Business Expense Archives - John R. Dundon II, Enrolled Agent

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Business Expense

01 Dec Navigating Health Savings Accounts and Other Tax-Favored Plans

Posted at 00:00h in Business Expense, FSA, Health Care Tax Credit, Health Insurance, HEalth Savings Account, HRA, HSA, Medical Expenses, Medicare, MSA

Over Thanksgiving I was asked to explain in basic sound bite terms the federal tax implications of the various health savings options. Caught off guard I stammered as eyes glazed over, heads drooped, and relatives closest to me pounced. It was brutal. "Aren't you an Enrolled Agent?" ...

04 Nov Health Savings Accounts (HSA) – A Fantastic Tax Planning Tool

Posted at 00:00h in HSA, Business Expense, HEalth Savings Account, Medical Expenses

Health Savings Accounts (HSA) - A Fantastic Tax Planning Tool - first introduced in 2003 via IRC § 223(b)(2)(A) were legislatively intended for individuals covered by high-deductible health plans to generally allow for preferential income tax treatment on money saved for medical expenses. Many more US Taxpayers are taking...

13 Oct Marijuana Taxation: Beck v. Commissioner & Excise Tax Paid

Posted at 00:00h in Marijuana, Business Expense, Tax Court, Tax Deductible Expenses, Tax Guidance & Preparation

UGH! I vowed to stop writing about the tax implications of marijuana taxation: Beck v. Commissioner & Excise Tax Paid. The catholic guilt of a dysfunctional adolescence must be burning deep today as resisting the urge to come back for yet another round of punishment is...

18 May Defining Small Employer with Regards to Offering Health Insurance

Posted at 00:00h in Affordable Care Act, Business Expense, Corporation, Employee Business Expense, ObamaCare, SHOP, Small Business, Sub-chapter S, Tax Credit, Tax Deductible Expenses

Many business owners of all sizes have been posting to this blog lately with concerns about offering minimum essential health insurance coverage for their employees. It is indeed a complex topic full of both pitfalls and opportunities. When you drill down into the nuances of what it really...

05 May Meal Expense – Navigating Between Internal Revenue Code Sections 162, 274, 132; IRS Technical Advice Memorandum 200030001; and, Churchill Downs v. Commissioner

Posted at 00:00h in Business Expense, Deductible Expense, Disallowed Expenses, Employee Business Expense, Meal Expense, Tax Court, Tax Deductible Expenses, Taxable Income, Uncertain Tax Position

As per usual I'm swimming in areas where the tax code is seemingly at odds. The latest matter across my desk regards meals and entertainment (M&E) expense. These are the two questions at hand: Specifically at what point does a meeting expense incurred under IRC section 162...

11 Mar Business Taxes Due Next Week – AVOID PENALIZATION – File An Automatic Extension Request TODAY – IRS Form 7004

Posted at 00:00h in Basis, Business Expense, Business Income, Colorado Department of Revenue, Corporation, Cost Basis, Extension, Partnership, Penalty, Sub-chapter S, Tax Deductible Expenses, Tax Guidance & Preparation, Taxable Income

The Business and Partnership Tax deadline is coming up fast! Don’t sweat it! File IRS Form 7004 to apply for Automatic Extension of Time to File Certain Business Income Tax. If you happen to be compelled, feel welcome to check out the instructions for IRS Form 7004. If you...

Business Entity Selection and the Tax Consequences of Converting

26 Jan Marijuana Dispensary Income Tax Guidance Update: IRS Memo 201504011

Posted at 00:00h in Amortization, Business Expense, Cash Transaction, Disallowed Expenses, IRS Appeal, IRS Audit, IRS Enforcement, IRS Examination, Marijuana

As many of you know who follow my tax musings via this blog, I recently led a team of people that shepherded a Marijuana Dispensary through the IRS Examination and Appeals functions. The dispensary in question was owned and operated by a taxpayer who in...

19 Jan Final Tangible Property Regulations Necessitate that Many Businesses Apply for Change Of Accounting Method: IRS Form 3115; Rev Procs 2015-13 & 2015-14

Posted at 00:00h in Accounting Method, Asset Classification, Basis, Business Expense, Capital Gain, Capital Loss, Cost Basis, Cost Segregation, Deductible Expense, Depreciation, Tax Guidance & Preparation

Back in June 2014 I blogged about the new IRS Regulations governing tangible personal property. These regulations prompted a vigorous debate over the last 7 months between the most astute students of the US Tax Code as to what constitutes the need to file IRS...

15 Jan IRS Form 1099-misc Filing Requirements Defined as per IRC 6041

Posted at 00:00h in Business Expense, Business Income, Cash, Cash Transaction, Employee Business Expense, Employment Tax, Entity Classification, FICA, Income, Independent Contractor, Payroll Tax Problems

I was talking with a taxpayer the other day who registered as an LLC with Colorado Secretary of State. She developed an intriguing business model that is doing remarkably well according to the financial statement. As part of a tax planning conversation our discussion surrounding...

09 Jan Can You Establish a SEP Plan if you are a Sole Proprietor? What if that Sole Proprietorship Had Historically Passive Income?

Posted at 00:00h in Business Expense, Deductible Expense, Employee Business Expense, Employment Tax, Partnership, Passive Activity, Payroll Tax Problems, Self Employ, Sole Proprietor, Sub-chapter S, Tax Deductible Expenses, Unemployment

Regardless of their nature or topic matter, off beat questions are one of the spices of life. When it comes to the realm of taxation generally speaking the answers frequently distill down to - it depends. These two questions were asked of me on my last...