Employee Per Diem Expenses Can Affect Your Tax Reporting

Modern day business often moves at a very fast pace. Employees managers, sales staff, and technicians frequently need to travel out of the office for a variety of reasons. This might include daily operations, overnight deliveries, attending continuing education, meeting with outstate clients, conferences, or traveling to an industry trade show. In these times, many… Read more »

Special Report on Tax Cuts and Jobs Act: Sweeping Tax Overhaul Heads to House and Senate

Sweeping Tax Overhaul Heads to House and Senate The House and Senate Tax Cuts and Jobs Act Conference Committee unveiled its tax reform package on December 15. The Committee, after a week of intense negotiations, blended the House and Senate versions of the Tax Cuts and Jobs Act (H.R. 1) into one legislative package. GOP… Read more »

5 strategies for struggling nonprofits

If your not-for-profit is struggling financially, you’ve probably already taken steps to cut costs, such as wage freezes and layoffs. But to keep your organization afloat, you may need to come up with more creative ways to generate operating cash flow. Here are five: 1. Revisit your mission and programs. Perhaps there’s a particular program… Read more »

IRS offers tips for 2017 year-end charitable contributions

In a news release, IRS has reminded individuals and businesses making year-end charitable contributions of several important tax law provisions, including substantiation requirements, that they should keep in mind. Eligible donees. Only donations to qualified organizations are tax-deductible. IRS’s “Select Check” tool is a searchable online database that lists most eligible charitable organizations; it can… Read more »

Developing a Business Plan for 2018 Can Help Your Small Business Grow

As an entrepreneur or small business owner, you likely have to wear a lot of different hats, while managing the many irons you have in the fires that help your company grow. Here at Larson Company, we understand the daunting challenges that can be a part of developing a small business. Our representatives, certified public… Read more »

Year End Contributions Can Affect Your 2017 Taxes

The end of the fiscal year and the fourth quarter can prove to be a challenging time in collecting the allocating your financial statements. This includes examining your balance sheet, tax and business planning for 2018, taking stock of your investments, employee payroll summary, assessing your tax-deductible contributions, as well as many other very important… Read more »

Tax Planning Series Part 6: Year-end moves to make in light of tax reform legislation

Congress appears poised to enact a major tax reform law that could potentially make fundamental changes in the way you and your family calculate your federal income tax bill, and the amount of federal tax you will pay. This article is designed to help you cope with the changes Congress is hammering into shape right… Read more »

New Accounting Standard Update for Public Companies and Equity Investments, ASU 2016-01

Effective January 1st 2018 public companies are required to implement ASU 2016-01 which changes the method of accounting for equity investments. Non-public companies can early adopt or are required to adopt January 1st 2019.  The resulting update requires equity investments to be measured at fair value with changes in fair value recognized in net income…. Read more »

Tax Planning Series Part 5: How increased withholding may avoid estimated tax penalty for some taxpayers

Taxpayers clearly aren’t paying enough attention to estimated tax penalties. A recent IRS Fact Sheet reveals that the number of people paying such penalties jumped nearly 40% from $7.2 million in 2010 to $10.0 million in 2015. In particular, individuals with substantial income in addition to salaries may find that the amount of tax withheld… Read more »

Connect Your Business App to QuickBooks Online

Are you one of the many small business owners that use apps to invoice customers, accept payments, and maybe even pay bills? Or maybe you are wondering what an app is anyway? App is short for application and usually refers to a software application used on your computer or mobile device that is designed to… Read more »