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 | Court Rulings, IRS Regulation, Tax Planning, Tax Preparation, Valuations
How to classify gains and losses from selling an asset in Maine is fairly straightforward most of the time. However, there are some gray areas that require a closer look at the facts and circumstances, especially when real estate is involved, as a couple of recent...
by Royer Advisors | Dec 11, 2024 | Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
You must start taking mandatory annual withdrawals from your traditional IRAs once you turn age 70½. This includes any simplified employee pension (SEP) accounts and SIMPLE IRAs that you set up as a small business owner. These mandatory IRA payouts are called required...
by Royer Advisors | Dec 11, 2024 | Accounting Standards, Fraud Prevention, IRS Regulation, Tax Planning, Tax Preparation
Before meeting with taxpayers and their professional representatives, IRS examiners usually do their homework. This includes reviewing any relevant Audit Techniques Guides (ATGs) that typically focus on a specific industry or audit-prone business transaction. ATGs are...
by Royer Advisors | Dec 11, 2024 | Tax Planning, Tax Preparation
The dollar amounts allowed for various federal tax benefits are subject to change every year based on legislation and inflation adjustments. Here are some important tax figures for 2017, compared with 2016, including Social Security wage base, qualified retirement...
by Royer Advisors | Dec 11, 2024 | Court Rulings, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation
When federal income tax and/or federal employment taxes are withheld from employee paychecks but aren’t handed over to the government, a “100% penalty” can be assessed against a responsible person. The purpose of this Trust Fund Recovery Penalty is...
