Tax Problems & Requests Archives - Page 3 of 12 - John R. Dundon II, Enrolled Agent
-1
archive,paged,category,category-tax-problems-requests,category-129,paged-3,category-paged-3,bridge-core-3.0.7,qodef-qi--no-touch,qi-addons-for-elementor-1.6.2,qode-page-transition-enabled,ajax_fade,page_not_loaded,,qode_grid_1300,footer_responsive_adv,qode-content-sidebar-responsive,qode-theme-ver-29.5,qode-theme-bridge,qode_header_in_grid,wpb-js-composer js-comp-ver-6.13.0,vc_responsive,elementor-default,elementor-kit-269
 

Tax Problems & Requests

10 Oct

Posted at 00:00h in IRS Appeal, IRS Audit, IRS Collections, IRS Criminal Enforcement, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, Tax Guidance & Preparation, Tax Preparer, Tax Problems & Requests, Tax Relief, Taxpayer Advocate, TIGTA, United States Treasury

If you have ever been a victim of IRS lien or levy action you know first hand that it can be unilaterally devastating on many levels and take literally years if not decades to financially overcome. To add insult to injury it gets all the...

03 Oct

Posted at 00:00h in Asset Classification, Cost Basis, Deductible Expense, Tax Deductible Expenses, Tax Guidance & Preparation, Tax Problems & Requests

The IRS has issued final regulations affecting all taxpayers that acquire, produce, or improve tangible property. The final regulations define materials, supplies, de minimus, safe harbor and related repairs as well as the election to capitalize certain materials and supplies among other items. Particularly relevant to my...

27 Aug

Posted at 00:00h in Affordable Care Act, Excise Tax, Health Care Tax Credit, Health Insurance, Paying Taxes, Penalty, Tax Guidance & Preparation, Tax Preparer, Tax Problems & Requests

The IRS released final regulations regarding minimum essential coverage maintenance required under the Affordable Care Act for individual taxpayers under IRC 5000A governing the shared responsibility payment. The document is 75 pages long and I'll be reviewing it over the next couple of days but I've pulled...

23 Aug

Posted at 00:00h in Income, IRS Collections, IRS Enforcement, IRS Examination, Tax Abuse, Tax Guidance & Preparation, Tax Problems & Requests

The IRS has over the last week or so started sending Letter 5036 to small businesses questioning the possible under reporting of income. The letter looks intimidating as it's header states "Notification of Possible Income Under reporting" and starts with "Your gross receipts may be under reported." Rest...

27 Feb

Posted at 00:00h in Basis, Corporation, Cost Basis, Depreciation, Self Employ, Small Business, Sole Proprietor, Sub-chapter S, Tax Guidance & Preparation, Tax Problems & Requests

How to calculate stock and loan basis in an S Corp for tax purposes?  Or as my hippie friends call it, "The secret of the Golden Flower."  Seemingly elusive and yet oh so real. If you are a shareholder of an S corporation you are responsible for keeping...

10 Feb

Posted at 00:00h in Appeals & Audit Resolution, Asset Classification, Business Expense, Cash Transaction, COGS, IRS Mediation, Marijuana, Net Operating Loss, NOL, Tax Abuse, Tax Court, Tax Guidance & Preparation, Tax Problems & Requests

The Internal Revenue Code is a complex beast.  In the lunacy of it all I've been asked to define 'trafficking' as it relates to 26 USC § 280E - Expenditures in connection with the illegal sale of drugs which states as follows: "No deduction or credit shall be allowed...

22 Jan

Posted at 00:00h in Enrolled Agent, IRS Enforcement, PTIN, Tax Abuse, Tax Court, Tax Fraud, Tax Guidance & Preparation, Tax Preparer, Tax Problems & Requests, Tax Whistle Blower, Taxpayer Advocate

In Loving v. IRS the IRS’ authority to regulate commercial tax return preparers has been successfully challenged. United States District Court for the District of Columbia Judge James E. Boasberg granted Loving’s motion for summary judgment describing the IRS Rules as "Ultra Vires." "Ultra Vires" as I understand is...

07 Jan

Posted at 00:00h in Employment Tax, FICA, Paying Taxes, Payroll Tax Problems, Self Employ, Small Business, Sole Proprietor, Sub-chapter S, Tax Guidance & Preparation, Tax Problems & Requests

Contrary to the manufactured 'news' dribbling out of the main stream media to sell advertising, last week the IRS published updated employer's withholding guidance clearly stating that employers are to now withhold Social Security tax at the rate of 6.2 percent of wages rather than the previous rate of...

02 Jan

Posted at 00:00h in Capital Gain, Charitable Contribution, Children, Earned Income Tax Credit, Education Expense, Estate Tax, Paying Taxes, Payroll Tax Problems, Self Employ, Small Business, Social Security Tax, Tax Filing Status, Tax Guidance & Preparation, Tax Preparer, Tax Problems & Requests, Tax Relief, Taxable Income

Our esteemed President has proven to me to be extraordinarily disingenuous with his statements about the middle class and their purported tax obligations as pretty much everyone's taxes will go up in 2013 as a direct result of the cumulative efforts of our 'elected officials'...

Share