News - John R. Dundon II, Enrolled Agent
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News

December 2, 2009

The IRS has mandated six (6) new security, privacy, and business standards to better serve taxpayers and protect their information collected, processed and stored by Online Providers of individual income tax returns. Individual income tax returns generally refer to the 1040 family of returns. Refer to...

December 2, 2009

There has been much commentary on the revenue that could be raised by legalizing and taxing marijuana: American Journal of Economics and Sociology, Potential Tax Revenue From a Regulated Marijuana Market: A Meaningful Revenue Source Business Week, Legalize Marijuana for Tax Revenue Christian Science Monitor, A Marijuana Tax...

November 24, 2009

Large and midsized companies can now take advantage of expanded net operating loss carryback rules to use the losses they incurred during the economic downturn to reduce their income from prior tax years. The Worker, Homeownership and Business Assistance Act of 2009, which President Obama signed...

November 20, 2009

People who buy a new car, motorcycle, truck or other vehicle can deduct the entire amount of sales tax paid (up to the first $49,500 of purchase price) either as an itemized deduction or as an addition to their standard deduction....

November 20, 2009

A new tax credit for students attending the first four-years of college. The credit is worth up to $2,500, 40% of which is refundable (meaning it can increase your tax refund even if you have zero tax liability). This new credit is more generous than...

November 13, 2009

It may seem ghoulish, but there does seem to be a controversy brewing over the appropriate tax treatment of sales of anatomical specimens such as human eggs and blood plasma, and even black market sales of kidneys and other vital organs. University of Cincinnati tax law...

November 12, 2009

1. Use accounting software to keep books on a daily basis and input all financial transactions into this software. The client should use one database for their business and one for personal financial data to ensure that 100 percent of financial transactions are recorded. 2. Verify...

November 9, 2009

Except for tax protestors, no one wants to fight with the Internal Revenue Service. That's why there's such a mystique about avoiding an audit. While what-triggers-an-audit theories abound, there are some basic things you can do to reduce your chances of being picked for an...

November 4, 2009

Taxpayers who take energy saving steps this year may get bigger tax savings next year. The Nonbusiness Energy Property Credit, a tax credit for making energy efficient improvements to homes has been increased as part of the American Recovery and Reinvestment Act of 2009. Seven...

November 2, 2009

In its simplest form, bartering is the trading of one product or service for another, usually with no exchange of cash. With the economy in its present state, the IRS has seen an increase in bartering exchanges. As a result, the IRS created a web...

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