by Royer Advisors | Dec 11, 2024 | Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
You can currently make extra “catch-up” contributions to certain types of tax-favored retirement accounts if you are age 50 or over. Over time, these contributions can make a significant difference in your retirement-age wealth. What about tax reform?...
by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
After five years of being stuck at $14,000, the annual gift tax exclusion will be $15,000 per recipient for 2018 — its highest point ever. According to the announcement by the IRS, it’s rising due to inflation. Here’s what the recent increase in the exclusion...
by Royer Advisors | Dec 11, 2024 | Fraud Prevention, IRS Regulation, Tax Planning, Tax Preparation
Unfortunately, the IRS has once again had to warn about possible fake charity scams that are emerging due to Hurricanes Harvey and Irma. Taxpayers should seek out recognized charitable groups to make donations if they want to help. “While there has been an...
by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
Nina Olson, National Taxpayer Advocate, explained in a recent blog why taxpayers can’t rely on answers to Frequently Asked Questions (FAQs) and Answers and other forms of “unofficial” guidance that are posted on the IRS website. While tax...
by Royer Advisors | Dec 11, 2024 | Court Rulings, IRS Regulation, Tax Planning, Tax Preparation
Although the Federal tax law allows deductions for many items, such as legitimate business expenses and charitable donations, you must maintain adequate records to support them. If your tax return is audited, missing or incomplete records could lead to additional...
by Royer Advisors | Dec 11, 2024 | Court Rulings, IRS Regulation, Tax Planning, Tax Preparation, Valuations
Exelon Corp. v. Commissioner, 2016 U.S. Tax Ct. LEXIS 26 (Sept. 19, 2016) A Section 1031 case that Judge Laro adjudicated cautions experts about allowing the hiring attorney to assume control over the appraisal. In ruling for the government, the judge found the...
