Recent developments that may affect a YOUR tax situation

Following is a summary of important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. New guidance on how small businesses can use research credit to offset payroll tax. Businesses that increase certain research expenses may use a research credit to reduce their… Read more »

Successful Financial Planning Leads to Small Business Success

If you operate a startup or other form of small business, chances are good that you play many different roles from week to week throughout the years. Having your finger on the pulse of day-to-day operations can be an advantage in understanding the strengths and weaknesses of your small business. Unfortunately, being so immediately involved… Read more »

New Guidance on Principles Based Reserves for Life Insurers

In 2009 the NAIC started the process to update the methodology used to calculate life reserves and move to principles based reserving (“PBR”).  As of June 10, 2016 the required number of states had adopted the updated methodology and the NAIC adopted the recommendation to implement principles based reserving as of January 1, 2017 for… Read more »

Online Accounting Systems Improve Accounting Efficiency

Inefficient or ineffective accounting practices kept on paper can pose several different headaches for you both throughout the fiscal year and at tax time. Beyond simple inaccuracies with profit and loss information, sloppy bookkeeping habits can also make it harder to attract new investors and secure a loan for business expansion and could even increase… Read more »

Larson & Company Can Help Streamline the Cost of Municipal Entities

Here at Larson & Company, our team of accounting and financial professionals have worked with more than 30 different government entities, providing a wide range of services. Our significant experience includes accounting and audit principles as well as an intimate understanding of regulations. This includes the Government Accounting Standards Board, commonly referred to as the… Read more »

The Skinny on How to Import Your QuickBooks Data from Mac to QuickBooks Online

  If you use QuickBooks for Mac, you may be interested to hear that Intuit announced they will not be releasing any further versions of the Mac version of QuickBooks. If you have an older version than the 2016 QuickBooks for Mac, you are welcome to purchase the 2016 update and Intuit has stated they… Read more »

IRS won’t reject returns that are silent regarding compliance with ACA Individual Mandate

The IRS won’t require people to mark whether they have health insurance when filing their tax returns, a shift from current requirements under the Affordable Care Act’s individual insurance mandate. The agency walked back a previous decision to require an indication of coverage on tax returns after President Donald Trump signed an executive order Jan…. Read more »

Be prepared to validate identity when calling IRS

The IRS has issued some tips regarding taxpayer phone calls to IRS, including what information callers need to be able to provide to the IRS call center assistors to validate their identity. Noting that mid-February marks the agency’s busiest time of the year for telephone calls, the IRS has passed along the following tips regarding… Read more »

Short-Duration Contract Guidance Changes – What You Need to Know

During May 2016, the FASB issued Accounting Standards Update (ASU) 2015-09, Disclosures about Short-Duration Contracts. This standard updates ASC 944, Financial Services, and will require expanded disclosures, including the following: Incurred claims triangle(s) for up to 10 years: Incurred claims & allocated claims adjustment expenses (CAE) IBNR at end of period – broken out by… Read more »

Non-Profit Organizations Can Benefit from Accounting System Consultation

If you operate a non-profit business or organization, then you’re aware that there are a large number of tax laws and government regulations associated with your yearly operations. In some cases, minor discrepancies in filing certain documents and tax statements can cause significant problems. Here at Larson & Company, we offer accounting system consultation services… Read more »