News - John R. Dundon II, Enrolled Agent
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According to IRS Publication 505 you may have to pay estimated taxes if you are self-employed and have income other than your salary or you receive income that is not subject to withholding, such as: Self-employed income Rent Interest Dividends Alimony Gains from sales of assets Prizes...

In February 2010, a federal district court in U.S. v. Quality Stores, Inc., (DC MI 2/23/2010) 105 AFTR 2d 2010-1110, ruled that severance payments made to terminated employees by a company going out of business were not “wages” subject to FICA. The Court said that “…where severance payments are intended to serve...

According to IRS Publication 556 taxpayers generally must file a claim for a credit or refund within 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later. If you do not file a...

You can appeal an IRS tax decision to a local Appeals Office, which is separate from and independent of the IRS office taking the action you disagree with. The Appeals Office is the only level of appeal within the IRS. Conferences with Appeals Office personnel...

Under §213, a taxpayer is allowed to deduct the cost of preventing, treating, curing, mitigating, and diagnosing a disease that is existing or imminently probable for themselves or a family member. Doctors now can store cord blood of an infant that contains stem cells that may be used to treat or cure a disease....

According to IRS Publication 590, chapter 1 section "Recognizing Losses on Traditional IRA Investments" you can indeed deduct for tax purposes a loss on IRA plans if you cash out all funs out of all IRAs of the same type be they traditional IRAs Roth IRAs. For...

In a letter to lawmakers dated April 29, IRS Commissioner Doug Shulman promised to review the 2 year requirement for submitting IRS Form 8857 as part of its ‘Fresh Start’ program. Once a joint tax return is filed, both spouses together are liable for 100% of...

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