2014 Tax Year-in-Review

Special Report 2014 Sets Stage For Tax Planning In 2015 Calendar year 2014 saw the resolution of a number of important federal tax issues from prior years as well as the emergence of new tax issues. Treasury and the IRS issued final regulations in key areas of the Patient Protection and Affordable Care Act (PPACA),… Read more »

Answers about Affordable Care Act for Employers

AFFORDABLE CARE ACT One of the most far-reaching requirements, the individual shared responsibility provision, took effect on January 1, 2014. However, another key provision –the employer shared responsibility requirement– was delayed to 2015; as was applicable large employer reporting. The IRS also issued guidance on the Code Sec. 36B premium assistance tax credit and other… Read more »

Top 10 Tax Developments with Impact on 2015

TOP 10 TAX DEVELOPMENTS WITH IMPACT ON 2015 The start of a New Year presents a time to reflect on the past 12 months and, based on that history, predict what may happen next. Here is a list of the top 10 developments from 2014 that may prove particularly important as we move forward into… Read more »

Small Life Insurance Company and Deferred Taxes

What tax rate should a small life insurance company use when it records its deferred tax assets and liabilities for GAAP (ASC 740 / FAS 109)?  Enacted vs. effective rate. GAAP generally requires that a small life insurance company compute its deferred taxes no different than any other company.  GAAP generally requires that a company… Read more »

2015 Estate and Gift Tax Exemptions

2015 Estate & Gift Tax Exemption   In late October the IRS released the 2015 estate and gift tax exemption amounts for 2015 (IRS Revenue Procedure 2014-61). These are important numbers because they provide the limits that taxpayers must follow in order to be exempt or avoid federal taxes on wealth transfer. Each year the… Read more »

Important New Information: Congress Passes Tax Extenders Package for Individuals and Businesses

CCH Tax Briefings, 2014 TAX INCREASE PREVENTION ACT OF 2014/ABLE ACT/OMNIBUS FUNDING AGREEMENT, (Dec. 16, 2014) Special Report Congress Passes Extenders Package, ABLE Act; Cuts IRS Budget In the a flurry of year-end activity, Congress has approved the Tax Increase Prevention Act of 2014 (HR 5771). The new law extends so-called “tax extenders” retroactively for one year… Read more »

An Open Letter to Our Clients Regarding the Affordable Care Act

December 22, 2014 Dear Valued Client: At Larson & Company, it is our goal as your trusted advisors to have a clear understanding of the ever changing tax and accounting rules and guide you through them.  This letter is to inform you of new rules affecting 2014 and to ask you to contact us as… Read more »

Challenging Tax Filing Season Ahead

Federal Tax Day – Current, I.1, Koskinen Predicts Challenging Filing Season (IR-2014-116; FS-2014-11), (Dec. 19, 2014) IRS Commissioner John Koskinen predicted a complex and challenging filing season due to cuts in the Service’s funding. “The IRS expects the upcoming filing season to be a very complex one, so it’s more important than ever for people to consider getting… Read more »

Prepare Your 1099 Forms with QuickBooks

The time is almost upon us for year-end reporting! For some of you that may mean trying to gather information for your contracted workers in order to prepare and send out their Form 1099’s before the January 31st deadline. QuickBooks can be a wonderful tool to help you accomplish this. You will want to first… Read more »

The Window is Closing on Year-End Tax Planning

Last-Minute Year-End Tax Planning With January 1, 2015 fast approaching, the window for possible tax saving moves for 2014 is closing. Of course, every taxpayer’s situation is different but there are some general approaches that can be considered. Some last-minute year-end tax strategies may include spreading the recognition of income between 2014 and 2015, harvesting… Read more »