News - John R. Dundon II, Enrolled Agent
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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...

Online Consumer Use Tax for Colorado taxpayers now available Consumer use tax must be paid by Colorado residents and businesses on purchases that did notinclude Colorado sales tax, such as those purchases made over the Internet, by mail order, or by telephone. Online Consumer Use Tax filing is...

For the most part if you talk to someone from the IRS about interest on penalties you will learn that they are trained to state that by statute the IRS is not allowed to abate interest.  This statement albeit true has exceptions. Generally, the IRS has...

Taxpayers and tax professionals may now access individual income tax returns, payment history, refund status and other information through the department’s Revenue Online service. Offering these services online, in one place, will help taxpayers quickly and easily submit documents online and transact tax business with the...

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