Tax Court Spurns IRS’ Gift Tax Valuation Theory and Methodology

by Royer Advisors | Dec 11, 2024 | Court Rulings, IRS Regulation, Valuations

Grieve v. Commissioner In a gift tax dispute, the U.S. Tax Court recently found for the taxpayer when it rejected the unusual reasoning and methodology the Internal Revenue Service’s trial expert proposed to keep low the discounts applicable to the nonvoting...

Clarity on Three 2020 Employer Tax Credits

by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation

With the year ending and tax season on the horizon, it can be helpful to get clarity on various tax credits. With COVID impacting the economy and quite possibly your business, you should ensure you can save every dollar you can. Congress enacted three tax credits that...

Tax Implications of Holding Precious Metal Assets in Your IRA

by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning

With the stock market hitting record levels and interest rates at historic lows, some investors are moving away from low-risk securities like bonds and money-market funds and investing in precious metal such as gold, silver or platinum. If you’re considering doing the...

Appropriations Law Adds Some Business Tax Breaks and Extends Others

by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation

Ever since the CARES Act was passed in early 2020, many businesses in Maine and across the country have been waiting for additional government action to help handle the economic fallout of the COVID pandemic. After much back and forth — and much delay — the...

Ways to Fully Deduct Business Related Meals

by Royer Advisors | Dec 11, 2024 | Accounting Standards, IRS Regulation

Portland is known around Maine and New England — and even throughout the country — for its award-winning, creative and gourmet restaurants. Unfortunately, many of Portland’s restaurant businesses have struggled mightily during the COVID-19 pandemic. Some have even had...

5 Valuable Tax Credits for 2020 Individual Returns

by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation

Every dollar counts, especially as the COVID pandemic continues to create economic uncertainty here in Maine and throughout the country. As tax season arrives, it can be helpful to learn about federal income tax credits that can significantly lower your tax...