2017 Tax Cuts Act: Tax Exempt Organizations

The Tax Cuts and Jobs Act is a sweeping tax reform package that impacts virtually all taxpayers, including tax exempt organizations. The final text as agreed on by Congress, does not modify or repeal the so-called “Johnson amendment” that generally restricts 501(c)(3) organizations from political campaign activity. The provision to revise reporting requirements for donor-advised… Read more »

2017 Tax Cuts Act: Contributions and Rollovers to ABLE Accounts

The Tax Cuts and Jobs Act makes modifications to ABLE accounts created by the Achieving a Better Life Experience Act of 2014. These changes, effective in 2018 through the year 2025, allow rollovers from 529 accounts into ABLE accounts, up to an amount equal to the annual gift tax exclusion; increase the annual contribution limit… Read more »

Utah Charter Schools Teaching Moment: Separation of Duties in Internal Controls

Larson & Company is proud to announce a new series of educational accounting posts created especially for the Utah Charter School community. The title of this piece probably didn’t send tingles of excitement up and down your spine. We wouldn’t expect it to. It’s likely that the only time you hear the words “internal control”… Read more »

Short-term government funding bill suspends several Affordable Care Act taxes

On January 22, President Trump signed into law H.R. 195, “An Act to amend title 44, United States Code, to restrict the distribution of free printed copies of the Federal Register to Members of Congress and other officers and employees of the United States, and for other purposes” (the Act). Among other things, the Act… Read more »

Upcoming GAAP Accounting Pronouncements

Below is a list of finalized upcoming GAAP guidances that are not yet in effect as of January 24, 2018. If you have any questions about these upcoming guidances, please contact your CPA at Larson & Company.   ASU 2014-09, 2015-14, 2016-8, 2016-10, 2016-12, 2016-20, 2017-10 Revenue During 2014 and 2015, the FASB issued Accounting… Read more »

Winter 2017: Recent major 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 »

Employers Warned About W-2 Email Scams Again

The IRS has alerted tax professionals, employers, and other taxpayers, once again, about a W-2 email scam that often surges during filing season. The W-2 scam emerged as one of the most dangerous and successful phishing attacks last year when hundreds of employers and thousands of employees fell victim to the scheme. This scam is… Read more »

2017 Tax Reform: deductibility of casualty and theft losses under the new law

There are severe new limits placed on individuals’ itemized deductions of casualty and theft losses that were made by the Tax Cuts and Jobs Act, effective beginning in 2018. Before the Tax Cuts and Jobs Act, individuals could claim as itemized deductions certain personal casualty losses, not compensated by insurance or otherwise, including losses arising… Read more »

Assessing Your Business Plans and Goals Throughout the Year

Different businesses and industries will have varying needs and goals as they grow. Developing an effective business plan at the start of the year is certainly a strong first step in propelling your business to success. As the fiscal year progresses, your major goals may stay the same. However, many businesses will notice the need… Read more »

Outsourcing Accounting Services Can Help Small Businesses

The business landscape is constantly changing, as new opportunities develop and regulations change. While this affects the economy on all levels it can also have a very profound effect on the profitability, operations, and growth of small business. Here at Larson Company in Utah, we has a staff of professional trained and highly experienced individuals… Read more »