Tax Problems & Requests Archives - Page 3 of 12 - John R. Dundon II, Enrolled Agent
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Tax Problems & Requests

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...

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...

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...

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...

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...

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...

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...

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...

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'...

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