News - John R. Dundon II, Enrolled Agent
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News

November 30, 2011

If you are delinquent on taxes you may be considering some IRS payment arrangement whereby your total tax liability will be considered satisfied in exchange for a payment plan that is less then the full amount owed. Two different plans that I have had success with...

November 30, 2011

I have had the pleasure of helping many people new to either living or conducting business in the USA determine their tax liability to the US Treasury and have grown increasingly surprised about the confusion over who or what type of entity is considered a...

November 28, 2011

It is no secret that the US Congress' growing inability to agree on matters of substance is both disturbing and frustrating. The Alternative Minimum Tax (AMT) problem of not automatically adjusting for inflation is yet another example of the collective ineptitude of our elected officials....

November 24, 2011

Many people turning 70 see themselves in the prime of their life. A pervasive problem among this group is this idea of a Required Minimum Distribution (RMD) from their retirement savings accounts. Many people do not like to withdraw money from their retirement accounts particularly...

November 23, 2011

Your organization can indeed be a nonprofit organization within your state but not be tax-exempt with the IRS. The only way to obtain FEDERAL 501(c)(3) tax-exempt status is to file IRS Form 1023. I've done this many times and felt compelled to blog about it today because the...

November 21, 2011

The Offer In Compromise (OIC) is prepared on IRS Form 656 and must include a detailed statement of financial position with substantiating documentation (bank statements etc.) prepared on one of the many IRS Form 433's. To know which 433 to fill out I suggest reading...

November 18, 2011

For those of you just now starting to get failure to timely file notices for your Subchapter S Corporation, the only relief available to the S corporation for the failure to timely file penalty under §6699 is reasonable cause. There are no provisions like those in...

November 17, 2011

Treasury Regulation 1.274-5 allows for a deduction without complete documentation if you can show that you have 'substantially complied' with adequate adequate record keeping requirements. This statute is code for ...

November 16, 2011

Check out IRS Form 8941, Credit for Small Employer Health Insurance Premiums (PDF) if you are interested in the small business health care tax credit. Many small employers that pay at least half of the premiums for employee health insurance coverage under a qualifying arrangement may...

November 15, 2011

Revenue Procedure 2011-47 provides rules for using a per diem rate to substantiate the amount of an employee’s expenses for lodging, meals and incidental expenses that an employer reimburses. Employees and self-employed individuals who deduct un-reimbursed expenses for travel away from home may use a per...