News - John R. Dundon II, Enrolled Agent
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The IRS has a computer program that targets certain tax returns for closer examination. It’s called Discriminant Inventory Function System (DIF) and it means that some deductions and credits are more likely to attract the government’s attention than others. Some of these may include: Business Use...

Just as with all other types of business organizations, a certificate of incorporation must be drafted and filed with the secretary of state. In this document the organizers must come to a mutual agreement as to the purpose(s) of forming a tax exempt organization. This...

Ack NAEA Generally, the IRS must advise taxpayers of its intent to levy or seize property before doing so. Taxpayers, in turn, have the right to appeal IRS’ intent to levy through a request for a collection due process hearing. Both of these subjects are treated...

If you are in the business of farming, there are a number of tax issues that you should consider before filing your federal tax return. Crop Insurance Proceeds You must include in income any crop insurance proceeds you receive as the result of crop damage. You...

The Health Coverage Tax Credit pays 80 percent of health insurance premiums for eligible taxpayers and their qualified family members. However, many people who could be receiving this valuable credit don’t know about it, and are missing out on big savings that can help them...

The tax filing deadline is approaching. If you don’t file your return and pay your tax by the due date you may have to pay a penalty. Here are nine things the IRS wants you to know about the two different penalties you may face...

The IRS uses the common-law factors listed below to determine whether a worker is an independent contractor or an employee. All the factors below must be taken into consideration in determining worker classification Instructions. An employer should not tell an independent contractor how to...

This revenue procedure provides the exclusive procedure for dealers in commodities and traders in securities or commodities to make an election to use the mark-to-market method of accounting under § 475(e) or (f) of the Internal Revenue Code. BACKGROUND Section 475(e) allows a dealer in commodities to...

This tax topic explains whether an individual who buys and sells securities qualifies as a "trader in securities," for tax purposes and how traders must report the income and expenses resulting from the trading business. In order to better understand the special rules that apply...

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