News - John R. Dundon II, Enrolled Agent
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News

March 17, 2010

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...

March 16, 2010

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...

March 16, 2010

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...

March 10, 2010

Most taxpayers have a choice of either taking a standard deduction or itemizing their deductions. If you have a choice, you can use the method that gives you the lowest tax. Whether to itemize deductions on your tax return depends on how much you spent on...

March 10, 2010

Video Owe Taxes But Can't Pay? English Unemployment Compensation: English Spanish Job Search Expenses: English Spanish ASL For these and other videos: YouTube/IRSVideos WASHINGTON — The Internal Revenue Service today announced several additional steps it is taking this tax season to help people having difficulties meeting...

March 9, 2010

The IRS wants taxpayers who pay state or local real estate taxes but don’t qualify to itemize their tax deductions, to know that they may qualify for an increased standard deduction. This is the last year that the higher standard deduction for real estate taxes...

March 9, 2010

TAX PREPARER PLEADS GUILTY TO FRAUD AND TAX EVASION NEWS RELEASE SUMMARY - March 8, 2010 United States Attorney Karen Hewitt announced that today tax return preparer David Canales pled guilty before United States District Court Judge Thomas J. Whelan to one count of mail fraud, in...

March 8, 2010

Did you pay someone to care for a child, spouse, or dependent last year? If so, you may be able to claim the Child and Dependent Care Credit on your federal income tax return. Below are the top 10 things the IRS wants you to...

March 8, 2010

The Child Tax Credit is a valuable credit that can significantly reduce your tax liability. Here are 10 important facts from the IRS about this credit and how it may benefit your family. Amount - With the Child Tax Credit, you may be able to reduce...

March 4, 2010

If your mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income. Here are 10 facts the IRS wants you to know about Mortgage Debt...

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