by Royer Advisors | Dec 11, 2024 | Business Plans, Court Rulings, Debt & Financing, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
When individual taxpayers claim deductions for bad debt losses, the IRS is always skeptical. Why? Losses from purported loan transactions often fail to meet the tax-law requirements for bad debt loss deductions. For example, a taxpayer might try to write off a capital...
by Royer Advisors | Dec 11, 2024 | Deductions, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
The most significant tax legislation in decades has passed. The new tax reform law is commonly referred to as the “Tax Cuts and Jobs Act” (TCJA). Now Maine businesses and individuals are trying to digest the details and evaluate how the changes will impact...
by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
Now that the Tax Cuts and Jobs Act (TCJA) has passed, everyone wants to know how much they’ll save. President Trump and Republican members of Congress say the bill will bring $3.2 trillion in tax cuts. Here’s a comparison of how tax results for a typical...
by Royer Advisors | Dec 11, 2024 | Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
For Maine employers, the most immediate concrete change the Tax Cuts and Jobs Act (TCJA) will bring about is new payroll tax withholding rates. Here’s the latest from the IRS: “We anticipate issuing the initial withholding guidance in January reflecting...
by Royer Advisors | Dec 11, 2024 | Deductions, IRS Regulation, Tax Planning, Tax Preparation
For individual taxpayers, the new tax law — commonly known as the Tax Cuts and Jobs Act (TCJA) — includes many expected changes, some unexpected ones and some that didn’t make the final cut. Here are the most important things that individual taxpayers need to...
by Royer Advisors | Dec 11, 2024 | Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
It’s true—the tax rules for pass-through entities, including S corporations, limited liability companies (LLCs), partnerships and sole proprietorships, have generally become more beneficial. However, they have also become more confusing under the new law. So deciding...
