by Royer Advisors | Dec 11, 2024 | Fraud Prevention, IRS Regulation, Tax Planning, Tax Preparation
The deadline for Maine individuals and C corporations to file their federal income tax returns for 2016 (or to file for an extension) was April 18. After all that digging and filling, you may be feeling the urge to purge. It’s important to make sure you...
by Royer Advisors | Dec 11, 2024 | Accounting Standards, Fraud Prevention, IRS Regulation, Tax Planning, Tax Preparation
Before meeting with taxpayers and their professional representatives, IRS examiners usually do their homework. This includes reviewing any relevant Audit Techniques Guides (ATGs) that typically focus on a specific industry or audit-prone business transaction. ATGs are...
by Royer Advisors | Dec 11, 2024 | Court Rulings, Fraud Prevention, Valuations
MSKP Oak Grove, LLC v. Venuto, 2016 U.S. Dist. LEXIS 84950 (June 29, 2016) A recent fraud case illustrates how a thorough expert report can help an embattled valuator stay the course even in the tumult of litigation. The key is to document everything. Need for reverse...
by Royer Advisors | Dec 11, 2024 | Court Rulings, Deductions, Fraud Prevention, Tax Planning, Tax Preparation
Your personal losses resulting from casualties and thefts are allowed to be deducted by the tax law, within certain limits. And a “theft” for tax purposes isn’t strictly limited to house burglaries or stolen cars. However, as you will see from...
by Royer Advisors | Dec 11, 2024 | Fraud Prevention, IRS Regulation, Tax Planning, Tax Preparation
The IRS recently released a warning for taxpayers to be on guard against bogus emails telling recipients that they owe money for taxes related to the Affordable Care Act (ACA). The IRS has received numerous reports from around the country about scammers sending a...
by Royer Advisors | Dec 11, 2024 | Accounting Standards, Business Plans, Fraud Prevention
According to the 2016 Report to the Nations on Occupational Fraud and Abuse published by the Association of Certified Fraud Examiners (ACFE), the average organization loses 5% of its annual revenues to fraud. Bear in mind, that’s the top line of your income...
