News - John R. Dundon II, Enrolled Agent
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I've found myself needing to specifically clarify what the definition of statutory employee means for IRS employment tax purposes. Statutory employees include: 1. full-time life insurance agents, 2. certain agent or commission drivers, 3. traveling salespersons, and 4. certain homeworkers. Statutory employees do not owe self employment tax on these earnings,...

Generally speaking IRS regulations provide that debt incurred to acquire the interest of a spouse or former spouse in a residence, incident to divorce or legal separation, may be treated as acquisition indebtedness under IRC Sec. 163 (mortgage interest deductions) without regard to the treatment of the transaction under IRC...

IRS Tax Treatment of Incentive Stock Options Forms 3921, 6251, 8949. Incentive stock options (ISO) are compensation to employees in the form of stock rather than cash. With an ISO, the employer grants to the employee an option to purchase stock in the employer's corporation, or...

Having spent way too much time dissecting a balance sheet today I thought it might be a good idea to put out a cash basis balance sheet basic overview post. What is a Balance Sheet? A balance sheet is a snapshot at a specific point in time...

The Treasury Inspector General for Tax Administration released a report today dated February 3rd 2012 titled Criminal Investigation Can Take Steps to Strengthen Oversight of Its Undercover Operation. This audit was conducted as a follow up to an audit in tax years 2001 and 2002 - 10 YEARS AGO....

Reporting back pay is not as straight forward as one imagines. If you issued back pay you should report it on IRS Form W-2 (in boxes 1, 3, and 5) for the year payment is made. If any punitive damages are involved in a settlement they should be reported...

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