by Royer Advisors | Dec 11, 2024 | Deductions, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
If a taxpayer makes a contribution to a charitable organization of $250 or greater, they must substantiate the contribution with a contemporaneous written acknowledgment of the contribution by the done organization, if they want the deduction to be claimed on a tax...
by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
There have been several significant tax developments that affect Maine small business partnerships in recent months. They also apply to multi-member limited liability companies (LLCs) that are treated as partnerships for federal tax purposes. (For simplicity,...
by Royer Advisors | Dec 11, 2024 | Business Plans, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation, Valuations
Employee stock ownership plans (ESOPs) provide tax-saving opportunities for business owners who want to exit the business and are committed to employee ownership. A business valuation is the first step to determining whether this option makes sense for you. How ESOPs...
by Royer Advisors | Dec 11, 2024 | Financial Planning, IRS Regulation, Tax Planning
The IRS Fiscal Year 2015 Enforcement and Service Results showed an increase of 18.6% over the previous year for audits of partnerships. That’s the highest audit rate partnerships have experienced since 2006. By comparison, audits of large C corporations...
by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
Do you find yourself with the urge to spring clean every year near the federal tax deadline in April? It feels good to throw out some of the financial records stuffing your filing cabinets. But before you head for the trash, make sure you’re not disposing of...
by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
One of the largest investments you’ll ever make is attending college or graduate school, and spring is the time schools typically announce who’s made the cut. If you (or your child) plan to attend an institute of higher learning in the fall, May 1 is often the...
