Handle Payroll Taxes Very Carefully

by Royer Advisors | Dec 11, 2024 | Accounting Standards, Financial Planning, IRS Regulation, Tax Planning

If you operate a business that collects payroll taxes from employees, always remember this: No matter what your corporate financial situation is, don’t borrow from the withholding tax fund. If that money isn’t there when it’s due, the IRS will crack...

Think You Don’t Need a Written Contract? Think Again

by Royer Advisors | Dec 11, 2024 | Accounting Standards, Business Plans, Financial Planning, Valuations

You’ve probably heard the old saying, “a verbal contract isn’t worth the paper it’s written on.” Yet many business owners and executives still enter into handshake deals. This can create problems later on that could have been easily...

When Companies Share Intellectual Property for Mutual Benefit

by Royer Advisors | Dec 11, 2024 | Accounting Standards, Business Plans

You’ve heard the phrase “two heads are better than one”. This can apply to Maine-based businesses and their intellectual property. When two or more companies agree to share their intellectual property so they both benefit, the payback can be considerable....

Consider a SIMPLE IRA as a Retirement Plan Option

by Royer Advisors | Dec 11, 2024 | Accounting Standards, Business Plans, Tax Planning, Tax Preparation

Have you procrastinated in setting up a tax-advantaged retirement plan for your Maine-based small business? If so, you are paying income taxes that could easily be avoided and putting your retirement financial situation at risk. You can set things right by taking...

Converting an Unincorporated Business Into an S Corp

by Royer Advisors | Dec 11, 2024 | Accounting Standards, Business Plans, Tax Planning, Tax Preparation

In a previous article, we discussed the benefits of S-corporations for your Maine-based small business. Here we’ll delve further into the idea of S corporation conversion, as the federal self-employment (SE) tax doesn’t apply to earnings from an S corporation...

IRA-Based Business Strategy Runs Afoul of Tax Regulations

by Royer Advisors | Dec 11, 2024 | Accounting Standards, Business Plans, Court Rulings, IRS Regulation, Tax Planning, Tax Preparation

A recent report from the New York Times makes it clear that aspiring business owners commonly use their retirement accounts to get their new ventures off the ground. But, as a recent tax court case illustrates, what may seem like a smart investment strategy can go...