by Lawhorn Team Professional | Jul 31, 2019 | Business Practices, Financial Planning, Miscellaneous, Tax
We all know the importance of keeping track of finances. Personal, or business, keeping “good books” helps one avoid surprises, audits, and potential fines by the IRS or other taxing authority. We also know it is always a good idea to have a professional...
by Lawhorn Team Professional | Jun 17, 2019 | Business Practices, Tax
**Update: As of Monday, July 1, 2019, President Trump has signed the Taxpayer First Act into law. A new, bipartisan IRS reform bill has just been signed into law by the President. The bill, called the Taxpayer First Act and championed by the Senate Finance...
by Lawhorn Team Professional | Apr 30, 2019 | Advice, Business Practices, Financial Planning, Tax
On most accounts, there has never been a better time to take the leap towards entrepreneurship in America. After all, there are have been several new initiatives that were part of the Tax Cut and Jobs Act of 2018 that helped introduce a single and flat corporate tax...
by Lawhorn Team Professional | Apr 17, 2019 | Advice, Tax
As we settle into April, it may be that you received notice that your accountant filed a personal tax extension on your behalf. But, what does this mean for you and why would your accountant do that? There are many reasons for filing an extension and, don’t worry, are...
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 | Jan 30, 2019 | Advice, Tax
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...
by Lawhorn Team Professional | Jan 24, 2019 | Advice, Financial Planning, Tax
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...