Tax Guidance & Preparation Archives - Page 14 of 25 - John R. Dundon II, Enrolled Agent
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Tax Guidance & Preparation

The IRS issued three rulings in 2010 to address how the income of registered domestic partners in California should be reported and taxed for both state and federal income tax purposes. In Chief Counsel Advice 201021050, the IRS determined that for tax years beginning after December 31, 2006, registered domestic partners in...

In January 2011 IRS agents began to audit Quickbooks data files and will require a copy of your QuickBooks data, if used, to help them with the audit. YIKES! These are some of my suggestions to prepare for a tax audit involving Quickbooks. Make an annual backup that matches...

Generally if payments are in exchange for partnership property, the amount received in excess of the partner’s outside basis in his/her partnership interest is taxed as capital gain. However if the payments represent a distributive share of partnership income or are deemed to be guaranteed payments, the payments are taxed as ordinary income. According to...

Most paid tax return preparers provide honest and professional service, but there are some who engage in fraud and other illegal activities.   Regardless of professional designation unscrupulous promoters, even those with CPA's and Law degrees, deceive people into paying for advice on how to...

If you think you have a viable ongoing business with a profit motive be sure to maintain adequate financial records on a computer that you back up off site on a regular and consistent basis.  Also be aware that in the tax court case of Chandler...

Many medical costs are deductible including the cost of treatment to alleviate conditions or diseases and the cost of prescriptions and certain diagnostic services. Additional deductible medical expenses include: Capital expenses for special equipment installed in, or improvements made to, a home that provides a medical benefit;...

Okay I'm taking another case to IRS appeals regarding the home office deduction.  In preparation I reviewed IRS Publication 587: Business Use of Your Home and I pulled some relevant quotes. "You can have more than one business location, including your home, for a single trade...

The Internal Revenue Service announced that it reached an agreement with the Millennium Multiple Employer Welfare Benefit Plan (Millennium Plan) which is presently the subject of a bankruptcy proceeding filed on June 9, 2010, in the U.S. Bankruptcy Court for the Western District of Oklahoma (Case...