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The Best Advice I Ever Got Was.....

Posted by Michael Royer on Apr 30, 2016 10:40:00 AM


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Topics: Insider, Entreprenueship, Start Up

De Minimis Safe Harbor

Posted by Michael Royer on Mar 17, 2016 1:52:00 PM

For 2014, the IRS issued a whole new set of regulations governing the tax treatment of tangible property (buildings, equipment, computers, etc.) placed in service by a business, rental property owner, or farm.  Among these regulations was a new “de minimis safe harbor” (DMSH) for small capital expenditures.  This safe harbor, if elected on a tax return, stated that the IRS would not challenge the immediate deduction of any capital expenditures of under $500 per unit, provided that the taxpayer had in place, as of January 1, 2014, accounting procedures for tangible property (generally called a “capitalization policy”) that specified a DMSH amount.  For most taxpayers, this policy did not have to be written.  In addition, the taxpayer’s accounting procedures could specify a higher safe harbor amount if that was more applicable to their business.  However, this higher amount could be challenged by the IRS under audit

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Topics: Tax Laws, Audit, IRS, De Minimis Safe Harbor

How To Whitelist

Posted by Amanda Royer on Jan 14, 2016 11:30:00 AM


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Topics: Email, Computer, Spam, Whitelist, Junk Email

2016 Tax Extenders

Posted by Michael Royer on Dec 30, 2015 9:30:42 AM

Congressional leaders are lauding the agreement on a large extenders package that revives over 50 provisions—some permanently, such as the research credit, Code Sec. 179 expensing, and the child credit; some for five years, such as bonus depreciation, and over 25 other provisions through 2016. The $650-billion Protecting Americans from Tax Hikes (PATH) Bill of 2015 also includes over 60 other provisions on miscellaneous topics, including real estate investment trusts, tax administration and more.

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Topics: Tax Tips, Tax Extenders

Year-End Planning: Businesses

Posted by Michael Royer on Nov 19, 2015 3:08:47 PM

Is your business ready?

Businesses seeking to maximize tax benefits through 2015 year-end tax planning may want to consider several general strategies, such as use of traditional timing techniques for income and deductions and the role of the tax extenders (if renewed and in the event they are not renewed), as well as strategies targeted to their particular business. As in past years, planning is uncertain because of the expiration of many popular but temporary tax breaks. Also added to the mix is the far-reaching Affordable Care Act (ACA).

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Topics: Tax Planning

Year-End Planning: Individuals

Posted by Michael Royer on Nov 19, 2015 3:07:10 PM

Many individuals are making plans for colder weather and the year-end holidays. Not to be overlooked should be year-end tax planning. Every individual can develop a year-end tax planning strategy that reflects his or her situation. Our office can help you prepare such a strategy, and the earlier we get started, the greater the potential maximization of benefits.

Year-end tax planning is especially challenging again this year because Congress has yet to act on a host of tax breaks that expired at the end of 2014. Some of these tax breaks may be retroactively reinstated and extended, but Congress may not decide the fate of these tax breaks until the very end of this year (and, possibly, not until next year).

Traditional Year-End Considerations

A number of traditional year-end tax planning strategies may be helpful in maximizing tax savings, depending upon your overall tax situation anticipated for the rest of 2015 and estimated for 2016. These include:

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2016 Tax Filing Deadline

Posted by Michael Royer on Nov 5, 2015 10:00:10 AM

What is the tax filing deadline for 2016?

The 2015 tax season is over & summer has passed, which means it’s time to start thinking about the 2016 tax season and what the tax filing deadline is.

Traditionally the deadline date for filing your income tax return with the IRS is April 15th, unless that date falls on a Saturday or Sunday.  Next year, April 15th happens to fall on a Friday, yet the tax filing deadline has been moved to Monday, April 18th, 2016 and if you are a Maine or Massachusetts resident, the tax filing deadline is actually Tuesday, April 19th, 2016.

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Topics: Tax Tips

The Affordable Care Act: Are You in Compliance?

Posted by Stephanie Pennell on Oct 27, 2015 9:10:13 AM

This time of year, many companies are arranging the renewal of their health plans.  As your company prepares to do the same, please keep one thing in mind: the Affordable Care Act (“ACA”).   

Below are a few of the topics discussed in our ACA seminar with Bernstein Shur Attorney, Steve Gerlach.


  • Beginning in 2015, employers with 100 or more full time employees (part-time employees are counted proportionally) are subject to ACA penalties if they fail to offer to their full time employees health coverage that meets ACA standards. These penalties run $2,080-3,120 per year per employee. 
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Topics: Tax Laws, The Affordable Care Act

{Highway Act} The Road to the Future of Tax Season

Posted by Stephanie Pennell on Aug 14, 2015 7:30:00 AM

As of 7/31/15, President Obama signed the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (Highway Act), which includes some significant changes to longstanding tax provisions. Please note, these changes will only take effect for tax years beginning AFTER December 31, 2015 and therefore do not affect the upcoming tax season. Important changes are as follows:

  • Partnership returns (Form 1065) are due March 15 instead of April 15 following the close of the calendar year (or 15th day of the third month following the close of the fiscal year)
  • S Corporation returns will remain having a due date of March 15.
  • Corporate returns (Form 1120) are due April 15 instead of March 15 following the close of the calendar year (or 15th day of the fourth month following the close of the fiscal year)
  • Extension periods for 1065s and 1120s will both stay at September 15, even though the original due dates have changed.
  • The extension period for Trusts and Estates (Form 1041) has been changed to September 30 rather than September 15.
  • The FBAR return (FINCEN 114) will be due April 15 instead of June 30. It can also now be extended to October 15, whereas previously no extension was allowed.
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Topics: Tax Laws

Parents' Guide: Summer Jobs & Taxes

Posted by Stephanie Pennell on Jul 17, 2015 2:53:07 PM


If you’re the parent of a high school or college student, chances are your kid has a summer job.  If so, chances are they don’t necessarily know what they’re doing when it comes to taxes. They probably don’t understand how their taxes can affect you as a parent, or their own finances as they transition into adulthood.

Here’s what you BOTH need to know about paying taxes on summer jobs:

  • All taxpayers, including students, must fill out a W-4 when starting a new job.  This form is used to determine the amount of tax that will be withheld from each paycheck.  It is important that both you and your child understand what is being withheld and how it will affect your child’s income.

*Side note: if your child has multiple summer jobs, make sure they receive and fill out a W-4 for each position.  This is the only way to ensure that your child’s employer is withholding an adequate amount of taxes to cover their total income liability tax.

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Topics: Tax Tips

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