Recent developments that may affect YOUR tax situation

The 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. 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 minimize the… Read more »

Changes Are Approved for Life Insurers’ Calculations of Their Liabilities

Life insurers are in for a major change to the way they calculate their liabilities. A unanimous FASB on August 2, 2017, confirmed that life insurance companies must update at least once a year their assumptions from mortality tables, morbidity rates, and customer policy lapses when measuring liabilities for policyholder payouts. This will be a… Read more »

Using QuickBooks Chart of Accounts Can Help You Track the Growth of Your Business

If you have a small or growing business, then you likely need to track your profits and expenses over the course of each quarter as well as the entire year. If you aren’t a trained accountant, this can prove to be a daunting task to perform on paper. Fortunately, the professionals at Larson Company can… Read more »

Insurance Entities Need Specialized CPA Services

Sometimes breakdowns happen, even on the days you think you are most prepared. That’s why it’s a relief when a 24 hour service station can get you on the road again. Our highly specialized staff are “mechanics” you can count on. No one wants an inexperienced mechanic working on their car. Likewise, it’s not safe… Read more »

What is the “Chart of Accounts” in QuickBooks?

Have you ever been in your QuickBooks file and seen the icon titled “Chart of Accounts” and thought to yourself, “What IS that?” Don’t worry, you aren’t alone and we can help shed some light on this mysterious area of QuickBooks. Simply put, the Chart of Accounts is a list of all the accounts your… Read more »

An Effective Budget and Business Plan Is Critical for Business Growth

The modern business environment is highly competitive and inefficiencies in your budget and business plan can leave you following the leader. Fortunately, the accounting and business advisory specialists at Larson & Company can help! Our experienced and highly trained specialists can consult with you to develop an intimate understanding of your business operations. We can… Read more »

Introduction of SSAE 18 and its Impact on SOC Audits

Introduction The Auditing Standards Board (ASB) released the new Attestation Standards, Standards for Attestation Engagements No. 18 (SSAE 18), which replaces all previous SSAEs including SSAE 16 except for Chapter 7, “Management’s Discussion and Analysis”, of SSAE 10, and SSAE 15, in hopes to provide more clarity to other attestation engagements. The new standard is… Read more »

Outsourcing Accounting Services Can Help During a Time of Rapid Growth

Opportunities in business can often appear on short notice and can move quickly. This is even more likely to occur for a startup company or small business that is hungry and looking to expand early and often. Of course, business growth often encompasses changes and expansion in the duties held by your accounting personnel. Hiring… Read more »

After Two Decades of Work, Insurance Accounting Is Overhauled With Release of Global Standard

The IASB published its much-anticipated overhaul for insurance accounting, ushering in a major change to how insurers report the risks they take and the promises they make to their customers. The standard aims to offer more transparency into an industry where balance sheets are often compared to a “black box”. International insurance companies will be… Read more »

IRS advises on how to know if it’s really IRS knocking at the door

In an Information Release, IRS has announced that it has created a special new page on its website (irs.gov) to help taxpayers determine if a person visiting their home or place of business claiming to be from the IRS is legitimate or an imposter. Most of this information is also contained in a contemporaneously released… Read more »