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 | 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...
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,...
