News - John R. Dundon II, Enrolled Agent
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News

April 27, 2010

The Hiring Incentives to Restore Employment (HIRE) Act, which was signed into law on March 18th, 2010 provides tax incentives for hiring and retaining workers and purchasing equipment and many other business assets. It also includes new measures that heighten disclosure and reporting requirements for...

April 27, 2010

There is no standard form available for an application for a Certificate of Discharge of Property from a Federal tax lien. This makes the application a type written letter. Submit your request and all accompanying documents in duplicate to the IRS, Attention Technical...

April 22, 2010

The purpose of this audit techniques guide (ATG) is to provide guidance for the examination of income in a cash intensive business. This guide can be used during all phases of the examination but is not all-inclusive The accurate reporting of income and expenses by cash...

April 15, 2010

Filing and Paying on Time Saves MoneyIf you have a balance due and do not pay by April 15, you are subject to a failure-to-pay penalty. If you cannot complete your return and file it by April 15, you may request an extension of time...

April 14, 2010

If you need to amend your tax return, use Form 1040X, Amended U.S. Individual Income Tax Return. Use Form 1040X to correct previously filed Forms 1040, 1040A or 1040EZ. The 1040X can also be used to correct a return filed electronically. However, you can only paper...

April 14, 2010

Don’t panic. Many of these letters can be dealt with simply and painlessly. There are a number of reasons why the IRS might send you a notice. Notices may request payment of taxes, notify you of changes to your account, or request additional information. The notice...

April 12, 2010

With the enactment of an enhanced federal role in medical care comes the need for revenue enhancement. The age of new tax hikes is upon us. Some planning information. 3.8% "Medicare" tax on investment income and an additional 0.9% Medicare tax on wages - Beginning...

April 12, 2010

Estimates by the Internal Revenue Service (IRS) show that $68 billion of the $345 billion tax gap in 2001 was due to sole proprietors who underreported their income. Treasury Inspector General for Tax Administration (TIGTA) evaluated closed correspondence audits of individual returns reporting sole proprietor...

April 9, 2010

Here are some ways to avoid common tax return errors. File electronically. If you e-file or Free File, tax software will do the calculations, flag common errors and prompt you for missing information. Remember Making Work Pay. The Making Work Pay tax credit –– available in 2009...

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