News - John R. Dundon II, Enrolled Agent
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News

Rollover of Retirement Plan Self Certification for Additional Time Normally you have 60 days to complete a retirement plan rollover in order to avoid current taxation and more importantly, penalization. One of the most ridiculous things I have had to do with my limited time on...

The new Tax Cuts and Jobs Act (TCJA) amends Internal Revenue Code Section 165 further restricting our ability as individual taxpayers to write off CASUALTY LOSSES going forward solely to 'disaster areas' as declared by the POTUS. Say whaaaat ?!?!?!?!?!?!?!? Effective immediately this new restriction detailed in the US Tax Code WILL HARM...

There are indeed many ways US Tax Laws change up the social fabric of our society one of which is how the code addresses exempt organizations excise tax and UBTI.   This post reminds us of 2 excise taxes and clarifies UBTI reporting. 1 - Excise tax...

Normally you have 60 days to do an IRA rollover of retirement plan distributions in order to avoid current taxation and possible penalty. What happens when you cannot hit that 60 day window?  The answer is an IRA Rollover of Retirement Plan Proceeds Self Certification...

I am knee deep in another interesting file under dispute with our esteemed taxing authorities involving At Risk Limitations. This is intended as the first of many posts on the topic as I navigate the shoals of a relatively complicated file that involves equipment leasing by...

Capital v. Operating Lease - Tax Reporting Implications We often encounter taxpayers who do not quite fully understand how to report for income tax purposes the lease agreements they have entered into for business use assets, particularly automobiles.  Leased property includes real estate, machinery, and other...

According to Internal Revenue Code Section 1014 the basis of property acquired from a decedent is the fair market value of the property at the date of the decedent’s death.  In an environment of inflating asset prices this usually means that the beneficiary experiences stepped up basis...

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