by Royer Advisors | Dec 11, 2024 | Deductions, IRS Regulation, Tax Planning, Tax Preparation
The IRS takes a strict position on travel and entertainment (T&E) deductions, and there’s a good chance an agent will take a hard look at those items if you claim them on your tax return and you’re audited. The challenge will be more focused on whether you kept...
by Royer Advisors | Dec 11, 2024 | Business Plans, IRS Regulation, Tax Planning
Do you remember your first summer job? Whatever your first job may have been, it taught valuable lessons about responsibility and balancing work with family and friends. It also helped keep you out of trouble during the summer, instilled confidence and built up your...
by Royer Advisors | Dec 11, 2024 | Deductions, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
If a taxpayer makes a contribution to a charitable organization of $250 or greater, they must substantiate the contribution with a contemporaneous written acknowledgment of the contribution by the done organization, if they want the deduction to be claimed on a tax...
by Royer Advisors | Dec 11, 2024 | Business Plans, Tax Planning, Valuations
An earnout provision is a contractual arrangement in which the seller receives additional payment in the future if certain financial goals are met, and if you are selling a business, the buyer may want to pay part of the price this way. Basically, part of the price is...
by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
There have been several significant tax developments that affect Maine small business partnerships in recent months. They also apply to multi-member limited liability companies (LLCs) that are treated as partnerships for federal tax purposes. (For simplicity,...
by Royer Advisors | Dec 11, 2024 | Business Plans, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation, Valuations
Employee stock ownership plans (ESOPs) provide tax-saving opportunities for business owners who want to exit the business and are committed to employee ownership. A business valuation is the first step to determining whether this option makes sense for you. How ESOPs...
