News - John R. Dundon II, Enrolled Agent
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News

June 27, 2011

By law, the IRS has the authority to collect outstanding Federal taxes for 10 years from the date your tax liability was assessed. The 10-year collection period is suspended: ◠ while the IRS and the Ofice of Appeals consider a request for an installment agreement or an offer in compromise. ◠ from...

June 24, 2011

Call 800-913-9358 to reach the Centralized Insolvency Operation. Hours are 7 a.m. to 10 p.m. eastern time. If the IRS is a creditor in a bankruptcy case, and you determine that IRS was not originally listed as a creditor, notification of the filing should be sent...

June 24, 2011

Yesterday I had the pleasure of attending a tax conference sponsored by the Public Accountant Society of Colorado.  This particular topic presented by Dr. Pat Seaton of the University of Northern Colorado caught my attention.  The following is a compilation of my notes from this...

June 22, 2011

From a tax perspective the fundamental issue is whether a legitimate business purpose exists for the formation of a distinct entity to do a sale leaseback. If one exists and this is pursued all elements of the transaction should meet an arms length standard and...

June 21, 2011

Consideration 1: Selling your business interest outright. When you sell your business interest to a family member or someone else, you receive cash (or assets you can convert to cash) that can be used to maintain your lifestyle or pay your estate taxes. You choose when to sell—now, at your...

June 20, 2011

You can merge both a profitable entity with an entity that has a Net Operating Loss assuming that both entities have common ownership or sufficient overlap and a limited history of owner shifts. The Net Operating Loss of the dissolved entity can be utilized for...

June 20, 2011

The IRS has revised Form 656, Offer in Compromise. When submitting an offer use the March 2011 revision of Form 656. Beginning July 5, the IRS will not accept outdated forms. If an offer is submitted on an outdated form, the IRS will return it. Here's the...

June 20, 2011

Under the American Recovery and Reinvestment Act (ARRA), more parents and students will qualify over the next two years for a tax credit, the American opportunity credit, to pay for college expenses. The American opportunity credit is not available on the 2008 returns taxpayers are filing...

June 17, 2011

I am opposed to all tax strategy patents.  They are bad public policy and harmful to taxpayers and their advisers.  No one should have a monopoly on part of the tax code and no taxpayer should be subject to paying royalties or lawsuits for using...

June 16, 2011

Closing down your business is hard and heart breaking and if you are at the point that you are actually reading this post then people have probably been nagging you for money and you are at the end of your rope.  You worked hard to...

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