by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
After five years of being stuck at $14,000, the annual gift tax exclusion will be $15,000 per recipient for 2018 — its highest point ever. According to the announcement by the IRS, it’s rising due to inflation. Here’s what the recent increase in the exclusion...
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 | IRS Regulation, Tax Planning, Tax Preparation
Nina Olson, National Taxpayer Advocate, explained in a recent blog why taxpayers can’t rely on answers to Frequently Asked Questions (FAQs) and Answers and other forms of “unofficial” guidance that are posted on the IRS website. While tax...
by Royer Advisors | Dec 11, 2024 | Court Rulings, IRS Regulation, Tax Planning, Tax Preparation
Although the Federal tax law allows deductions for many items, such as legitimate business expenses and charitable donations, you must maintain adequate records to support them. If your tax return is audited, missing or incomplete records could lead to additional...
by Royer Advisors | Dec 11, 2024 | Court Rulings, IRS Regulation, Tax Planning, Tax Preparation, Valuations
Exelon Corp. v. Commissioner, 2016 U.S. Tax Ct. LEXIS 26 (Sept. 19, 2016) A Section 1031 case that Judge Laro adjudicated cautions experts about allowing the hiring attorney to assume control over the appraisal. In ruling for the government, the judge found the...
by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
In response to Hurricane Irma victims in parts of Florida, U.S. Virgin Islands, and other areas, the IRS is offering extra time to complete tax-related responsibilities. Affected individuals now have until January 31, 2018, to file certain individual and business tax...
