by Lawhorn Team Professional | Mar 14, 2019 | Advice, Business Practices, Tax
Accountants are often asked the difference between tax preparers, such as H&R Block, Jackson Hewitt, and Liberty Tax Services, and Certified Public Accountants (CPAs) during tax time in the US. These roles are often seen as similar when it comes to tax...
by Lawhorn Team Professional | Feb 26, 2019 | Advice, Business Practices, Financial Planning, Tax
Once all of the steps are completed in the framework of the FASB Accounting Standard concerning the Revenue from Contracts with Customers, then businesses can completely recognize the revenue. This final step recognizes revenue when or as the performance obligations...
by Lawhorn Team Professional | Feb 10, 2019 | Advice, Business Practices, Financial Planning, Tax
Previously, we addressed Steps 1, 2, and 3 of the Accounting Standard Update (ASU) No. 2014-19, Revenue from Contracts with customers. This post moves on to Step 4, allocating the transaction price to the performance obligations in the contract. This, and one final,...
by Lawhorn Team Professional | Feb 1, 2019 | Advice, Business Practices, Financial Planning, Tax
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...
by Lawhorn Team Professional | Dec 4, 2018 | Advice, Business Practices, Tax
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...
by Lawhorn Team Professional | Nov 20, 2018 | Business Practices, Tax
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...
