Recent Updates

Check out the recent updates!

Larson Certified Public Accountants Offer Audit Services to Protect Your Financial Reputation

Being audited by the Internal Revenue Service can have a serious impact on your business. Not only can the penalties and legal fees hurt your bottom line, but it can also result in lost man hours and damage to your professional reputation. Here at Larson CPA we offer an audit defense service that addresses all… Read more »

IRS advises taxpayers in the sharing economy on how to meet their tax responsibilities

In a newly launched web page, the “Sharing Economy Resource Center”, the IRS has provided guidance to taxpayers involved in the sharing economy (also called the on-demand, gig, or access economy) to help them quickly locate the resources they need to satisfy their tax obligations. Background. IRS notes that an emerging area of activity in… Read more »

IRS Summertime Tax Tip 2016-19—What to Expect at Tax Time if You Rent Out Your Vacation Home

Renting out a vacation property to others can be profitable. If you do this, you must normally report the rental income on your tax return. You may not have to report the rent, however, if the rental period is short and you also use the property as your home. Here are some tips that you… Read more »

Moving For A New Job? Expenses Can Be Tax Deductible

Did you move due to a change in your job or business location? If so, you may be able to deduct your moving expenses, except for meals. Here are the top tax tips for moving expenses. In order to deduct moving expenses, your move must meet three requirements: 1. The move must closely relate to… Read more »

QuickBooks Tips – The QuickBooks Home Page Is Your Friend

Do you use QuickBooks for PC or MAC? While slightly different, both of these versions of QuickBooks have a Home Page that can be very helpful in your day to day bookkeeping. There are many options available to you on the Home Page that you may or may not need to use, but being familiar… Read more »

Regulations Eliminate Requirement to Submit Copy of 83(b) Election with Individual Tax Returns

The IRS has issued final regulations that eliminate the requirement that a copy of a Code Sec. 83(b) election be submitted with an individual’s tax return. These regulations are applicable for property transferred on or after January 1, 2016. Generally, when an individual is compensated for the performance of services with property (such as stock), the difference… Read more »

Larson Offers Outsourced Technology Services

In the business world today, up to date technology and information management go hand and hand with small business success. At Larson CPA we understand that your small business might not have the free capital available to hire a full time IT Director. To help address this very important area, we offer outsourced technology services…. Read more »

Court rules Obamacare reimbursements unconstitutional and other updates for taxpayers

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. Date extended for employers to claim revived work opportunity tax credit. The Code Sec. 51 work opportunity tax credit allows employers who hire members of certain “targeted… Read more »

2016 Second Quarter Federal Tax Developments

During the second quarter of 2016, there were many important federal tax developments. This letter highlights some of the more significant developments for you. As always, contact our office if you have any questions. Tax legislation President Obama signed the Recovering Missing Children Act (HR 3209) in June. The bill amends Code Sec. 6103 to… Read more »