News and Events

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 identifying contracts with customers.  In Step Two, we dive into identifying performance obligations within the contracts.
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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 applying core principles of the standard to recognize the value of revenue from contracts and when it is to be recognized. Step One begins with the business identifying contracts it has with its customers.
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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 informed on compliance requirements with one of the largest changes to revenue recognition standards expected to go into full effect for private companies by the end of 2019. We want to take advantage of the additional time available to provide guidance to these companies as the standard is extensive and will likely affect the business’s financial statements and business processes, resulting in significant preparation for compliance. One consideration is that potentially everyone who owns a business will be involved with the process. Additionally, thought should be given to existing contracts and terms, and companies must be ready to decide how to adopt the policy and must meet initial criteria to recognize the revenue.
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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 assistance to the owners of businesses in our community. With this in mind, we recognize that deciding on retirement plans is an enormous decision for business owners. Making the matter more complicated is the sheer volume of options from which to choose when deciding which retirement plan is right for you.  As a business owner, making so many important decisions can cause information overload or decision deadlock. To release some of the pressure, let’s look at your options as a business owner and see which retirement plan could fit best with your organization based on the numerous variables involved.

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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 insured individual passes away. This life insurance payout, or “proceeds,” is intended to provide financial stability to those left behind and is typically used to pay outstanding debts of the policyholder, as well as medical and funeral costs. Policyholders pay a monthly premium to ensure coverage over a specific amount of time. The insurance premium is dependent on several factors, including age, gender, occupation, hobbies, medical history, and where you live and travel to frequently.

Even though this explanation makes it seem simple, consumers often get confused with the sea of options that are presented once they begin shopping for life insurance. This discussion will focus on helping you address important questions which should be taken into consideration when deciding which life insurance policy is right for you and your family.   Read More

While she won’t admit to being the “live wire” of the group, Jessica has an insatiably magnetic personality, making her a great point of contact for Lawhorn CPA’s clients. When interfacing with clients and helping solve their business problems, Jessica Seyler has an amazing personality which puts even the most discerning customers at ease. Watching Jessica work, you can really tell that she cares immensely for the well-being of Lawhorn’s clients. We sat down with Jessica to find out more about her and what drives her passion for excellence. Here’s the interview.
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Private foundations have grown in popularity in recent years and go hand-in-hand with estate planning. For individuals who are charity driven, adding a private foundation to an estate plan can be a rewarding experience on several levels. Not only will creating a private foundation afford you the ability to give back and do honorable deeds but it can also reduce income tax liability and eliminate certain assets from your taxable estate. When integrated into your estate planning, starting a private foundation can offer you control of gifts or bequests to charities, giving you, the donor, more control over where how funds are distributed.
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Finding tax-free ways to save for college is a big deal for a large portion of the population, and for good reason. Obtaining a college education is one of the best ways for your dependents to secure a better job and a better life. However, despite different attempts to lower college tuition at both the state and Federal level, the cost of a college education continues to grow. US Student loan debt in America has reached nearly $1.5 trillion in 2018, equating to an overwhelming balance of more than $39,000 in debt per the average college graduate.
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In a 5-4 decision on Thursday, June 21, the Supreme Court ruled that states can collect online sales tax—discarding the court’s longstanding rule that states cannot require companies without a physical presence to collect sales taxes.  The decision reverses decades of history dealing with sales tax and retailers’ obligation to collect and remit tax when goods are sold across state lines.  The Supreme Court’s ruling opens the door for states to impose an economic nexus standard when it comes to sales tax collection responsibilities.
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If you’re slightly confused regarding how the Tax Cuts and Jobs Act affects your personal tax strategy, you’re not alone. One of the primary causes for confusion is the disconnect between lawmakers and the IRS. Even though the new law drastically changes tax law, it has left the IRS scrambling to confirm the rules within its own set of guidelines. This confusion has left tax planning professionals, CPAs, and everyday Americans awaiting IRS approval of numerous tax deductions. One recent example approved by the IRS gives homeowners the ability to write off the interest paid on home equity loans. But, the home equity tax loophole does have a few caveats.
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