of the penalty by showing that: (1) you acted in good faith, (2) the understatement was based on...

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