IRS: Beware of Charity Scams Related to Hurricane Harvey

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

Unfortunately, the IRS has once again had to warn about possible fake charity scams that are emerging due to Hurricanes Harvey and Irma. Taxpayers should seek out recognized charitable groups to make donations if they want to help. “While there has been an...

Why It’s Risky to Rely on Unofficial IRS Guidance

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...

Inadequate Records Lead to Unfavorable Results for Taxpayers

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...

Compromised Asset Appraisals Undo Like-Kind Tax Plan

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...

Unlock the Biggest Possible Deduction for a Home Office

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

The IRS recently explained a simplified method for claiming the home office deduction that offers a time-saving option. However, many taxpayers who maintain a home office fare better tax-wise by deducting expenses under the regular method, and others may not be...

Know the Rules for Amending a Federal Income Tax Return

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

Do you know what to do if you discover an error on a previously filed individual tax return? For instance, you might have missed some tax-saving deductions and credits on your 2016 personal federal income tax return that you filed in February. Or you might have...