News - John R. Dundon II, Enrolled Agent
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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...

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...

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...

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...

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...

For the year 2010, the personal exemption amount is $3,650 for yourself, your spouse and each dependent you are eligible to claim. This amount is unchanged from the 2009 amount. However there's one significant change for 2010. Unlike previous years, personal exemptions will not be...

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...

Revenue Procedure In Rev. Proc. 2009-51, IRS sets forth procedures for employers to opt in to filing Form 944 (Employer's Annual Federal Tax Return) and for employers previously notified to file Form 944 to opt out and file Forms 941 (Employer's Quarterly Federal Tax Return)...

Billions of dollars in tax credits are being provided to Individual Taxpayer Identification Number filers without adequate verification of eligibility, according to the Treasury Inspector General for Tax Administration. The Internal Revenue Service provides ITINs to individuals who are not eligible for a Social Security number...

The IRS is setting up a special unit that will take a more skeptical look at the various strategies used by the wealthy to reduce their tax burden (see Shulman Has ‘Some Sympathy’ for CPA Concerns). That includes trusts, real estate investments, royalty and licensing...

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