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,...
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...
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...
by Royer Advisors | Dec 11, 2024 | Business Plans, IRS Regulation, Tax Planning, Tax Preparation
Under the federal tax code, there’s a fine line between businesses and hobbies. You may think of that unincorporated sideline activity you engage in an— such as a marketing director by day and an artist on the nights and weekends —as a business and hope to deduct any...
by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
In July, the Social Security Board of Trustees released its annual report on the long-term financial status of the Social Security Trust Funds. For years, people have questioned the viability of the Social Security system going forward. The report projects that the...
