by Royer Advisors | Dec 11, 2024 | Business Plans, Fraud Prevention, IRS Regulation, Tax Planning, Tax Preparation
Over the last two years the IRS and state tax authorities have made significant strides in curbing individual identity theft. But cyberattacks against businesses are on the upswing. Here are some simple ways business taxpayers can help protect their data from hackers....
by Royer Advisors | Dec 11, 2024 | Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
You must start taking mandatory annual withdrawals from your traditional IRAs once you turn age 70½. This includes any simplified employee pension (SEP) accounts and SIMPLE IRAs that you set up as a small business owner. These mandatory IRA payouts are called required...
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 | Fraud Prevention, IRS Regulation, Tax Planning, Tax Preparation
If you have an authority over or interest in a foreign financial account, then the IRS wants you to provide information about the account by filing a form called the “Report of Foreign Bank and Financial Accounts” (FBAR). The annual deadline for filing...
by Royer Advisors | Dec 11, 2024 | Court Rulings, IRS Regulation, Tax Planning, Tax Preparation
Due to depreciation write-offs and other allowable deductions, Maine real estate owners who rent their properties often incur tax losses. However, the ability to deduct those losses might be postponed indefinitely by the passive activity loss (PAL) rules. In general,...
by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
If a Maine employer purchases parking spots from a vendor and then charges employees for using them — via paycheck deductions — do the employees qualify for tax-free fringe benefit treatment? The employees in one case asked the IRS for an answer to this question. The...
