News - John R. Dundon II, Enrolled Agent
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News

It is critical that you, the employer, correctly determine whether the individuals providing services are employees or independent contractors. Generally, you must withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment tax on wages paid to an employee. You do...

With regard to medical expenses, long-term care expenses are deductible if an individual is a chronically ill individual under the cognitive impairment trigger and are provided pursuant to a plan of care prescribed by a licensed health care practitioner. In Notice 97-31, 1997-1 CB 417, the...

Biofuels have been embraced by supporters from President George W. Bush to the Natural Resources Defense Council. Before 1930, the U.S. Treasury focused on shutting down small alcohol producers. After 1978, U.S. energy policy sought to encourage ethanol production to reduce dependence on foreign oil....

Regarding help for victims of Ponzi schemes, The IRS provides two items of guidance to help taxpayers who are victims of losses from Ponzi-type investment schemes. Revenue Ruling 2009-9 provides guidance on determining the amount and timing of losses from these schemes, which is difficult and...

A levy is a legal seizure of your property to satisfy a tax debt. Levies are different from liens. A lien is a claim used as security for the tax debt, while a levy actually takes the property to satisfy the tax debt. If you do...

The loss of a job may create new tax issues. Severance pay and unemployment compensation are taxable. Payments for any accumulated vacation or sick time also are taxable. You should ensure that enough taxes are withheld from these payments or make estimated tax payments to...

IRS Voluntary Disclosure Practice TAX CRIMES - GENERALIRM 9.5.11.9 Voluntary Disclosure Practice (1) It is currently the practice of the IRS that a voluntary disclosure will be considered along with all other factors in the investigation in determining whether criminal prosecution will be recommended. This voluntary disclosure practice...

Deducting Theft Losses From Ponzi Schemes, a topic near and dear to my heart. The IRS released Rev. Rul. 2009-9 addressing the tax treatment of "Ponzi" scheme losses, and Rev. Proc. 2009-20 which provides safe harbor options for deducting these losses. The guidance is welcome relief...

These days, pretty much the only taxpayers who can itemize are those who have mortgages with high balances, those whose incomes are in the high six figures or above, with a heavy state tax burden, or the very ill, with no medical insurance.  After all, if...