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 | Business Plans, Court Rulings, IRS Regulation, Tax Planning, Tax Preparation
Recently, the U.S. Tax Court ruled that federal law doesn’t prohibit an employer from receiving information on whether workers paid tax on the income when the employer is looking reduce its tax liability on misclassified workers. Background on the Ruling In...
by Royer Advisors | Dec 11, 2024 | Deductions, IRS Regulation, Tax Planning, Tax Preparation
In many parts of the country it’s already starting to feel like summer, and we hope Maine will get there shortly. But the forecast for Washington remains unclear as officials continue to discuss various tax-related issues. Regardless of what happens in...
by Royer Advisors | Dec 11, 2024 | Court Rulings, IRS Regulation, Tax Planning, Tax Preparation, Valuations
How to classify gains and losses from selling an asset in Maine is fairly straightforward most of the time. However, there are some gray areas that require a closer look at the facts and circumstances, especially when real estate is involved, as a couple of recent...
by Royer Advisors | Dec 11, 2024 | Court Rulings, IRS Regulation
You may be wondering whether the expense of a contingent-fee arrangement with your attorney is deductible for federal income tax purposes. Unfortunately, the guidance on this controversial issue isn’t favorable to taxpayers in most situations. The federal income...
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...
