Blog - Larson And Company

Biden Administration issues its FY 2022 tax proposals in “Green Book”

Jun 1, 2021

The Department of the Treasury has issued detailed information about the Biden Administration's tax proposals for fiscal year 2022 for "the American Jobs Plan" and "the American Families Plan." Traditionally, the tax community has referred to this annual publication...

Consolidated Appropriations Act Changes to IRC §7702

May 19, 2021

Jason Parker, CPA, is a Tax Manager for Larson & Company. Jason specializes in tax provision work for insurance companies....

President Biden’s Families Plan Fact Sheet contains numerous tax provisions

Apr 29, 2021

The White House - Fact Sheet: The American Families Plan President Biden's April 28 "Fact Sheet: The American Families Plan" contains numerous tax breaks for low and middle earner taxpayers and numerous tax increases on taxpayers "making over $400,000 per year." The...

IRS: we’ve stepped up audits of micro-captive insurance arrangements

Apr 14, 2021

In a News Release, IRS has said that it has stepped up its examinations of micro-captive insurance arrangements and has urged participants in abusive micro-captive insurance arrangements to exit those transactions as soon as possible. Background. A micro-captive...

IRS reminds foreign bank and financial account holders the FBAR deadline remains April 15

Apr 9, 2021

WASHINGTON — The Internal Revenue Service is reminding U.S. citizens, resident aliens and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is still April 15, 2021. The extension of the federal income...

IRS answers questions about taxation of emergency rental assistance payments

Apr 9, 2021

On its website, the IRS has issued a series of FAQs regarding the taxation of emergency rental assistance payments provided under the Consolidated Appropriations Act, 2021. Background. Section 501, Division N, of the Consolidated Appropriations Act, 2021 allows States...