by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
Do you know what to do if you discover an error on a previously filed individual tax return? For instance, you might have missed some tax-saving deductions and credits on your 2016 personal federal income tax return that you filed in February. Or you might have...
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...
by Royer Advisors | Dec 11, 2024 | Fraud Prevention, IRS Regulation, Tax Planning, Tax Preparation
The deadline for Maine individuals and C corporations to file their federal income tax returns for 2016 (or to file for an extension) was April 18. After all that digging and filling, you may be feeling the urge to purge. It’s important to make sure you...
by Royer Advisors | Dec 11, 2024 | Court Rulings, IRS Regulation, Tax Planning, Tax Preparation, Valuations
Currently under the federal income tax rules, legal expenses incurred by individuals are typically not deductible. Instead, they’re most often treated as either part of the cost of acquiring an asset, such as real estate, or as personal outlays (which are...
