News - John R. Dundon II, Enrolled Agent
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News

Normally you have 60 days to complete a retirement plan rollover in order to avoid current taxation and more importantly, penalization. One of the most ridiculous things I have had to do with my limited time on this planet in this life form is fight...

The new Tax Cuts and Jobs Act (TCJA) amends Internal Revenue Code Section 165 further restricting our ability as individual taxpayers to write off CASUALTY LOSSES going forward solely to 'disaster areas' as declared by the POTUS. Say whaaaat ?!?!?!?!?!?!?!? Effective immediately this new restriction detailed in the US Tax Code WILL HARM...

There are indeed many ways the new US Tax Laws recently enacted will change up the social fabric of our society. This post addresses three ways the new US Tax law impacts tax exempt organizations. 1 - Excise tax on exempt organization's excessive compensation. The new law...

Like a good tax nerd I spent a beautiful Saturday reviewing the US House Tax Cuts and Jobs Act H.R. 1 Section-by-Section Summary.  For your impending confrontation with Drunk Uncle (or Aunt) over the holiday season, the following is what I've been able to distill down to...

Normally you have 60 days to do an IRA rollover of retirement plan distributions in order to avoid current taxation and possible penalty. If you have special circumstances challenging your ability to complete the rollover within this 60-day time frame, please be advised that there are...

I am knee deep in another interesting file under dispute with our esteemed taxing authorities involving At Risk Limitations. This is intended as the first of many posts on the topic as I navigate the shoals of a relatively complicated file that involves equipment leasing by...

The IRS permits taxpayers to use general predefined rates known as per diem rates to substantiate business expenses under Internal Revenue Code Sec. 274(d) for lodging, meals, and incidental expenses incurred while traveling away from home for business purposes. The General Services Administration (GSA) released the federal...

We often encounter taxpayers who do not quite fully understand how to report for income tax purposes the lease agreements they have entered into for business use assets, particularly automobiles.  Leased property includes real estate, machinery, and other items that a taxpayer uses in his...