Newsletters

Tax Alerts
October 20, 2020
Tax Briefing(s)

The Treasury and IRS have issued guidance on the recent order by President Trump to defer certain employee payroll tax obligations on wages paid from September 1, 2020, through December 31, 2020. Under the guidance:


The IRS has released the 2020-2021 special per diem rates. Taxpayers use the per diem rates to substantiate the amount of ordinary and necessary business expenses incurred while traveling away from home. These special per diem rates include the special transportation industry meal and incidental expenses (M&IEs) rates, the rate for the incidental expenses only deduction, and the rates and list of high-cost localities for purposes of the high-low substantiation method. Taxpayers using the rates and list of high-cost localities provided in the guidance must comply with Rev. Proc. 2019-48, I.R.B. 2019-51, 1390.


The Treasury and IRS have issued final regulations that limit the Code Sec. 245A dividends received deduction and the Code Sec. 954(c) exception on distributions supported by certain earnings and profits not subject to the integrated international tax regime created by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97). Proposed regulations and temporary regulations, issued on June 18, 2019, are adopted and removed, respectively.


Treasury has issued final and amended regulations on the rules for distributions made by terminated S corporations during the post-termination transition period (PTTP). These regulations apply after an S corporation has become a C corporation.


Final regulations clarify that the amount of the rehabilitation credit for a qualified rehabilitated building (QRB) is determined as a single credit in the year the QRB is placed in service. This is the case even though the credit is allocated ratably over a five-year period. The final regulations adopt without modification proposed regulations released earlier this year ( NPRM REG-124327-19).


The IRS has released final regulations that clarify the definition of a "qualifying relative" for purposes of various provisions for tax years 2018 through 2025. These regulations generally affect taxpayers who claim federal income tax benefits that require a taxpayer to have a qualifying relative.


The IRS has announced that Medicaid coverage of Coronavirus Disease 2019 (COVID-19) testing and diagnostic services is not minimum essential coverage for purposes of the premium tax credit under Code Sec. 36B.


The IRS has released guidance in the form of questions and answers with respect to certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), and the Bipartisan American Miners Act of 2019 (Miners Act).


Final regulations provide additional guidance on the base erosion and anti-abuse tax (BEAT) under Code Sec. 59A. The regulations also address certain aspects of the BEAT under Code Secs. 1502 and 6031.


20th Annual Bruce Rossmeyer Ride for Children
J Larsen

Education:

  • Bachelor of Science in Accounting from Rockhurst University 1995

Professional Affiliations:

  • Florida Institute of Certified Public Accountants
  • Missouri Institute of Certified Public Accountants
  • American Institute of Certified Public Accountants
  • National Association of Certified Valuation Analysts

Heather J. Larsen, CPA, CVA

President

Heather J. Larsen, CPA, CVA, is the owner of J Larsen & Associates, P.C. She started her career in the tax department at Grant Thornton, LLP, an international public accounting firm in 1995 and left in 2001 as a Tax Manager in order to fulfill her dream to form her own accounting firm.

Heather has over twenty years of public accounting experience in providing tax planning and saving strategies, technical tax compliance, financial audits, business entity structuring, as well as management accounting and consulting services to clients in various industries.  She has extensive knowledge of tax laws and has successfully represented numerous taxpayers in State and Internal Revenue Service Examinations at both the local and appeals levels.  She is also a Certified Valuation Analyst and is well versed in the conditions that involve valuing businesses for estate tax purposes, charitable gifting, succession planning, and divorce and litigation support.  Heather has experience with clients in various industries including Automobile Dealerships, Powersports Dealerships, Real Estate Management and Development, Farming Industry, and a multitude of service related businesses. 

Heather strives to deliver excellent, individualized service and to make a difference in the lives of others through her ability to provide accurate and honest accounting and tax advice, as well as ethical valuations of businesses.

Heather is a Certified Public Accountant licensed in the states of Florida and Missouri and a National Certified Valuation Analyst and she sits on the Ethics Board of NACVA.

Her firm participates and holds a passing peer rate as administered by the AICPA and the Florida Institute of CPAs.