by Royer Advisors | Dec 11, 2024 | Court Rulings, IRS Regulation, Tax Planning, Tax Preparation
Due to depreciation write-offs and other allowable deductions, Maine real estate owners who rent their properties often incur tax losses. However, the ability to deduct those losses might be postponed indefinitely by the passive activity loss (PAL) rules. In general,...
by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
If a Maine employer purchases parking spots from a vendor and then charges employees for using them — via paycheck deductions — do the employees qualify for tax-free fringe benefit treatment? The employees in one case asked the IRS for an answer to this question. The...
by Royer Advisors | Dec 11, 2024 | Fraud Prevention, IRS Regulation, Tax Planning, Tax Preparation
The deadline for Maine individuals and C corporations to file their federal income tax returns for 2016 (or to file for an extension) was April 18. After all that digging and filling, you may be feeling the urge to purge. It’s important to make sure you...
by Royer Advisors | Dec 11, 2024 | Court Rulings, IRS Regulation, Tax Planning, Tax Preparation, Valuations
Currently under the federal income tax rules, legal expenses incurred by individuals are typically not deductible. Instead, they’re most often treated as either part of the cost of acquiring an asset, such as real estate, or as personal outlays (which are...
by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
Last year, there were several significant tax developments that may affect federal income tax returns that individual and business taxpayers file in 2017. Here’s a quick look at 10 key changes that you should be aware of during this tax season. 1. Stand-Alone...
by Royer Advisors | Dec 11, 2024 | Tax Planning, Tax Preparation
Does your Maine business offer health insurance and group-term life insurance, as well as an array of fringe benefits to its employees? While there are certain requirements, these fringe benefits are generally deductible by the company and tax-free to the employees as...
