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, IRS Regulation, Tax Planning, Tax Preparation
You may have heard about the Tax Cuts and Jobs Act (TCJA) provides businesses with lower income tax rates, but there’s more to it than that. Here’s an overview of some lesser-known, business-friendly changes under the new law, along with a few changes that could...
by Royer Advisors | Dec 11, 2024 | Business Plans, IRS Regulation, Tax Planning, Tax Preparation
You may be thinking about making some charitable donations as the year comes to an end. Here’s a rundown of the potential tax breaks for your generosity. Itemized Deductions While you can claim write-offs for contributions of cash and other items donated to...
by Royer Advisors | Dec 11, 2024 | Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
According to the U.S. Department of the Treasury, the My Retirement Account (myRA) program will be coming to an end, even though it was just created just a few years ago in 2014. As part of the Trump Administration’s effort to slim down wasteful spending where...
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 | IRS Regulation, Tax Planning, Tax Preparation
Due to recent devastation caused by Hurricane Harvey, the IRS is responding by offering victims of the store additional time to fulfill tax responsibilities and complete tax-related tasks. “This has been a devastating storm, and the IRS will move quickly to...
