News and Events

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 accountant or CPA firm over the past 12 months, it’s likely that you received a confident estimate of what your 2019 tax liabilities would be as your tax planning professional awaited the IRS to release a definitive set of guidelines. In mid-January of 2019, the Treasury Department, along with the IRS issued the final 2019 IRS guidelines and regulations, as well as, additional guidance on the new qualified business income (QBI) deductions.
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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 processing your tax return easier.
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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.
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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 overturned Quill v. North Dakota and opened the door for states to now collect and remit sales tax when business is conducted within their state without a physical presence.
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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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