by Royer Advisors | Dec 11, 2024 | Business Plans, Debt & Financing, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
There’s still time to take steps to significantly reduce your Maine business’s 2017 income tax bill and possibly lay the groundwork for tax savings in future years. Here are five year-end tax-saving ideas to consider, along with proposed tax reforms that might...
by Royer Advisors | Dec 11, 2024 | Business Plans, Court Rulings, Debt & Financing, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
When individual taxpayers claim deductions for bad debt losses, the IRS is always skeptical. Why? Losses from purported loan transactions often fail to meet the tax-law requirements for bad debt loss deductions. For example, a taxpayer might try to write off a capital...
by Royer Advisors | Dec 11, 2024 | Accounting Standards, Business Plans, Deductions, IRS Regulation, Tax Planning, Tax Preparation
Starting with the 2018 tax year, most businesses in Maine and the U.S. will receive a big tax cut, thanks to the new law that was enacted on December 22. However, some industries (such as banking, hospitality and retail) generally expect to reap more benefits than...
by Royer Advisors | Dec 11, 2024 | Business Plans, Court Rulings, IRS Regulation, Valuations
Cavallaro v. Commissioner, 2016 U.S. App. LEXIS 20713 (Nov. 18, 2016) (Cavallaro II) In 2014, taxpayers who had relied on estate planning professionals to affect the transfer of their family business to their sons confronted a tax liability on a $29.6 million gift. A...
by Royer Advisors | Dec 11, 2024 | Business Plans, IRS Regulation, Tax Planning, Tax Preparation
For partnerships and limited liability companies (LLCs) that are treated as partnerships for tax purposes, legislation enacted in 2015 established a new IRS audit regime. To help partners prepare for the changes that are effective starting with the 2018 tax year,...
by Royer Advisors | Dec 11, 2024 | Business Plans, IRS Regulation, Tax Planning, Tax Preparation
A federal income tax credit called the Work Opportunity tax credit (WOTC) is available to businesses that hire members of certain “targeted” groups. Here’s how your business may be able to benefit from this potentially lucrative tax break. The Basics...
