News - John R. Dundon II, Enrolled Agent
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News

July 7, 2011

I've been getting quite a few calls lately from taxpayers that have received 'settlement' money and are confused over the prospective tax ramifications of receiving such money.   The Internal Revenue Service recognizes that receiving a settlement award (amount) from a personal injury suit may...

July 6, 2011

The Internal Revenue Service announced that it reached an agreement with the Millennium Multiple Employer Welfare Benefit Plan (Millennium Plan) which is presently the subject of a bankruptcy proceeding filed on June 9, 2010, in the U.S. Bankruptcy Court for the Western District of Oklahoma (Case...

July 5, 2011

The IRS has developed a rule of thumb for analyzing business losses called the Hobby Loss Rule of Thumb that basically says if a business reports a net profit in 3 out of the last 5 years it is presumed to be a for-profit business. Similarly...

July 1, 2011

Also commonly referred to as 197 Intangibles, the following costs must be amortized (deducted as an expense) over 15 years (180 months) starting with the later of (a) the month the intangibles were acquired or (b) the month the trade or business or activity engaged...

June 30, 2011

For tax purposes a Simple Trust requires that all income generated by the trust be distributed each year to the trust’s beneficiaries.  Even if a trust distributes all its income every year this alone does not necessarily make it a simple trust though. Understanding the...

June 29, 2011

General Be mindful of your new tax account number. The Colorado Department of Revenue has moved sales tax into its new tax accounting system. The improved system allows the department to process and distribute taxes more efficiently and assist businesses better than the current system. As part of...

June 28, 2011

Collection of federal taxes starts with an assessment of tax due. The assessment serves two functions. It is the government’s mechanism for keeping records and recording a liability. The assessment, authorizing the government to collect, is equivalent to the final judgment that a general creditor must...

June 27, 2011

By law, the IRS has the authority to collect outstanding Federal taxes for 10 years from the date your tax liability was assessed. The 10-year collection period is suspended: ●  while the IRS and the Ofice of Appeals consider a request for an installment agreement or an offer in compromise. ●  from...

June 24, 2011

Call 800-913-9358 to reach the Centralized Insolvency Operation. Hours are 7 a.m. to 10 p.m. eastern time. If the IRS is a creditor in a bankruptcy case, and you determine that IRS was not originally listed as a creditor, notification of the filing should be sent...

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