Keeping Accurate Records Can Reduce Your Chances of Paying Tax Penalties

Every year millions of American families and businesses file and State and Federal Taxes, hoping for the maximum return or at least a minimum payment. In some of these instances the State and the Internal Revenue Service will randomly select specific returns for review and potential audit. These notifications are typically sent out by mail…. Read more »

Integrating Business Planning and Family Tax Planning

Small business owners are often challenged to wear many hats. Not only does this include playing a crucial role in the day to day operations of the business, it might also extend to basic accounting services, business plan development and integrating these factors with maintaining a healthy home life. In some of these instances, your… Read more »

2018 NAIC Spring Planning Meeting Update with Commentary — Free Download

2018 NAIC Spring Planning Meetings Adoptions with Larson Commentary

2018 Spring SAPWG Exposure Drafts Update with Commentary — Free Download

Spring 2018 SAPWG Exposure Drafts Update with Larson Commentary  

Recent developments that may affect YOUR tax situation

The following is a summary of important tax developments that have occurred in the first three months of 2018 that may affect you, your family, your investments, and your livelihood. Appropriations Act tax changes. On March 23, President Trump signed into law the Consolidated Appropriations Act 2018, a $1.3 trillion spending bill that funds the… Read more »

IRS Reminds Taxpayers of Payment Alternatives

The IRS has released a Fact Sheet reminding taxpayers of the different methods they can use to pay their taxes, particularly if they cannot pay the full amount owed. In that case, the taxpayer should file the return on time and pay as much as possible, which will reduce penalties and interest. IRS Direct Pay… Read more »

Taxpayers Urged to Check Income Tax Withholding

The IRS has urged specific groups of taxpayers to check if the right amount of tax is being withheld from their paychecks following the recently enacted Tax Cuts and Jobs Act. The new law increased the standard deduction, eliminated personal exemptions, increased the Child Tax Credit (CTC), limited or discontinued certain deductions and modified tax… Read more »

Upcoming GAAP Accounting Pronouncements

Below is a list of finalized upcoming significant GAAP guidance that are not yet in effect as of April 6, 2018. If you have any questions about these upcoming guidance, please contact your CPA at Larson & Company. ASU Area Description Date of Effectiveness ASU 2014-09, 2015-14, 2016-8, 2016-10, 2016-12, 2016-20, 2017-10 Revenue During 2014… Read more »

How to prepare for the new European Union General Data Protection Regulation (GDPR)?

What is GDPR? The European Commission has always been mindful of the need to regulate and enforce the protection of private information of its citizens. With the constant state of change on how data is received, processed, consumed, stored, and destroyed, the European Commission proposed new guidance in 2012 called the European Union General Data… Read more »

Outsourced Payroll Processing Helps With Efficient Bookkeeping

Easy to read financial statements and quarterly reports often help small businesses to attract investors and secure the short-term loans necessary for continued growth. It encompasses a wide range of documents and balance sheets including payroll. Many small businesses have staff members playing multiple roles. Sometimes the person responsible for keeping track of the books… Read more »