News and Events

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 preparation, and so it’s useful to know the difference between the two. As the 2019 annual tax season begins, here is what you need to know about H&R Block-like services versus a CPA.
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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 are completed.

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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, step addresses when and how much revenue should be recognized from business contractual obligations.

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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 introduction, Step One, and Step Two of this update. We continue now with Step Three: Determining the Transaction Price. This step contains provisions which vary from current accounting principles in the U.S. thus alterations in accepted accounting practices may be necessary.
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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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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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