News and Events

Monopoly has been a favorite board game among kids for over 80 years. Most kids like the game because they get to make money, but what they do not realize is they are also learning valuable personal finance lessons that can help them in the future. Here are the top six personal finance lessons that can be learned from playing Monopoly.

Read More

We are 113 days until 2020. If you’re wondering where 2019 went, we are right there with you. As the 2018 tax extension deadline approaches on October 15, 2019, we know you are most likely not considering filing your 2019 tax return yet. But maybe we all should be. With many new updates to tax laws and the final implementation to steps of the Tax Cuts and Jobs Act, it is easy to be unsure of how these changes are going to affect you. We are here to walk you through some anticipated challenges for the 2020 tax season.
Read More

Before anything can be sold in the marketplace, you need to formulate a price for that product or service. For nearly the entire history of capitalism, decision-makers have chosen one of two pricing strategies, often without knowing what pricing strategy they are actually using. These two pricing processes are the cost-based approach, where a price is formulated from its overall cost of production (plus a markup), and the competitor based approach, where a price is created based on what other market participants are charging (or maybe a little less than they are charging if you’re a new competitor).
Read More

The new tax laws in the US and the subsequent tax code changes have caused much concern, confusion, and have even caused some to experience unwarranted tax penalties. With the massive overhaul of the tax codes and IRS guidance that has taken place over the past 24 months, there appeared to be quite a bit of “trial and error” taking place as the IRS scrambles to apply guidance and tax code to match the new tax laws. Recently in the news, the IRS announced it would waive tax penalties for more than 400,000 eligible taxpayers who underpaid on their 2018 tax returns.
Read More

We hear a lot about the ‘cloud’ and have begun to frequently refer to our workplace data and storage as ‘the cloud.’ The term has become our metaphor for the Internet, and it is a blend of where we house our work and the processes of our work from software, to drives, to project management solutions. Xero, a New Zealand based accounting software, is one such solution to cloud-based software designed specifically for small businesses and accounting. The company has revolutionized project management, payroll, expense reports, inventory tracking, purchasing and much more.
Read More

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 accountant assist with one’s financial records.  In order to do this, we enter into a Financial Reporting Engagement.  Now, this is not the type of engagement which requires rehearsal dinners, flowers, and receptions.  A Financial Reporting Engagement is basically a Statement of Work (S.O.W.) agreement between the accountant and the client detailing what type of financial reporting will be done and can be broken into four main types: financial statement preparation, compilation, review, and audit.  In addition to this type of engagement, there are many other services a CPA firm can provide (payroll, tax preparation, etc.).
Read More

**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 Committee Chairman, Chuck Grassley (R-Iowa), promises to do just that: place the taxpayers first when it comes to the Internal Revenue Service (IRS). Here’s what the act will do for Americans now that it is signed into law.
Read More

Lawhorn CPA Group wants to remind you that 2nd quarter estimated tax payments for 2019 are due June 17, 2019.
Read More

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 rate, new pass-through tax deduction, 100% bonus depreciation, increased automobile depreciation limits, and more. It just seems like everyone is rooting for small business owners. So, while there are numerous amounts of articles you will inevitably encounter as you search for guidance in starting a business (including several million on choosing the correct business structure), this one has one goal: helping you choose the right business entity for your new company. Keep in mind that we use the term “right” quite loosely as there may be several options for you at this point in your business that would be the best choice, and still other options that may be better as you grow, hire and earn more revenue. With that out of the way, we’ll seek to find the best match for your business and its owner(s).
Read More

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 often to your benefit.
Read More