News - John R. Dundon II, Enrolled Agent
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News

July 25, 2011

The IRS issued three rulings in 2010 to address how the income of registered domestic partners in California should be reported and taxed for both state and federal income tax purposes. In Chief Counsel Advice 201021050, the IRS determined that for tax years beginning after December 31, 2006, registered domestic partners in...

July 22, 2011

In January 2011 IRS agents began to audit Quickbooks data files and will require a copy of your QuickBooks data, if used, to help them with the audit. YIKES! These are some of my suggestions to prepare for a tax audit involving Quickbooks. Make an annual backup that matches...

July 20, 2011

Generally if payments are in exchange for partnership property, the amount received in excess of the partner’s outside basis in his/her partnership interest is taxed as capital gain. However if the payments represent a distributive share of partnership income or are deemed to be guaranteed payments, the payments are taxed as ordinary income. According to...

July 19, 2011

I have a new case involving donated rental real estate and in preparation for appeal I stumbled across the US Tax Court case of Theodore R. Rolfs, et ux. v. Commissioner 135 TC No. 24 in which the taxpayer donated a lake house with conditions to...

July 13, 2011

This is a review of of tax court case John T. Bayse v. Commissioner TC Summary Opinion 2010-118.  The bottom line is that if you are injured on the job be sure to think carefully about whether you wish to be relieved via worker's compensation which...

July 11, 2011

Many medical costs are deductible including the cost of treatment to alleviate conditions or diseases and the cost of prescriptions and certain diagnostic services. Additional deductible medical expenses include: Capital expenses for special equipment installed in, or improvements made to, a home that provides a medical benefit;...

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