Source: http://www.johnrdundon.com/blog/page/10/
Timestamp: 2017-10-17 15:09:10
Document Index: 465373787

Matched Legal Cases: ['§1', '§263', '§471', '§280', '§ 1', '§ 301', '§ 280']

Home › John R. Dundon II, EAPage 10
How Professional Athletes Attribute “Rest Days” for State Income Tax Purposes: A Major Controversy Brews
Posted on March 1, 2015 by John R. Dundon II, EA — No Comments ↓
Many young professional athletes and their less than experienced managers are learning for the very first time that the money "earned" PLAYING or competing is subject to income tax both at the federal level AS WELL AS AT THE STATE LEVEL…
Tagged with: Duty Days, Professional Athlete Duty Days, Professional Athlete Travel Days, Travel Days
Posted in Church Pastor Religion, Colorado Department of Revenue, Professional Athlete
Releasing a Federal Tax Lien from the IRS – A Step by Step Guide
Posted on February 17, 2015 by John R. Dundon II, EA — No Comments ↓
Fortunately I graduated from providing this service for hire preferring to refer all tax collection work to a handful of trusted friends and advisers consciously choosing (bless their hearts) to focus solely on Section 6325(a) of the Internal Revenue Code that…
Tagged with: Collection Advisory Group, IRS 6325, IRS Lien Release, irs pUB 4235
Posted in IRS Collections, IRS Enforcement, IRS Levy, IRS Lien
Posted on February 5, 2015 by John R. Dundon II, EA — No Comments ↓
In 1997, the IRS issued proposed regulations governing when the distributive share of partnership income for Limited Liability Company (LLC) members was to be included in self-employment income. It basically advised that an LLC member would be treated as a…
Tagged with: CCA 201436049, Chief Counsel Advice, IRC 1402, irc 707, Revised Limited Partnership Act of 1976
Posted in Employment Tax, Entity Classification, Limited Partnership, LLC, Material Participation, Passive Activity, Payroll Tax Problems, Small Business, Social Security Tax, Taxable Income, Uncategorized
Marijuana Dispensary Income Tax Guidance Update: IRS Memo 201504011
Posted on January 26, 2015 by John R. Dundon II, EA — No Comments ↓
As many of you know who follow my tax musings via this blog, I recently led a team of people that shepherded a Marijuana Dispensary through the IRS Examination and Appeals functions. The dispensary in question was owned and operated…
Tagged with: §1.471-11(c)(2)(iii), §263A, §471, 1.471-11(c)(2)(i), 201504011, 263a, 280e, 471, Capitalization & Inclusion of Inventory Costs of Certain Expenses, Expenditures in Connection with the Illegal Sale of Drugs, General Rules for Inventories, IRC §280E, IRS CCA 201504011
Posted in Amortization, Business Expense, Cash Transaction, Disallowed Expenses, IRS Appeal, IRS Audit, IRS Enforcement, IRS Examination, Marijuana
Final Tangible Property Regulations Necessitate that Many Businesses Apply for Change Of Accounting Method: IRS Form 3115; Rev Procs 2015-13 & 2015-14
Posted on January 18, 2015 by John R. Dundon II, EA — No Comments ↓
Back in June 2014 I blogged about the new IRS Regulations governing tangible personal property. These regulations prompted a vigorous debate over the last 7 months between the most astute students of the US Tax Code as to what constitutes…
Tagged with: 2014-16, 2014-17, 2015-13, 2015-14, Change in accounting periods and methods of accounting, IRB 2015-5, IRS Form 3115, IRS Rev Proc 2015-13, IRS Rev Proc 2015-14, IRS Rev. Proc. 2014-16, IRS Rev. Proc. 2014-17
Posted in Accounting Method, Asset Classification, Basis, Business Expense, Capital Gain, Capital Loss, Cost Basis, Cost Segregation, Deductible Expense, Depreciation, Tax Guidance & Preparation
IRS Form 1099-misc Filing Requirements Defined as per IRC 6041
Posted on January 15, 2015 by John R. Dundon II, EA — No Comments ↓
I was talking with a taxpayer the other day who registered as an LLC with Colorado Secretary of State. She developed an intriguing business model that is doing remarkably well according to the financial statement. As part of a tax…
Tagged with: 1.6049-4(c)(1)(ii)(A), 1099-MISC, IRC 6041, IRS Form 1099-misc, IRS Form 8832, Treas. Reg. § 1.6041-3(p)(1), Treas. Reg. § 301.7701-3(a), Treasury regulation section 1.6041-3
Posted in Business Expense, Business Income, Cash, Cash Transaction, Employee Business Expense, Employment Tax, Entity Classification, FICA, Income, Independent Contractor, Payroll Tax Problems
Posted on January 8, 2015 by John R. Dundon II, EA — No Comments ↓
Regardless of their nature or topic matter, off beat questions are one of the spices of life. When it comes to the realm of taxation generally speaking the answers frequently distill down to - it depends. These two questions were…
Tagged with: IRS Form 5305, IRS Form 940, IRS Form 941, Passive Income, SEP, Sole Prop
Posted in Business Expense, Deductible Expense, Employee Business Expense, Employment Tax, Partnership, Passive Activity, Payroll Tax Problems, Self Employ, Sole Proprietor, Sub-chapter S, Tax Deductible Expenses, Unemployment
2014 Depreciation Limits on Luxury Autos: IRS Rev Proc 2014-21
Posted on December 27, 2014 by John R. Dundon II, EA — No Comments ↓
According to 26 U.S. Code § 280F - Limitation on depreciation for luxury automobiles the first year's depreciation expense for a newly procured vehicle should be prorated over the tax year based on the in service date not to exceed…
Tagged with: 14-21, 2014-21, Auto Depreciation, IRS Rev Proc 2014-21, Rev Proc 2014-21, Vehicle Depreciation
Posted in Amortization, Depreciation, Self Employ, Small Business, Tax Deductible Expenses, Tax Guidance & Preparation
Take Care Closing Down An LLC – IRC 752 – Treatment of Certain Liabilities
Posted on December 11, 2014 by John R. Dundon II, EA — No Comments ↓
A taxpayer reading one of my blog posts from Ishpeming, Michigan was compelled to call me today. She was a member in a Limited Liability Company (LLC) who had ultimately resigned herself to abandoning her interest in the LLC. In…
Tagged with: Closing an LLC, IRC 752, Limited Liability Company Closure, Treatment of liabilities when closing an LLC
Posted in Accumulated Adjustment Account, Basis, Cost Basis, Limited Partnership, LLC, Partnership, Small Business, Tax Deductible Expenses, Uncertain Tax Position