2017 Tax Reform: President Trump and “Big Six” reveal framework of tax reform plan

Highlights of the Unified Tax Reform Framework The Trump Administration and select members of Congress have released a “unified framework” for tax reform. The document provides more detail than a number of other tax reform documents that have emerged from the Administration over the past few months, but it still leaves many specifics to be… Read more »

IASA Utah Chapter Hosts 2017 Fall Conference at Eaglewood Golf Course

The annual fall conference of the Insurance Accounting Systems Association’s (IASA) Utah Chapter was held September 29. The conference gave its members the chance to take in the amazing views from the club house at Eaglewood Golf Course in North Salt Lake while learning more about the Utah laws and rules for Certified Public Accountants… Read more »

The Small Business Tax Credit Can Help Make Employee Health Insurance Affordable

The small employer health insurance tax credit was included in the Patient Protection clause of the Affordable Care Act under Section 45R. It is designed to help small businesses with modest income employees to help provide adequate health insurances services. It’s also worth noting that qualifying for this tax credit can sometimes be a complicated… Read more »

Year-end planning: Strategies for holders of employee stock options

Employee stock options are contracts giving employees the right to buy the company’s common stock at a specified exercise price after a specified vesting period (e.g., two to four years). The exercise price is typically the market price of the stock when the option is granted (although it can be higher or lower), and the… Read more »

Beware IRS Scams

In recent years the Internal Revenue Service of the Federal Government has placed increased scrutiny through their enforced compliance policies. The intent is to detect tax fraud, tax credit fraud, and tax evasion made by inaccuracies in tax documents filed by individuals, as well as small businesses. Some people who prepare their own taxes choose… Read more »

The Avrahami Fallout: Tax Court Nixes Micro-Captive Insurance Arrangement; Premiums Not Deductible

Although a micro-captive insurance entity was organized as an insurance company, paid claims, and met capitalization requirements, the Tax Court found that it did not operate like an insurance company, issued policies with unclear and contradictory terms, and charged unreasonable premiums. As a result, the entity’s election to be taxed as a small insurance company… Read more »

Hurricane Harvey relief: IRS provides guidance on leave – sharing programs

Notice 2017-48, 2017-39 IRB; IR 2017-143 In a Notice and accompanying news release, IRS has announced that employees won’t be taxed when they forgo vacation, sick, or personal leave in exchange for employer contributions of amounts to charitable organizations providing relief to Hurricane Harvey and Tropical Storm Harvey (collectively, Hurricane Harvey) victims, and employers may… Read more »

Employee Wellness is a Big Part of Our Company Culture

At Larson and Company, employee health and wellness is an important part of company culture.  Employees at Larson are valued members of our team, and we encourage all employees to exercise healthy habits in order to be happier and healthier people.  Employees can participate in the Wellness Program and find tools to help motivate and… Read more »

Navigating QuickBooks Online

by Jessica Donaldson Are you new to QuickBooks Online? Maybe you have never used any version of QuickBooks before and aren’t sure where to start. Or maybe you have switched from a desktop version to the online version and noticed they look nothing alike. Either way, knowing how to navigate QuickBooks Online is essential if… Read more »

DOES YOUR NONPROFIT’S BOARD UNDERSTAND ITS FIDUCIARY DUTIES?

Interest in not-for-profits’ governance practices from lawmakers, watchdog groups and the general public has been growing in recent years. If your board hasn’t reviewed its roles and responsibilities recently, now is a good time. 3 primary responsibilities Nonprofit board members — whether compensated or not — have a fiduciary duty to the organization. Some states… Read more »