What the Experts at Larson & Company Can Do for Your Business

If you are looking for an independently owned and operated CPA service in Utah, Larson & Company has been helping business since 1975 with their auditing needs. Today we are the largest insurance accounting company in the beehive state and the western region. With convenient locations throughout the state, we have been helping our clients… Read more »

Recent developments that may affect YOUR tax situation

The following is a summary of important tax developments that have occurred in April, May, and June of 2018 that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to… Read more »

ALERT: New SOC 2 Trust Service Criteria

Are you looking for information about the new changes to the SOC 2 standards? Few reports have been issued under the new guidance, and many companies are seeking clarification on how and when their control systems and descriptions will be affected. Main changes The new criteria align the previous trust service criteria with the Committee… Read more »

How older taxpayers can gain a tax benefit from charitable contributions even if they can’t itemize

It’s been estimated that the number of people who itemize will fall by more than half in 2018 because of changes made by the Tax Cuts and Jobs Act. That’s bad news for many charitable givers, but those who are age 70½ or older can continue to gain a tax benefit from their charitable contributions… Read more »

Tax Court Concludes Captive Company Not Legitimate “Insurance” Company

Captive insurer wasn’t “insurance company” The Tax Court has concluded that the transactions that the taxpayer, a foreign captive insurance company, executed weren’t insurance contracts for Federal income tax purposes and that the taxpayer wasn’t an insurance company exempt under Code Sec. 501(c)(15). As a result, the taxpayer was ineligible to make the Code Sec…. Read more »

How to Know It’s Really the IRS Calling

IRS Warns Against Impersonation Scams The IRS has warned taxpayers to remain vigilant against phishing emails and telephone scams especially at a time when those who had recently filed returns could be waiting for a response from the IRS. Taxpayers were also urged to be alert against year-round tax scams, which tend to evolve over… Read more »

New deferral election for employees receiving stock-based compensation from privately held corporations

Many businesses use equity-based compensation plans to reward and retain employees. The most common forms of stock-based compensation are restricted stock, incentive stock options (ISOs), and nonqualified stock options (NQSOs). In a nutshell, restricted stock is taxable when the employee’s right to the stock is transferable or is not subject to a substantial risk of… Read more »

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 »