News - John R. Dundon II, Enrolled Agent
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Tax day is upon us – remember to at least get you application for automatic extension request electronically filed or post marked today using IRS Form 4868 Keep in mind this extension request is for additional TIME TO FILE the income tax forms.  It is NOT a request for an...

According to IRS Rev Proc 2017-29 (assuming IRC 168(k) applies) 1st year magic numbers are: $11,160 for passenger autos $11,560 for Trucks and Vans The rev proc also details lease inclusion amounts. Be sure to understand whether additional first year depreciation deductions apply under Internal Revenue Code Section 168(k) We...

IRS Form 1099-misc Due Date Approaching - Facts and Misconceptions. As many of us who hang our own shingle are painfully aware, IRS Form 1099-misc is due January 31st! I'm still shaking off the holidays. The failure to timely file this 'informational return' has gone up...

The Colorado Department of Revenue revised its guidelines in FYI Income 54 regarding people who do not live in Colorado but are partners and/or shareholders of partnerships and/or S corporations in Colorado, ensuring that pass-through entities pay Colorado income tax on their Colorado-source income. This post breaks...

Excess Depreciation Claimed - Now What? Justin Fundalinski of Jim Saulnier & Associates, who I met while volunteering time for the betterment of the Financial Planning Association, asked me a procedural question about a fascinating situation he encountered regarding depreciation and disposition of residential rental real...

Colorado Year End Tax Update: Focus on USE TAX - 50 Points of Light It is that time of year again where we work ourselves into a tizzy finishing off the year "strong" and simultaneously enduring another holiday season whilst purportedly planning for a new year....

The following items might seem new and/or different for Colorado taxpayers on the CO 104 Income Tax form, some are some are not. These points below basically represent some of the more persistent questions coming across my desk as part of year end tax planning. ...

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