Tax Preparation and provisions
Helping Companies See the Big Picture
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Our tax professionals can help guide your path.
Taxes should, and do, impact a significant number of your business and personal decisions. Because of this, having a solid understanding of your tax situation and the tax implications of your different financial decisions is key to minimizing tax consequences and obligations.
Tax planning is the best way to ensure you aren't stuck paying too much or too little tax when it's time to file your return. Our tax professionals have both the expertise and experience to guide you through the most efficient tax plan for you.
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ENTITY CHOICE
A number of factors influence your entity choice decision, such as liability protection, fringe benefits, payroll tax savings, and long- and short-term business goals. We can evaluate your situation in terms of each of these factors and help you make the right decision.
PENALTY ABATEMENT
Many individuals assume that they have no recourse with regard to penalties that may be imposed. We investigate such claims on your behalf to determine if the penalty has been assessed correctly and if you have any other alternatives.
ESTATE AND TRUST PLANNING
In order to protect your well-earned assets, you must create and then implement measures that align the execution of your estate with your long-term goals. We can assist you both in designing your estate and trust plans and then in executing these plans.
RETIREMENT PLANNING
As noted by the Cheshire cat in Alice in Wonderland, “If you don’t know where you’re going, does it really matter which road you take?” Our tax specialists can help you both define your retirement goals and then implement those measures that will take you directly towards your goals.
TAX NEEDS ASSESSMENT
As with any question or concern you may have, your best course of action is to see a specialist who can fully assess your situation and then offer you a solution. Your tax questions and concerns are no exception. By both examining your records and weighing your goals, our tax specialists can show you what steps you need to take to achieve your goals in the most cost-efficient way possible.
TAX PROVISION PREPARATION
Tax provision preparation and income tax accounting continue to increase in complexity and also continue to receive intense scrutiny. Income tax accounting is an often-cited issue in reported material weaknesses. Our income tax accounting experts can help navigate the complexities and compliance needs of your company when it comes to accounting for income taxes under FAS 109 (including FIN 48).
IRS REPRESENTATION
In the event that you are required to report to IRS authorities, we can assume the responsibility of representing you. By working directly with the authorities on your behalf, we abate your anxieties, offer appropriate explanations, and work to expedite the process.
TAX PROVISION AND REVIEW SERVICES
Tax provisions continue to be a leading cause of material weaknesses and restatements. Our tax provision preparation and review services can help minimize the potential exposures for your company.
At Larson & Company, our talented team of professionals are dedicated to providing you with the high-quality service you can expect from our many years of experience and expertise. We give you the service you need at a price that accommodates your company’s unique situation.
HIGHLY SKILLED AND EXPERIENCED IN TAX SERVICES:
- Over 55 years of combined experience and expertise
- Strong technical skills in tax and GAAP accounting knowledge
- ASC 740 / FAS 109 (tax provisions and accruals)
- FIN 48 (uncertain tax positions)
- FAS 123(R) (stock-based compensation)
- Specialized knowledge in the taxation of insurance companies and statutory accounting
- SSAP No. 101
- SSAP No. 10 R
- SSAP No. 10
- Minimization of exposures to material weaknesses and restatements
- Preparation of tax provisions
- Review of in-house prepared tax provisions
- Timely and accurate work
- Quarterly and annual preparation and reviews
- Preparation of tax footnotes and required disclosures
HOW DO I CHOOSE THE RIGHT CORPORATE TAX ADVISOR FOR A GROWING COMPANY?
The right corporate tax advisor combines compliance accuracy with proactive tax strategy. CFOs should evaluate experience with multi-state taxation, entity structuring, international exposure, and long-term tax planning capabilities aligned with business growth.
WHAT IS THE DIFFERENCE BETWEEN TAX COMPLIANCE AND TAX PLANNING?
Tax compliance focuses on preparing and filing accurate returns. Tax planning is strategic — identifying opportunities to reduce liabilities, optimize cash flow, and align tax outcomes with future transactions, acquisitions, or capital investments. CFOs should prioritize firms that deliver both.
HOW IMPORTANT IS MULTI-STATE AND SALT EXPERTISE?
For companies operating across state lines, State and Local Tax (SALT) expertise is essential. Nexus exposure, apportionment, credits, and evolving state regulations can significantly impact effective tax rates. A knowledgeable advisor helps mitigate risk and avoid costly surprises.
WHAT QUESTIONS SHOULD A CFO ASK WHEN HIRING A NEW TAX PREPARER?
Key questions include:
• How do you approach proactive tax strategy?
• What industries do you specialize in?
• How do you stay current on tax law changes?
• Who will handle our account day-to-day?
• How do you identify tax savings opportunities?
These questions help ensure strategic alignment and accountability.
WHAT ARE THE CHARACTERISTICS OF AN OUTSTANDING TAX FIRM?
High-performing tax firms include proactive communication, regular planning opportunities, filing before deadline day, additional visibility into tax projections, and high responsiveness during critical deadline times. CFOs can expect timely guidance and forward-looking insights from high-performing tax firms.
HOW CAN A TAX ADVISOR REDUCE OUR COMPANY’S EFFECTIVE TAX RATE?
An experienced tax advisor evaluates entity structure, credit opportunities, depreciation strategies, R&D incentives, cost segregation, and transaction structuring. Strategic planning throughout the year — not just at filing time — is key to reducing effective tax rates.
WHEN SHOULD A COMPANY SWITCH TAX FIRMS?
Common triggers include business growth, acquisitions, international expansion, complex ownership changes, dissatisfaction with responsiveness, or a need for more strategic tax advisory. A structured transition ensures continuity and compliance.
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