by Royer Advisors | Dec 11, 2024 | Deductions, IRS Regulation, Tax Planning
Few things say “thank you” like food. As the holidays and year-end crunch approach, many Maine employers will bring pizza or donuts into the office, organize a holiday luncheon or provide their staff with free Thanksgiving turkeys. Employer-provided meals...
by Royer Advisors | Dec 11, 2024 | Deductions, IRS Regulation, Tax Planning, Tax Preparation
Many Maine businesses are uncertain how to account for costs to produce, acquire, or improve property, plant and equipment. To address this, in 2013 the IRS issued regulations on capitalizing versus deducting the costs of tangible personal property. In 2014, the IRS...
by Royer Advisors | Dec 11, 2024 | Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
For federal income tax purposes, an unincorporated joint venture, other contractual, or co-ownership arrangement, under which several participants conduct a business or investment activity and split the profits, is generally treated as a partnership. If the joint...
by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning
It may seem far away, but the year will be wrapping up before we know it. Small business owners need to keep in mind all that needs to be submitted to complete required documents. Here are some important items to keep in mind when finishing up the tax year. Remember,...
by Royer Advisors | Dec 11, 2024 | Business Plans, Financial Planning, IRS Regulation, Tax Planning
Paying employees involves more than just issuing checks. Sometimes small business owners don’t realize how many specific records must be kept. For each employee there has to be records including details such as name, address, and Social Security number, but also...
by Royer Advisors | Dec 11, 2024 | Deductions, IRS Regulation
Under the use-it-or-lose-it rule, unused flexible spending account (FSA) balances can be forfeited back to employers. They then have several options for handling the money. Here is what small business owners, as employers, need to know after first covering some...
