Short-Duration Contract Guidance Changes – What You Need to Know

During May 2016, the FASB issued Accounting Standards Update (ASU) 2015-09, Disclosures about Short-Duration Contracts. This standard updates ASC 944, Financial Services, and will require expanded disclosures, including the following: Incurred claims triangle(s) for up to 10 years: Incurred claims & allocated claims adjustment expenses (CAE) IBNR at end of period – broken out by… Read more »

Non-Profit Organizations Can Benefit from Accounting System Consultation

If you operate a non-profit business or organization, then you’re aware that there are a large number of tax laws and government regulations associated with your yearly operations. In some cases, minor discrepancies in filing certain documents and tax statements can cause significant problems. Here at Larson & Company, we offer accounting system consultation services… Read more »

Larson & Company Can Help with Tax Penalty Abatement

Every year, tax laws and regulations grow in complexity. At the same time, the Internal Revenue Service gives increased scrutiny to business tax reporting and income tax compliance. Being asked to report to the IRS to answer tax queries or being directly audited can cause a significant amount of stress. At the same time, it… Read more »

IRS Debunks Myths Surrounding Tax Refunds

As millions of people begin filing their tax returns, the Internal Revenue Service reminds taxpayers about some basic tips to keep in mind about refunds. During the early parts of the tax season, taxpayers are anxious to get details about their refunds. In some social media, this can lead to misunderstandings and speculation about refunds…. Read more »

Top Ways to Get Help Now From IRS.gov

IRS.gov is a convenient place to get answers when it’s time to file a tax return. Many tools and services are here, available 24/7. Here are some helpful ways to use IRS.gov: Get Answers to Tax Questions. The Interactive Tax Assistant covers many common tax topics. Type in a question or search terms and it can lead step-by-step… Read more »

Don’t Fall for Scam Calls and Emails Posing as IRS

  Scams continue to use the IRS as a lure. These tax scams take many different forms. The most common scams are phone calls and emails from thieves who pretend to be from the IRS. Scammers use the IRS name, logo or a fake website to try and steal money from taxpayers. Identity theft can… Read more »

Things to Remember When Choosing a Tax Preparer

Taxpayers should choose their tax return preparer wisely – with good reason. Taxpayers are responsible for all the information on their income tax return. That’s true no matter who prepares the return. Here are ten tax tips to keep in mind: Check the Preparer’s Qualifications.Use the IRS Directory of Federal Tax Return Preparers with Credentials and… Read more »

New Guide for Charitable Solicitation Compliance

Did you know that forty-one states have some registration requirement for nonprofits that are soliciting contributions? Many nonprofits don’t realize that registration and reporting are necessary outside of their home state. A new publication by Harbor Compliance and the Council of Nonprofits will help nonprofits stay in compliance.   The new resource, Charitable Solicitation Compliance:… Read more »

New Nonprofit Accounting Standard ASU -2016-14

In August of 2016, the FASB issued ASU 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements for Not-for-Profit Entities. ASU 2016-14 establishes a new financial reporting framework for not-for-profit entities. This will result in changes to the presentation of the statements of financial position, activities, and cash flows. Organizations need to think about when… Read more »

Having Your Taxes Professionally Prepared Reduces the Risk of an Audit

The business world today is full of do-it-yourself tax software and cookie-cutter tax services that offer to prepare your taxes for filing by April 15. These one-size-fits-all tax preparations might work for individuals and some small businesses, but they often cause red flags that can increase your company’s chances of being audited by the Internal… Read more »