Tax Guidance & Preparation Archives - Page 19 of 25 - John R. Dundon II, Enrolled Agent
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Tax Guidance & Preparation

20 May

Posted at 00:00h in 1031 Exchange, Cancelled Debt, Capital Gain, Capital Loss, Charitable Contribution, Cost Basis, Cost Segregation, Deductible Expense, Depreciation, Estate Tax, Like/Kind Exchange, Passive Activity, Rental Real Estate, Tax Guidance & Preparation, Tax Problems & Requests

On October 3, 2008, President George W. Bush signed the Emergency Economic Stabilization Act of 2008. Tucked away in the Act is a provision that moves the responsibility of basis determination from the shoulders of the taxpayer to the shoulders of the securities industry. After December 31,...

20 May

Posted at 00:00h in Deductible Expense, Disallowed Expenses, Net Operating Loss, NOL, Passive Activity, Small Business, Stock Options, Tax Deductible Expenses, Tax Guidance & Preparation, Tax Problems & Requests, Taxable Income

The 1099-INT and 1099-DIV reported to the Internal Revenue Service details how much you received in interest and dividends through your account, while form 1099-B reported the total proceeds of your sales of stocks and bonds during the year. The amounts shown as interest and dividends...

17 May

Posted at 00:00h in Business Expense, Deductible Expense, Health Care Tax Credit, Health Insurance, Self Employ, Small Business, Social Security, Social Security Tax, Sole Proprietor, Sub-chapter S, Tax Credit, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

The Internal Revenue Service issued new guidance to make it easier for small businesses to determine whether they are eligible for the new health care tax credit under the Affordable Care Act and how large a credit they will receive. The guidance makes clear that...

28 Apr

Posted at 00:00h in Health Insurance, Medical Expenses, Tax Deductible Expenses, Tax Guidance & Preparation

As a result of changes made by the recently enacted Affordable Care Act, health coverage provided for an employee's children under 27 years of age is now generally tax-free to the employee, effective March 30, 2010. The Internal Revenue Service announced today that these changes immediately...

28 Apr

Posted at 00:00h in Appeals & Audit Resolution, Audit Reconsideration, Back Taxes Owed, Currently Not Collectible, IRS Collections, IRS Enforcement, IRS Levy, IRS Lien, Statutory Notice of Deficiency, Sub-chapter S, Tax Fraud, Tax Guidance & Preparation, Tax Relief

Currently Not Collectible means that a taxpayer has no ability to pay his or her tax debts. The IRS can declare a taxpayer "currently not collectible," after the IRS receives evidence that a taxpayer has no ability to pay. Such evidence is usually obtained from...

15 Apr

Posted at 00:00h in Appeals & Audit Resolution, Back Taxes Owed, Debt, Intent To Levy, Intent To Lien, International Tax, IRS Appeal, IRS Enforcement, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Partial Payment Installment Agreement, Statutory Notice of Deficiency, Tax Guidance & Preparation

Filing and Paying on Time Saves MoneyIf you have a balance due and do not pay by April 15, you are subject to a failure-to-pay penalty. If you cannot complete your return and file it by April 15, you may request an extension of time...

14 Apr

Posted at 00:00h in Intent To Levy, Intent To Lien, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

Don’t panic. Many of these letters can be dealt with simply and painlessly. There are a number of reasons why the IRS might send you a notice. Notices may request payment of taxes, notify you of changes to your account, or request additional information. The notice...

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