Source: http://www.johnrdundon.com/blog/page/25/
Timestamp: 2017-06-26 12:19:57
Document Index: 606589962

Matched Legal Cases: ['§162', '§274', '§162', '§1', '§1221', '§1221']

BlogYou are here:HomeJohn R. Dundon II, EAPage 25
Dependent Care Credit IRC 21By John R. Dundon II, EAChild Tax Children Deductible Expense Dependent Employment Tax Tax CreditAccording to Internal Revenue Code Section 21, the maximum tax credit as of this posting date remains at $1,050 (35% of $3,000) for one qualifying individual and $2,100 (35% of $6,000) for two or more. This credit is for expenses paid for the care of your qualifying children under age thirteen, or for a disabled spouse or dependent, to…Share this:Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Click to email this to a friend (Opens in new window) Details
Domestic Production Activity Deduction DPADBy John R. Dundon II, EABusiness Expense Tax CreditI learned 2 things this week about the Domestic Production Activity Deduction (DPAD) on IRS Form 8903: 1. Business activity alone is not the only factor used in determining qualification for the Domestic Production Activity Deduction (DPAD). The actual deduction reported on IRS Form 8903 (Line 22) is the lesser of 9% of the qualified production…Share this:Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Click to email this to a friend (Opens in new window) Details
First-Time Home Buyer Credit – Nievinski v. CommissionerBy John R. Dundon II, EATax Court Tax Credit Tax Guidance & Preparation Tax Problems & RequestsAccording to Cary A. Nievinski v. Commissioner TC Summary Opinion 2011-10 even though IRS Form 5405 and IRS Publication 4819 provide only general instructions and do not address all the rules and limitations applicable to the first-time home buyer credit, the apparent failure of some IRS publications to explain the “no-purchase-from-family” limitation of the first-time home buyer credit has no effect on the authority…Share this:Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Click to email this to a friend (Opens in new window) Details
US Treasury SS-8 Determination of Worker Status for Purposes of Federal Employment TaxBy John R. Dundon II, EAAppeals & Audit Resolution Audit Reconsideration Business Expense Employee Business Expense Employment Tax FICA Payroll Tax Problems Self Employ Small Business Sub-chapter S Tax Guidance & Preparation United States Treasury Worker ClassificationIn my dealings with the US Treasury Department regarding worker classification disputes I have learned that although in reality there may be shades of gray distinguishing between what constitutes an employee and what constitutes an independent contractor the US Treasury has some very specific positions. Here are four that will hopefully help you make the…Share this:Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Click to email this to a friend (Opens in new window) Details
Is Your Activity For Profit Allowing for Business Deductions – Rundlett v. CommissionerBy John R. Dundon II, EABusiness Expense Deductible Expense Disallowed Expenses Hobby IRS Examination Rental Real Estate Tax Abuse Tax Court Tax Guidance & PreparationYou are allowed deductions for ordinary and necessary expenses incurred in the course of business under §162, but you must also keep adequate records to substantiate expenses which can at times seem esoteric if not convoluted. Deductible travel expenses for example under §274(d) are based on whether or not the travel relates to a business activity or is for pleasure, while §162(a)(2)…Share this:Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Click to email this to a friend (Opens in new window) Details
Interest Deduction Determined Based on Use of Loan Proceeds – Ellington v. CommissionerBy John R. Dundon II, EABusiness Expense Deductible Expense Disallowed Expenses Interest Expense IRS Examination Tax CourtIf you incur interest expense on loans you should use the tracing rules of Reg. §1.163-8T to determine whether the interest expense is for: 1. business 2. investment 3. passive activities. or is 4. personal in nature The regulation focuses on the use of the loan proceeds, not the item or items used as collateral for the loan. Reg.…Share this:Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Click to email this to a friend (Opens in new window) Details
IRS Guidelines for Determining Noncompliance – The Cohan RuleBy John R. Dundon II, EACash Cash Transaction Cohan Tax Court Tax Deductible Expenses Tax Guidance & Preparation Tax Problems & RequestsAs I understand the Cohan rule under the IRS’ Guidelines For Determining Noncompliance, taxpayers are allowed a deduction for an estimated amount of expenses when it is clear the taxpayer is entitled to a deduction but is unable to establish the exact amount of the deduction. Specifically the IRS states on their web site the following. “The “Cohan Rule,”…Share this:Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Click to email this to a friend (Opens in new window) Details
Subdivided Lots – Understand Intent of Purchase to Characterize GainBy John R. Dundon II, EACapital Gain Capital Loss Rental Real EstateUnder §1221(a)(1), property held by a taxpayer primarily for sale to customers in the ordinary course of a trade or business is excluded from the definition of a capital asset. Accordingly, if you by acreage to subdivide, develop and sell, the transaction would not meet the definition of a capital asset under §1221(a)(1) since his purpose was to sell the subdivided lots. In…Share this:Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Click to email this to a friend (Opens in new window) Details
IRS Offer-in-Compromise (OIC) Terms Now More FlexibleBy John R. Dundon II, EAOffer In CompromiseThe IRS recognizes that many taxpayers are still struggling to pay their bills so the agency has been working to put in place common-sense changes to the Offer-in-Compromise (OIC) program to more closely reflect real-world situations. Generally an OIC is an agreement between a taxpayer and the IRS that settles tax liabilities for less than the…Share this:Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Click to email this to a friend (Opens in new window) Details
First Time Home Buyer Credit Repayment ToolBy John R. Dundon II, EATax CreditThe First Time Home Buyer Credit (FTHBC) Account Look-up tool is now up and running on the IRS website. This tool provides information that helps taxpayers accurately report their FTHBC repayment obligations on their federal tax return. To access this tool, go to: http://www.irs.gov/individuals/article/0,,id=252351,00.html Taxpayers need to enter their Social Security Number, date of birth, and…Share this:Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Click to email this to a friend (Opens in new window) Details
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