News - John R. Dundon II, Enrolled Agent
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News

December 3, 2008

If you have a nanny or a cleaning service, the annual threshold amount for having to report and pay employment taxes is $1,600 for 2008 and $1,700 for 2009. If your yearly payments to any one domestic employee exceed these amounts, you have to report...

December 3, 2008

If only you could sell, you would be able to exclude from your income up to $250,000 if you are single or $500,000 if you are married of the capital gains on the sale of your home. You must use the home as your principal...

December 3, 2008

If you bump up against certain income thresholds, your itemized deductions and personal exemptions start disappearing. The reduction does not apply to deductions for medical expenses, investment interest, nonbusiness casualty and theft losses, and gambling losses. Luckily, these thresholds are increased each year for inflation....

December 3, 2008

Congress has extended the tax exclusion for forgiven mortgage debt through 2012. There is a $2 million limit ($1 million for married individuals filing separately) on this tax exclusion, and the loan must have been used to buy or improve your principal residence. Under previous...

November 26, 2008

The Act prohibits any person engaged in the business of betting or wagering (as defined in the Act) from knowingly accepting payments in connection with the participation of another person in unlawful Internet gambling. Such transactions are termed “restricted transactions.” The Act generally defines “unlawful Internet gambling” as...

November 13, 2008

A first-time homebuyer is an individual who has not had an ownership interest in a principal residence for three years prior to the purchase of the principal residence to which the $7,500.00 2008 tax credit would apply. Should first time home buyers be married and filing...

November 5, 2008

The Amero is not (as of yet anyhow) a valid currency to pay your US tax obligations with. IT is at this point a "currency" that is believed by many to one day replace the greenback - US Dollar - when the value of the...

November 5, 2008

Beginning with wages paid in 2009, final regulations require "disregarded entities" to pay their own employment taxes and file their own tax reports. A new employer identification number (EIN) will be needed if the disregarded entity does not have one. Under the disregarded entity rules, certain...

November 5, 2008

IRS to Begin Background Checks When POA is FiledThe Office of Professional Responsibility (OPR) has announced that tax practitioners who file Form 2848, Power of Attorney, will automatically undergo a background check. The background check is to ensure that they have timely filed and paid...

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