How Might the New Tax Reform Law Affect You?

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...

Tax Cut Law: Mostly Good News for Employers and Employees

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...

Help from the IRS for Hurricane Irma Victims

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...

Are You Ready for the New IRS Partnership Audit Rules?

by Royer Advisors | Dec 11, 2024 | Business Plans, IRS Regulation, Tax Planning, Tax Preparation

For partnerships and limited liability companies (LLCs) that are treated as partnerships for tax purposes, legislation enacted in 2015 established a new IRS audit regime. To help partners prepare for the changes that are effective starting with the 2018 tax year,...

How to Maximize Tax Breaks for Work-Related Education Costs

by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation

Since school is back in session, we think it’s a good time for a refresher on tax breaks for work-related education expenditures. Here’s what Maine taxpayers need to know. American Opportunity Credit The American Opportunity credit equals 100% of the first...

Could Travel Per Diems Simplify Employee Expense Reimbursements?

by Royer Advisors | Dec 11, 2024 | Accounting Standards, IRS Regulation, Tax Planning, Tax Preparation

If your Maine small business reimburses employees for actual travel expenses, then you know the process of submitting and approving expense reports for business travel can be an administrative hassle. Fortunately, the IRS offers simplified alternatives that can save...