by Royer Advisors | Dec 11, 2024 | Tax Planning
The Tax Cuts and Jobs Act (TCJA) included many changes, including that many more businesses can now use the simpler and more flexible cash method of accounting for federal income tax purposes. The TCJA also includes some other tax accounting changes that are good news...
by Royer Advisors | Dec 11, 2024 | Tax Planning, Tax Preparation
The IRS has recently issued proposed reliance regulations that help clarify the new qualified business income (QBI) deduction that was introduced as part of the Tax Cuts and Jobs Act. The guidance is involved and goes on for hundreds of pages. The IRS explained that...
by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning
The IRS has issued much-anticipated regulations regarding the new deduction of up to 20% of qualified business income (QBI) from pass-through entities. The QBI deduction is a major piece of the Tax Cuts and Jobs Act signed into law in December 2017. The deduction will...
by Royer Advisors | Dec 11, 2024 | Tax Planning
The Tax Cuts and Jobs Act (TCJA) sets a new limit on deductions for business interest expense. This is a permanent change for tax years beginning in 2018 with no end date. Will your Maine business be affected? Here’s what you need to know. How Have the Rules Changed?...
by Royer Advisors | Dec 11, 2024 | Tax Planning
More guidance has been issued by the IRS in regards to the Tax Cuts and Jobs Act (TCJA), signed into law in December 2017. This time the topic is the calculation of unrelated business taxable income (UBTI) for tax-exempt organizations and any separate trade or...
by Royer Advisors | Dec 11, 2024 | Exemptions, IRS Regulation, Tax Planning
There are a number of important tax changes for individuals and businesses in the Tax Cuts and Jobs Act (TCJA). It can be hard to keep track of which changes are permanent and which are scheduled to expire at the end of 2025 without Congress extending them. Here is a...
