2016 Year-end planning: reducing exposure to the 3.8% surtax on unearned income–Part VIII

For high earning taxpayers, year-end tax planning for 2016 includes facing the complication of the 3.8% surtax on unearned income under Code Sec. 1411. This article takes a look at year-end moves that can be used to reduce or eliminate the impact of this surtax, including overall year-end strategies for coping with it and specific… Read more »

2016 Year-end Planning:”Last minute” year-end 2016 tax-saving moves for businesses–Part VII

As year-end approaches, business’ should consider whether they could benefit from the following “last minute” tax-saving moves, including adjustments to income to preserve favorable estimated tax rules for 2017, deferral of certain advance payments to next year, and fine-tuning bonuses to make the most of the Code Sec. 199 domestic production activities deduction. Accelerating or… Read more »

Using Reports In QuickBooks – It’s About Time You Know Where You Are

Do you use QuickBooks to keep track of your day to day expenses and income for your business? If so, you are to be congratulated! That puts you ahead of the rest to be ready for tax time. But have you wondered what it is all for? What is the point of entering all that… Read more »

Projected tax impact of 2016 election results and a “lame duck” Congress

Trump’s Win Expected to Bring Tax Law Changes Donald Trump’s election as the 45th President of the United States on November 8 is expected to bring changes to the tax laws for individuals and businesses. President-elect Trump had made tax reduction a centerpiece of his economic plans during his campaign, saying he would, among other… Read more »

2016 Post-Election Tax Update

Any change in Presidential Administration brings the possibility, indeed the likelihood, of tax law changes and the election of Donald Trump as the 45th President of the United States is no exception. During the campaign, President-elect Trump outlined a number of tax proposals for individuals and businesses. This letter highlights some of the President-elect’s tax… Read more »

Larson & Company Offers a Variety of Services to Help Your Business Succeed

started out to serve the insurance needs throughout the Western United States. As the years have passed, we have grown our scope of practice to include a number of services that will help your business succeed. High-quality accounting is the foundation of any business. Keeping accurate and presentable financials is not only essential for monitoring… Read more »

Captive insurance for the middle market–article from the Journal of Accountancy

Recent IRS guidance and court cases, plus PATH Act changes, make captives more attractive to medium-size companies. By Kimberly S. Bunting, J.D., and Phyllis Ingram, CPA November 1, 2016 This article can help you better understand the purpose and benefits of captives—as well as the options available, particularly for a middle-market business owner. Additionally, it… Read more »

IRS: “micro-captive transactions” are transactions of interest

Notice 2016-66, 2016-47 IRB IRS has identified “micro-captive transactions” as “transactions of interest”. A micro-captive transaction is a type of transaction in which a taxpayer attempts to evade taxation by entering into contracts with a related company that is treated as a captive insurance company, using inflated premiums, and taking advantage of Code Sec. 831(b)’s… Read more »

2016 Year-End Planning: Individuals and Small Businesses–Part VI

As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Factors that compound the planning challenge this year include political and economic uncertainty, and Congress’s all too familiar failure to act on a number… Read more »

2016 Year-End Planning: Strategies– Part V

 Special Report 2016 Year-End Strategies: Straddling Two Years Of Significant Change Implementing tax strategies at year-end always presents unique challenges and opportunities. The impact of recent tax legislation and significant IRS rule changes during 2016 raises the stakes. The Protecting Americans from Tax Hikes Act (PATH Act), passed in late 2015, changed —both dramatically and… Read more »