News - John R. Dundon II, Enrolled Agent
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News

February 19, 2010

Relief provided under the Worker, Homeownership, and Business Assistance Act of 2009 (WHBAA) allows taxpayers to elect to carry back a net operating loss (NOL) for a period of three, four or five years, or a loss from operations for four or five years, to...

February 19, 2010

Business start-up and organizational costs are generally capital expenditures. However, you can elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred after October 22, 2004. The $5,000 deduction is reduced by the amount your total start-up or organizational...

February 19, 2010

Gambling winnings are fully taxable and must be reported on your tax return. Gambling income includes – but is not limited to – winnings from lotteries, raffles, horse and dog races and casinos, as well as the fair market value of prizes such as cars, houses,...

February 19, 2010

Robert Mikos (Vanderbilt) has posted Why Crime Doesn't Pay: Thoughts on State Taxation of Marijuana Distribution and Other Federal Crimes on SSRN. Here is the abstract: The financial crisis has breathed new life into proposals to reform marijuana law. Commentators suggest that legalizing and taxing...

February 19, 2010

The IRS wants you to know these ten facts about gains and losses and how they could affect your tax situation. Almost everything you own and use for personal purposes, pleasure or investment is a capital asset. When you sell a capital asset, the difference between the...

February 17, 2010

Every two years, a topic of conversation among tax folks is the tax treatment of Olympic athletes. The United States Olympic Committee pays athletes for winning Gold ($25,000), Silver ($15,000), and Bronze ($10,000) medals under its Operation Gold program -- these payments clearly constitute income....

February 17, 2010

Some taxpayers may have needed to take an early distribution from their retirement plan last year. There can be a tax impact to tapping your retirement fund. Here are ten facts about early distributions. Payments you receive from your Individual Retirement Arrangement before you...

February 17, 2010

If you received Social Security benefits in 2009, you need to know whether or not these benefits are taxable. Here are facts about Social Security benefits so you can determine whether or not they are taxable to you. How much – if any – of your...

February 17, 2010

Alternative Minimum Tax (AMT) attempts to ensure that anyone who benefits from certain tax advantages pays at least a minimum amount of tax. Here are seven facts about the AMT and changes to this special tax for 2009. Tax laws provide tax benefits for...

February 16, 2010

Through the Federal Payment Levy Program (FPLP), Social Security benefit payments outlined in Title II of the Social Security Act, Federal Old-Age, Survivors, and Disability Insurance Benefits, are subject to the 15-percent levy, to pay your delinquent tax debt. However, benefit payments, such as lump sum...

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