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, 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...
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...
