BLog-News-updates
Accounting News
Treasury Guidance Issued Concerning Deferral of Employee Social Security Tax
On August 28, 2020, the U.S. Treasury Department and Internal Revenue Service (IRS) issued Notice 2020-65 (Treasury Notice) implementing the Presidential Memorandum issued on August 8, 2020, which allows employers the option to defer (i.e., postpone) withholding and...
SAPWG Exposure Drafts form the 2020 Summer NAIC meeting with Larson Commentary
The Statutory Accounting Principles Working Group (SAPWG) met virtually as part of the NAIC summer meeting. As a result of the meeting, the following items were presented as exposure drafts and have comment deadlines as noted. We have compiled them below along with...
SAPWG Adoptions from the 2020 Summer NAIC Meeting with Larson Commentary
The Statutory Accounting Principles Working Group (SAPWG) met virtually as part of the NAIC summer meeting. As a result of the meeting, the following items were adopted and will be effective as of the dates noted. We have compiled them below along with Larson's...
Expanded Guidance for CARES Act Distributions and Loans From Qualified Retirement Plans – A Summary of IRS Notice 2020-50
Diane Nesbit, CPA, is a Senior Audit Manager specializing in Employee Benefit Plan audits. She is the leader of our Employee Benefit...
Dirty Dozen part 1: Taxpayers should be on the lookout for these scams
All tax scams put taxpayers at risk. This is the first of two tips taking a closer look at the IRS Dirty Dozen tax scam list. This year, taxpayers should be especially, watchful for aggressive schemes related to COVID-19 relief, including Economic Impact Payments....
Lessons Insurance Companies Have Learned from COVID-19
Allison Johnson, CPA, is an Audit Manager specializing in the insurance industry. She is the Education and NAIC Update Specialist...
IRS reminds taxpayers they have options for paying their taxes
The IRS has reminded taxpayers they have options when it comes to paying their taxes, including options for taxpayers who can't pay their taxes in full. Paying taxes electronically. The IRS reminds taxpayers there are several ways to pay taxes electronically. IRS...
Upcoming GAAP Pronouncements as of 6-12-20
Click here for a printable pdf version of this GAAP update.