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On December 20, President Donald Trump signed the bipartisan, year-end government spending and tax package, just hours before federal funding was set to expire. Trump's signature on the over 2,000-page spending package avoided a government shutdown.


The Fifth Circuit U.S. Court of Appeals ruled that the Patient Protection and Affordable Care Act’s (ACA) ( P.L. 111-148) individual mandate is unconstitutional because it can no longer be read as a tax, and there is no other constitutional provision that justifies this exercise of congressional power. However, the central question of whether the rest of the ACA remains valid after Congress removed the penalty for not having health insurance remained unanswered. Instead, the case was sent back to the district court to reconsider how much of the ACA could survive without the individual mandate penalty.


Proposed qualified opportunity zone regulations issued on October 29, 2018 ( REG-115420-18) and May 1, 2019 ( REG-120186-18) under Code Sec. 1400Z-2 have been finalized with modifications. The regulations. which were issued in a 550 page document, are comprehensive.


The IRS has issued final regulations that provide guidance on transfers of appreciated property by U.S. persons to partnerships with foreign partners related to the transferor. Specifically, the regulations override the general nonrecognition rule under Code Sec. 721(a) unless the partnership adopts the remedial allocation method and certain other requirements are satisfied. The regulations affect U.S. partners in domestic or foreign partnerships.


The IRS has released Publication 5382, "Internal Revenue Service Progress Update / Fiscal Year 2019—Putting Taxpayers First." This new annual report describes accomplishments across the agency, and highlights the work of IRS employees during the past year. It covers a variety of taxpayer service efforts, including development of the new Taxpayer Withholding Estimator, as well as operations support efforts on areas involving information technology modernization, human capital office initiatives, and others.


Bridget Roberts, the Acting National Taxpayer Advocate, released her 2019 Annual Report to Congress. The report discusses the key challenges facing the IRS regarding the implementation of the Taxpayer First Act, inadequate taxpayer service and limited funding of the agency. Further, Roberts released the third edition of the National Taxpayer Advocate’s "Purple Book," which presents 58 legislative recommendations designed to strengthen taxpayer rights and improve tax administration.


The IRS has modified the applicability dates for proposed regulations under Code Sec. 382 that were issued with NPRM REG-125710-18, September 10, 2019 (2019 proposed regulations). The IRS is withdrawing the text of the proposed applicability dates, and proposing revised applicability dates. The newly issued proposed rules would also provide transition relief.


The Treasury and IRS have issued final regulations on the due diligence and reporting rules for persons making certain U.S. source payments to foreign persons. Guidance is also provided on reporting by foreign financial institutions on U.S. accounts. The regulations are effective on the date the regulations are published in the Federal Register.


Taxpayers have been provided with additional guidance for complying with the Code Sec. 871(m) regulations on dividend equivalent payments for 2021, 2022, and 2023. The Treasury Department and the IRS intend to amend the regulations to delay the effective/applicability date of certain rules. Further, the phase-in period provided in Notice 2018-762, I.R.B. 2018-40, 522, has been extended.


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.