by Royer Advisors | Dec 11, 2024 | Court Rulings, IRS Regulation, Valuations
Transupport, Inc. v. Commissioner, 2016 Tax Ct. Memo LEXIS 214 (Nov. 23, 2016) Expert independence was front and center as an issue in the Exelon tax case. Now comes, a reasonable compensation case in which the Tax Court zeroed in on the same point. The court rebuked...
by Royer Advisors | Dec 11, 2024 | Deductions, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
The most significant tax legislation in decades has passed. The new tax reform law is commonly referred to as the “Tax Cuts and Jobs Act” (TCJA). Now Maine businesses and individuals are trying to digest the details and evaluate how the changes will impact...
by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
Now that the Tax Cuts and Jobs Act (TCJA) has passed, everyone wants to know how much they’ll save. President Trump and Republican members of Congress say the bill will bring $3.2 trillion in tax cuts. Here’s a comparison of how tax results for a typical...
by Royer Advisors | Dec 11, 2024 | Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
For Maine employers, the most immediate concrete change the Tax Cuts and Jobs Act (TCJA) will bring about is new payroll tax withholding rates. Here’s the latest from the IRS: “We anticipate issuing the initial withholding guidance in January reflecting...
by Royer Advisors | Dec 11, 2024 | Accounting Standards, Financial Planning, IRS Regulation
If your Maine business is scrambling to get up-to-date on changes to the federal tax rules under the Tax Cuts and Jobs Act, note that there also will be major changes to U.S. Generally Accepted Accounting Principles (GAAP). Here’s an overview of the major...
by Royer Advisors | Dec 11, 2024 | Deductions, IRS Regulation, Tax Planning, Tax Preparation
For individual taxpayers, the new tax law — commonly known as the Tax Cuts and Jobs Act (TCJA) — includes many expected changes, some unexpected ones and some that didn’t make the final cut. Here are the most important things that individual taxpayers need to...
