by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
This year, the IRS Whistleblower Office is celebrating its 10-year anniversary. The office was created under the Tax Relief and Health Care Act of 2006 to oversee the IRS whistleblower program, which is a critical part of overall enforcement and compliance. Informants...
by Royer Advisors | Dec 11, 2024 | Business Plans, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
You’re probably fed up with high self-employment (SE) tax bills if you own a profitable, unincorporated Maine business with your spouse. Typically, an unincorporated business in which both spouses are active is treated as a partnership that’s owned 50/50...
by Royer Advisors | Dec 11, 2024 | Court Rulings, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
When federal income tax and/or federal employment taxes are withheld from employee paychecks but aren’t handed over to the government, a “100% penalty” can be assessed against a responsible person. The purpose of this Trust Fund Recovery Penalty is...
by Royer Advisors | Dec 11, 2024 | Deductions, IRS Regulation, Tax Planning, Tax Preparation
Did you know that when your Maine business entertains clients or customers that you can have a good time and still deduct part of the cost when you entertain business clients or customers? Generally, the tax law permits you to deduct 50 percent of the cost of...
by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
Last year, there were several significant tax developments that may affect federal income tax returns that individual and business taxpayers file in 2017. Here’s a quick look at 10 key changes that you should be aware of during this tax season. 1. Stand-Alone...
by Royer Advisors | Dec 11, 2024 | Business Plans, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
The IRS issued new guidance in October targeting strategies that are used to exploit the tax benefits associated with partnerships and limited liability companies (LLCs) that are treated as partnerships for tax purposes. In brief, under the new guidance, property...
