Tax Problems & Requests Archives - Page 8 of 12 - John R. Dundon II, Enrolled Agent

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Tax Problems & Requests

15 Oct Homeowners Can Deduct Interest on Mortgage Loans Up To $1.1m

Posted at 00:00h in Mortgage, Tax Guidance & Preparation, Tax Problems & Requests, Tax Refund, Tax Relief, Taxable Income

The IRS today ruled that indebtedness in excess of $1 million incurred to acquire, construct, or substantially improve a qualified residence may constitute home equity indebtedness within the meaning of § 163(h)(3)(C). Rev. Rul. 2010-25, 2010-44 I.R.B. ___ (Nov. 1, 2010). In the ruling, a taxpayer who purchased...

01 Oct IRS Provides Relief for Homeowners with Corrosive Drywall

Posted at 00:00h in Deductible Expense, Tax Problems & Requests, Tax Relief

The Internal Revenue Service today issued guidance providing relief to homeowners who have suffered property losses due to the effects of certain imported drywall installed in homes between 2001 and 2009. Revenue Procedure 2010-36 enables affected taxpayers to treat damages from corrosive drywall...

27 Sep Guidelines for “Political Activities” by Churches and Pastors

Posted at 00:00h in Charitable Contribution, Church Pastor Religion, Deductible Expense, Disallowed Expenses, Tax Guidance & Preparation, Tax Problems & Requests

Lobbying activities may expose churches in some states to election law register and reporting requirements as a political committee. Many of these statutes are unconstitutional because they expose churches to intrusive regulations for a very small amount of lobbying. The most important message I think...

24 Sep IRS Form W-12, IRS Paid Preparer Tax Identification Number (PTIN)

Posted at 00:00h in Enrolled Agent, Tax Preparer, Tax Problems & Requests, Tax Relief, Taxpayer Identification Number

All people making money preparing taxes must be registered with the IRS. If your paid tax return preparer is not registered with the IRS he/she is perpetrating fraud which will cause you future headaches. Don't mess around with this. The IRS has released a new Form...

09 Sep Charitable Deduction of Parochial School Tuition

Posted at 00:00h in Charitable Contribution, Child Tax, Education Expense, Family, Student Loan, Tax Deductible Expenses, Tax Problems & Requests, Tax Relief

Meir Katz (J.D. 2010, Georgetown) has posted The Economics of § 170: A Case for the Charitable Deduction of Parochial School Tuition on SSRN. It is fascinating. Here is the abstract: That payments for parochial school tuition are not deductible under § 170 is a foregone conclusion...

The Perturbing New Treatment of Patents Under the Tax Cut & Jobs Act (TCJA)

08 Sep Audit Reconsideration Request

Posted at 00:00h in Audit Reconsideration, Audit Technique Guide, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Tax Problems & Requests, Tax Relief

'Audit reconsideration' requests the IRS to reconsider action it has taken with the taxpayer by allowing the taxpayer to present information that may not have been available to the IRS previously. This procedure is used when an assessment has been made due to an audit...

26 Aug New reporting rules for passive activities force group decisions

Posted at 00:00h in Cost Segregation, Depreciation, Like/Kind Exchange, Mortgage, Net Operating Loss, NOL, Passive Activity, Rental Real Estate, Tax Deductible Expenses, Tax Guidance & Preparation, Tax Problems & Requests, Taxable Income

As part of the IRS's continuing efforts to require greater disclosure of tax positions and strategies on returns, it recently released new, mandatory disclosure rules for grouping passive activities. Rev. Proc. 2010-13 for the first time mandates that passive-activity groupings and regrouping, as required under...

25 Aug IRS Notice – what to do ….

Posted at 00:00h in Amended Tax Return, Appeals & Audit Resolution, Back Taxes Owed, 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

There are number of reasons the IRS sends notices to taxpayers. Each letter and notice offers specific instructions on what you need to do to satisfy the inquiry. If you receive a correction notice, you should review the correspondence and compare it with the information...

24 Aug Employee vs. Independent Contractor: Business Owners Tips

Posted at 00:00h in Appeals & Audit Resolution, Audit Reconsideration, Business Expense, Earned Income Tax Credit, Employee Business Expense, Employment Tax, Payroll Tax Problems, Self Employ, Small Business, Social Security, Social Security Tax, Sole Proprietor, Tax Deductible Expenses, Tax Guidance & Preparation, Tax Problems & Requests, Wage Garnish

As a small business owner you may hire people as independent contractors or as employees. There are rules that will help you determine how to classify the people you hire. This will affect how much you pay in taxes, whether you need to withhold from...

16 Aug Innocent Spouse Consideration – 5 Requirements

Posted at 00:00h in Injured Spouse Relief, Innocent Spouse Relief, Tax Filing Status, Tax Fraud, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

There are five requirements the IRS assesses as part of granting innocent spouse relief: 1. Education Level - Does the innocent spouse possess the skill set, background, and/or experience to understand the jointly filed tax return? 2. Involvement in Financial Affairs - To what extent did...