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...
