News - John R. Dundon II, Enrolled Agent
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HIRE and Section 179 Deduction - A qualifying taxpayer can choose to treat the cost of certain property as an expense and deduct it in the year the property is placed in service instead of depreciating it over several years. This property is frequently referred...

As part of the IRS's continuing efforts to require greater disclosure of tax positions and strategies on returns, it recently released new, mandatory disclosure rules for grouping passive activities. Rev. Proc. 2010-13 for the first time mandates that passive-activity groupings and regrouping, as required under...

The American Jobs and Tax Loopholes Act, currently in Congress, would subject to Self Employment Taxes (FICA, FUTA, SUTA) all distributions from S Corporations which are "personal service" corporations. This is HUGE. This is not good for the small business owner. If...

New York Times, Whistle-Blowers Become Investment Option for Hedge Funds, by David Kocieniewski: Hedge funds have found a new market to invest in: whistle-blowers. Informants who turn in tax cheats have to wait years to get their share of any reward from the IRS’s recently...

The Treasury Department released new guidelines for applying for tax credits to fund promising new therapies, with small medical research firms eligible to receive up to $5 million each out of a $1 billion pie. The Therapeutic Discovery Credit was established as part of the health...

Question: Tax payer produced Form 1099-S from the sale of property she owned jointly with her brother. The Form 1099-S had the full amount reported to her and the brother did not receive a Form 1099-S. What should be done? Answer: The IRS explains in the...

The key to determining the optimal carry back period may be correctly calculating the minimum tax credit net operating loss. The American Recovery and Reinvestment Act of 2009 (ARRA) permits an eligible small business to elect to increase the net operating loss (NOL) carry back...

The 1099-INT and 1099-DIV reported to the Internal Revenue Service details how much you received in interest and dividends through your account, while form 1099-B reported the total proceeds of your sales of stocks and bonds during the year. The amounts shown as interest and dividends...

On October 3, 2008, President George W. Bush signed the Emergency Economic Stabilization Act of 2008. Tucked away in the Act is a provision that moves the responsibility of basis determination from the shoulders of the taxpayer to the shoulders of the securities industry. After December 31,...

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