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GAAP Considerations for Startups
James Davis, CPA, is an audit manager at Larson & Company. James specializes in IT security audits and is a member of the Emerging...
SAPWG Summer National Meeting Preview
The Statutory Accounting Principles Working Group (SAPWG) is meeting virtually on August 26 as part of the NAIC 2021 Summer National Meeting. SAPWG will be discussing three current exposure drafts. Proposed Bond Definition – SSAP No. 43R– SAPWG will discuss and review...
Upcoming GAAP Pronouncements as of 6-23-2021
Click here for a printable pdf version of this GAAP update.
Biden Administration issues its FY 2022 tax proposals in “Green Book”
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
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
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
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
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...