News - John R. Dundon II, Enrolled Agent
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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 ...

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...

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...

IRS Notice 2011-82 makes available the ability for taxpayers to pass along their unused estate & gift tax exclusion amounts to their surviving spouse if an estate tax return is filed. This new portability election allows estates of married taxpayers to pass along the unused part...

If you are an employer you can appreciate the fact that everyone working for you it seems wants to be an independent contractor until they get injured on the job or get pissed off at you and seek relief outside of your organization. Employees and...

Many taxpayers who claimed the first time home buyer's credit are having their tax returns examined by the IRS. Turns out generally that this credit is not being properly reported. Even tax practitioners are demonstrating incompetence when it comes to preparing, signing and filing tax...

The benefits available to a self-employed individual in a solo 401(k) plan have increased. The self-employed individual can contribute to the solo 401(k) plan two ways: Through elective deferrals limited to the lesser of $16,500 or 100% of the self-employed individual’s compensation for 2011 and 2012. Through...

The small employer health insurance credit is applied for on IRS Form 8941.  The credit itself is based on the non-shareholder staff, their hours worked, wages and the premiums paid for them. The hours worked, wages and health insurance premiums of shareholders are not taken...

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