by Royer Advisors | Dec 11, 2024 | Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
According to the U.S. Department of the Treasury, the My Retirement Account (myRA) program will be coming to an end, even though it was just created just a few years ago in 2014. As part of the Trump Administration’s effort to slim down wasteful spending where...
by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
Due to recent devastation caused by Hurricane Harvey, the IRS is responding by offering victims of the store additional time to fulfill tax responsibilities and complete tax-related tasks. “This has been a devastating storm, and the IRS will move quickly to...
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...
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, Deductions, IRS Regulation, Tax Planning, Tax Preparation
In order to deduct an expense as a business expense, it must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your field of business, and a necessary expense is one that’s helpful and appropriate for your business. There...
by Royer Advisors | Dec 11, 2024 | Business Plans, IRS Regulation, Tax Planning, Tax Preparation
You may be eligible for a research tax credit that can now be used to offset your federal payroll tax bill —if your small business engages in qualified research activities. The IRS recently issued guidance that explains how to take advantage of this election. This...
