How Can You Protect Yourself from Fraud?

Fraud is a word you don’t commonly associate with your daily life until it happens to you. Whether you’re purchasing something online with your credit card, putting away important documents in a drawer, have lost your license, or are simply living day to day, you can be vulnerable to scams and having your personal information… Read more »

Two-Income Families and Those Working Multiple Jobs Urged to Perform “Paycheck Checkup”

The IRS has urged two-income families and those working multiple jobs to complete a “paycheck checkup” using the Withholding Calculator to verify they are having the right amount of tax withheld from their paychecks. The Withholding Calculator could also help taxpayers navigate the complexities of multiple employer tax situations. The Service further stated that taxpayers who have more complex… Read more »

Itemizers encouraged to check withholding in light of TCJA changes

In a news release, IRS has encouraged taxpayers who have typically itemized their deductions to use the withholding calculator on IRS’s website to perform a “payroll checkup”, noting that changes made by the Tax Cuts and Jobs Act may warrant an adjustment. Changes made by the TCJA. The TCJA made a number of law changes,… Read more »

Automatic consent to accounting method change for new FASB & IASB financial accounting standards

Rev Proc 2018-29, 2018-21 IRB In a Revenue Procedure, IRS has provided a new automatic change in accounting method for taxpayers to use to conform with new financial accounting standards issued by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) (New Standards). Under the New Standards, which concern the recognition… Read more »

What is the correct way to fill out an I-9?

By Kristine Coyle, Accounting Services If you are an employer, you may have asked yourself, “What is this Form I-9? How do I fill it out?” In the world of payroll preparation, the Form I-9 is one that we rarely see filled out correctly. This is understandable as many people may not even know what… Read more »

IRS to issue regs on workarounds adopted by states to avoid limit on State and local tax deduction

In a Notice and accompanying News Release, IRS has informed taxpayers that it intends to propose regs addressing the federal income tax treatment of certain payments made by taxpayers to state-established “charitable funds” for which they receive a credit against their state and local taxes—essentially, a workaround adopted by a number of states to avoid… Read more »

Financial Statement Compilation Can Be a Key Component for Growing Your Business

Keeping track of a company’s finances is an essential aspect of maintaining a successful business. Clear and easy to read financial information can be especially important for small businesses and start-ups that are looking to grow quickly. In many of these situations opportunities present themselves with very narrow windows of time. Being able to advance… Read more »

What documents do I need to gather for a 401(k) plan audit?

If you are preparing for a 401(k) or employee benefit plan audit, you may not be sure what reports you need to provide your auditor. The majority of these reports are furnished to us by the custodian of the investments in what is typically called an “Audit Package.”  Once we are engaged to perform the… Read more »

Which meal and entertainment expenses are still deductible under the TCJA? — Part II

The Tax Cuts and Jobs Act (TCJA) makes major changes to one of the more common business expenses—outlays for meal and entertainment. As this two-part alert explains, many, but not all, entertainment expenses are no longer deductible after 2017. A number of meal expenses also escape the crackdown. The following discussion covers the deduction rules… Read more »

Larson’s Nonprofit Services Group to Host Training on ASU-2016-14

The New Reporting Standard for Nonprofits: Implement With Confidence The Larson & Company Nonprofit Services Group is committed to providing critical knowledge to our nonprofit clients and friends. The implementation of the new nonprofit accounting standard ASU-2016-14 is the most sweeping change to nonprofit financial reporting in 30 years and is required for all organizations… Read more »