BLog-News-updates
Accounting News
2021 changes to Paycheck Protection Program second draw
At the end of 2020, Congress passed, and President Trump signed, a new law that provides for additional relief related to the coronavirus (COVID-19) pandemic. This law, the Consolidated Appropriations Act, 2021 (CAA, 2021), includes a second draw of Paycheck...
Utah State Tax Commission Has Started Sending Corrected Billing Notices
The Utah State Tax Commission (USTC) has found a number of erroneous penalty and interest assessments sent for the 2019 tax year. An estimated 13,000 out of 1.5 million tax returns has received an inaccurate billing statement, including returns filed and taxes paid...
SAPWG Adoptions from the 2020 Fall NAIC Meeting
The Statutory Accounting Principles Working Group (SAPWG) met virtually as part of the NAIC fall 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 to help you see how they may...
SAPWG Exposure Drafts from the 2020 Fall NAIC Meeting with Larson Commentary
The Statutory Accounting Principles Working Group (SAPWG) met virtually as part of the NAIC fall 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...
Taxpayers: Choose a Tax Preparer Wisely
As taxpayers get ready to file their 2021 taxes, they may be thinking about hiring a tax preparer. People should choose a tax preparer wisely. This is important because taxpayers are responsible for all the information on their return, no matter who prepares it for...
IRS Update on PPP Loan Expense Deductability
Craig Swindlehurst CPA, Tax Manager at Larson & Company, specializes in tax planning and preparation for individuals, small...
2020 Post-Election Tax Policy Update: Tax Policy and Health Care
Since passage of the Affordable Care Act (ACA), taxes and health care have become more intertwined than in previous years. The ACA created a number of new taxes and fees. However, the ACA's individual mandate was repealed on a bipartisan basis. Biden proposed...
2020 Post-Election Tax Policy Update: International Tax Policy
Repatriation Under current law, U.S. corporations can defer payment of U.S. income tax on profits from offshore subsidiaries until those are repatriated. Biden proposed ending TCJA incentives for multinationals. Additionally, according to Biden's website, he would...