by Royer Advisors | Dec 11, 2024 | Business Plans, IRS Regulation, Tax Planning, Tax Preparation
Businesses in Maine and individuals can buy less expensive health insurance policies with high deductibles with Health Savings Accounts (HSAs). Contributions to the accounts are made on a pre-tax basis, and the money can accumulate year after year tax free. It can...
by Royer Advisors | Dec 11, 2024 | Court Rulings, Tax Planning, Tax Preparation
If you’re considering moving yourself or your business to Maine and making it your permanent home, you’ll want to make sure to establish that the new state is your place of legal residency (also known as your “domicile”) for state tax purposes. Otherwise,...
by Royer Advisors | Dec 11, 2024 | Business Plans, Court Rulings, IRS Regulation, Tax Planning, Tax Preparation
Recently, the U.S. Tax Court ruled that federal law doesn’t prohibit an employer from receiving information on whether workers paid tax on the income when the employer is looking reduce its tax liability on misclassified workers. Background on the Ruling In...
by Royer Advisors | Dec 11, 2024 | Deductions, IRS Regulation, Tax Planning, Tax Preparation
In many parts of the country it’s already starting to feel like summer, and we hope Maine will get there shortly. But the forecast for Washington remains unclear as officials continue to discuss various tax-related issues. Regardless of what happens in...
by Royer Advisors | Dec 11, 2024 | IRS Regulation, Tax Planning, Tax Preparation
This year, the IRS Whistleblower Office is celebrating its 10-year anniversary. The office was created under the Tax Relief and Health Care Act of 2006 to oversee the IRS whistleblower program, which is a critical part of overall enforcement and compliance. Informants...
by Royer Advisors | Dec 11, 2024 | Financial Planning, Tax Planning, Tax Preparation
Is a Simplified Employee Pension (SEP) right for your Maine small business? SEPs are stripped-down retirement plans intended for self-employed individuals and small businesses. Consider establishing a SEP if you don’t already have a tax-favored retirement plan...
