News - John R. Dundon II, Enrolled Agent
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News

The IRS as many of you are painfully aware is often looked upon as accusing first without due process requiring the tax payer to shoulder the burden of proof in regards to his or her innocence relevant to the Internal Revenue Code.  In other words...

According to the Treasury Inspector General for Tax Administration (TIGTA) the IRS needs to expand audits to other tax years and tax matters when large dollar amounts are involved in a preexisting audit making it all the more important to know exactly what you are...

Another fabulous question came my way today from a small business owner that is actually proving to be monetarily successful and wants to know how to pay herself while minimizing her tax burden. Basically the answer depends first on the type of business structure elected, sole proprietorship,...

In discussing expiration dates to the 90 day notice I rediscovered an interesting fact this morning about the difference between a post mark date and a delivery date worth researching and posting. Generally speaking when sending in packages to the Internal Revenue Service, United States Treasury...

How to Request an IRS Private Letter Ruling. The first revenue procedure published each year provides the necessary guidance to request a letter ruling. The current guidance is in IRS Rev. Proc. 2011-1. A private letter ruling (PLR) is a written response by Chief Counsel to a taxpayer that...

The Colorado Department of Revenue is offering a tax amnesty period. The program begins October 1st 2011. Tax amnesty is a limited-time opportunity for individuals and businesses with overdue taxes to pay without additional penalties. Those with overdue taxes can pay the full amount owed,...

The Internal Revenue Service launched a new program that will enable many employers to voluntarily reclassifying their workers in an effort to resolve past worker classification issues. It is called the Voluntary Classification Settlement Program (VCSP). This new program will allow employers the opportunity to make a minimal...

Under §165, in general, the basis of a partnership interest equals the sum of the amount of money contributed, the partner’s share of partnership liabilities and the partner’s distributive share of partnership income and losses. How to compute the adjusted basis of the partnership interest when there is an initial contribution to...

The following report was issued by the Treasury Inspector General for Tax Administration (TIGTA) on August 15, 2011 and it basically says that which many of us already know, the IRS Office of Appeals needs help with Collection Statutes Expiration Dates (CSED).  In my opinion...

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