News Archive
Our news covers topics relevant to all of the industries we serve.
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Schedule for Economic Stimulus Payments
On April 28, the IRS began issuing tax rebates as part of the Economic Stimulus Act of 2008. More than 130 million Americans will receive the one-time payment designed to stimulate the U.S. economy. More
IRS Wants Your Feedback on New 990 Draft Instructions
The IRS issued draft instructions for the redesigned 990 and they are requesting input from the nonprofit field. The new form will require extensive preparation and goes into effect for the 2008 tax year. The deadline to submit comments to the IRS is June 1, 2008. More
Tax Rebates for Individuals: Economic Stimulus Act
Beginning in May, the IRS is planning to issue rebate checks (or direct deposit) to approximately 130 million Americans as part of the Economic Stimulus Act of 2008. If eligible, all you have to do to receive the rebate is file your 2007 tax return. More
Year-End Tax Planning Tips
Due to uncertainty over the pending “extender” legislation, this year may prove to be more challenging than usual. We expect Congress to provide another one-year patch to assure that moderate incomes are not entrapped by the Alternative Minimum Tax (AMT) in 2007. There are also a number of important tax breaks expiring at year-end. More
2008 Standard Mileage Rates
The IRS issued the 2008 standard mileage rates used to determine the deductible costs of operating a vehicle for business, charitable, medical, or moving purposes. The updated standard mileage rates for the use of a car (including vans, pickups, or panel trucks) went into effect on January 1, 2008. More
Taxing Issues: State-to-State
by Colette Carlson
You need to understand
a state’s business environment
before deciding whether or not
to expand into that state. More
Take Advantage of the Simplified Calculation for Research Spending in 2007
It's time to start thinking about taxes—and how your manufacturing or high-tech company can substantially reduce tax liabilities through the expanded research and development (R&D) credit calculation, effective this year. More
Harn Recognized as a Top Woman in Finance
Virginia Harn, tax principal in the LarsonAllen Manufacturing and Distribution Group, has been named one of the 2007 Top Women in Finance by Finance and Commerce Magazine. "Successfully blending my career and family is a daily battle I still fight. I want to 'win' for myself and for other women who are trying to achieve career goals and take care of their personal lives," Harn states. More
Small Nonprofits Take Note—Don't Risk Losing Your Tax-Exempt Status
To increase transparency of small tax-exempt organizations, those with annual gross receipts of $25,000 or less will now be required to file Form 990-N (e-Postcard) in 2008, according to an IRS press release. The new annual notice is based on the Pension Protection Act of 2006, and pertains to small nonprofits that are currently not required to file Form 990 or 990-EZ. More
Estate Tax at the State Level
by Sue Clark
Because of the federal phase-out of the state death-tax credit,
many states have lost revenue that traditionally came from
the estate tax. More
Kiddie Tax Expanded
In May of 2006, Congress significantly expanded the reach of the Kiddie Tax, which imposes the parents' top tax rate on the investment income of a child under age 14. The law reaches to children who have not attained the age of 18 before the close of the tax year, effective with the 2006 tax year. More
“But I Ordered It Over the Internet…”
by Heather Broneak
A common misconception is that a taxable item purchased over the Internet is not subject to tax. More
LarsonAllen Leader Plays International Role
November 2, 2006 Larry Chastang, principal in Orlando, was elected Chairman of the National Council for International Visitors (NCIV) in Washington DC. NCIV members organize professional programs, cultural activities, and home visits for the foreign leaders participating in the U.S. Department of State International Visitor Leadership Program. More than 230 current and former heads of state and many other distinguished world leaders in government and the private sector have participated in program.
Implications of the Tax Increase Prevention and Reconciliation Act of 2005
On May 17, 2006, President Bush signed the Tax Increase Prevention and Reconciliation Act (TIPRA). The law impacts tax rules from 2006 through 2010 and extends several favorable tax rates and benefits that were set to expire. More
IRS Offers Motorists a Break on Gas Prices (2005)
The IRS announced an 8-cent increase in the standard optional mileage rate for the rest of the year. More
Manufacturing: Interest Charge DISC - Deductions for your dividends
U.S. Manufacturers and Distributors with overseas sales have a unique opportunity in which they can receive the equivalent of a tax deduction for dividends paid. More
LarsonAllen Rolls Out UBIT Analyzer
The Internal Revenue Service (IRS) has become more sophisticated and active in the arena of unrelated business income tax (UBIT). The ramifications of noncompliance can be disasterous, including fines, sanctions and even the loss of nonprofit status. To address this situation, LarsonAllen has developed a comprehensive UBIT analyzer to uncover compliance issues that a finance or accounting department may not detect. More
Contact us for more information.
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