by Royer Advisors | Dec 11, 2024 | Exemptions, IRS Regulation, Tax Planning, Tax Preparation
Although there are legitimate reasons for some Maine business entities to choose a partnership structure, partnership status may be undesirable for certain activities involving more than one co-owner. Here are some tax-related reasons to avoid partnership status for...
by Royer Advisors | Dec 11, 2024 | Business Plans, IRS Regulation, Tax Planning, Tax Preparation
Under the federal tax code, there’s a fine line between businesses and hobbies. You may think of that unincorporated sideline activity you engage in an— such as a marketing director by day and an artist on the nights and weekends —as a business and hope to deduct any...
by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
In July, the Social Security Board of Trustees released its annual report on the long-term financial status of the Social Security Trust Funds. For years, people have questioned the viability of the Social Security system going forward. The report projects that the...
by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
The next federal highway use tax return is due on August 31, 2017, so the IRS wants to remind truckers and other owners of heavy highway vehicle. Generally, the deadline applies to IRS Form 2290 and the accompanying tax payment for the tax year that begins on July 1,...
by Royer Advisors | Dec 11, 2024 | Accounting Standards, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
The top line of your company’s income statement is revenue. So, it tends to receive a lot of attention from investors, lenders and other stakeholders. Why? It’s a telltale sign whether your company is growing or declining based on changes in revenue. Moreover,...
by Royer Advisors | Dec 11, 2024 | Accounting Standards, Fraud Prevention, IRS Regulation, Tax Planning, Tax Preparation
A tax assessment by the IRS is generally presumed to be correct, but a taxpayer can overcome the presumption with proof. However, that situation is reversed when the IRS asserts fraud. In those instances, the IRS must prove, by clear and convincing evidence that fraud...
