The Lawhorn Ledger
Financial Insights and Business Strategy
Straight from The Lion’s Mouth
Revenue from Contracts Step Three: Determine the Transaction Price
Revenue from Contracts with Customers, ASU 2014-09, provides framework for businesses to gather revenue and know when and how to report revenue. We have a series of posts concerning the framework laid out in the accounting update; previous posts can be found on the...
2019 IRS Guidelines and Rules for New Tax Law Released
One of the most frustrating things that business owners have had to deal with regarding the Tax Cuts and Jobs Act (TCJA) is the uncertainty that has been surrounding the new tax law revisions and how they would affect taxpayers. If you have visited with your...
Steps to Take for This Year’s Tax Season
Now that the holidays are over and 2019 has started, have you thought about preparing for tax season? Probably, not. We have some steps to help you gather documents needed to ensure that you do not miss any tax benefits and make the entire experience of...
Will the Government Shutdown Affect the Tax Filing Season?
With the recent government shutdown and the opening of the 2019 tax season coming soon, did you wonder how that would affect the filing of your 2018 taxes? Maybe, or maybe not. Since no one knows for sure when the government will re-open, here’s what you need to know....
The Wayfair Decision and Out-of-State Sales
Requirements within state sales tax regulations have changed. The Supreme Court reversed the law (Quill v. North Dakota) requiring retailers to have a physical presence within a state before the state can collect sales tax from businesses. South Dakota v. Wayfair...
Step Two: Identifying Performance Obligations in the Contract
Previously, we introduced the new Accounting Standard Update (ASU) No. 2014-09, Revenue from Contracts from Customers. Although this standard is specific and all-encompassing, framework is provided for assistance. Step One begins by assisting companies with...
Step One: Identifying Contracts With Customers
In our first edition of this series we introduced the new Accounting Standard Update (ASU) No. 2014-09, Revenue from Contracts with Customers. This standard is specific and all-encompassing and the FASB (Financial Accounting Standards Board) provides framework for...
Revenue from Contracts with Customers Standard
The following is the first in our series of articles discussing the latest on the Revenue from Contracts with Customers standard, ASU (Accounting Standard Update) No. 2014-09, which was to be adopted by public companies by year end 2018. Our goal is to keep you...
Retirement Plans for Business Owners
At Lawhorn CPA Group we work as a member of a team of professionals qualified in their respective fields on behalf of our clients. Whether you need additional assistance with tax attorneys, certified financial planners, or accountants, we seek to provide encompassing...
Life Insurance Basics
Life Insurance is one of the best and most common ways to protect your family or business in the event of a death. Life insurance is a contract between an insurance policyholder and an insurance company to pay a specific amount to one or more beneficiaries if the...
10 Tips to Help You Plan for Retirement
It’s never too early or too late to plan for retirement. Whether you just started working or you’re almost ready to retire, there are steps you can take to grow your retirement savings. The earlier you start, the better, but even if you begin saving later in your...
5 ways to keep growing your business after the US recession declaration
“Never before has the NBER (National Bureau of Economic Research) so quickly designated the onset of a recession.” - CNN The coronavirus pandemic has upended every aspect of modern life, and it has now officially ended the longest period of economic expansion in...
Borrowers Beware: PPP Forgiveness Requirements
Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 27, 2020. The US Small Business Administration (SBA) received funding and authority through the Act to modify existing loan programs and establish new loan programs to assist small...
Should I Take Money Out of My 401(k)?
401(k) plans are the bedrock of retirement planning and allow you to deduct savings from your salary while deferring taxes until you make a withdrawal. Previously, an individual had to wait until they reached retirement age (59.5 years old) to access 401(k) money or...