BLog-News-updates
Accounting News
5 Important IT General Controls All Companies Should Consider
By Andrew Wan, CPA, CFE IT systems are now an integral part of many companies' everyday life. From the use of the simple solutions like Square for a small businesses’ point-of-sale tracking, to more robust and dynamic integrated GL packages like SAP for large...
read moreWhat to do with CAM, Taxes and Insurance for New Lease Accounting Standard ASC 842
By Andrew Wan, CPA, CFE New lease accounting is now here! For public companies, it begins for annual periods beginning after December 15, 2018 and for private companies it begins for annual periods beginning after December 15, 2019. This new guidance requires...
read moreNew Auditing Standards For Employee Benefit Plans Announced
Recent Developments That May Affect YOUR Tax Situation
The following is a summary of important tax developments that occurred in October, November, and December of 2018 that may affect you, your family, your investments, and your livelihood. Please Larson & Company for more information about any of these developments and...
read moreIRS to Waive 2018 Penalties for Under-Withheld Taxpayers Due to TCJA
By Susan Thomas, Kevin Drawbaugh, Peter Cooney and David Morgan WASHINGTON (Reuters) - The U.S. government tax agency said on Wednesday it would not impose penalties on many taxpayers who had too little federal income tax withheld from their pay last year, or who paid...
read moreMore Changes on Tap for Insurance Standard from IASB
The IASB at its January 23, 2019, meeting is poised to make more changes to its much-watched insurance accounting standard. The potential changes, outlined in papers released in advance of the meeting, are aimed at making the standard easier for insurance companies to...
read moreIRS Announces On-Time Tax Season Opening and Projected Refund Dates
IRS has announced that it successfully opened the 2019 tax-filing season on Monday, Jan. 28, 2019, as planned. The announcement includes other information, including the projected timing of refund payments. Projected timing of refund payments. IRS expects the first...
read moreAttention Insurance Companies: Have You Recalculated Your 2017 Loss Reserves to Find Your Transition Adjustment Amount?
By Craig Swindelhurst, CPA, Tax Manager Under the Tax Cuts and Jobs Act (“TCJA”), insurance companies are required to change the way they calculate their tax reserves. This change is applicable to both life and non-life insurance companies and will affect tax returns...
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