Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 27, 2020. The US Small Business Administration (SBA) received funding and authority through the Act to modify existing loan programs and establish new loan programs to assist small businesses nationwide that were adversely impacted by COVID-19. One of these new loans, the Paycheck Protection Program (PPP), provides a direct incentive for small businesses to keep their workers on the payroll. Issued by the SBA, PPP loans will be forgiven if you adhere to strict guidelines.Read More
News and Events
Lawhorn CPA Group’s top priority is the safety and well-being of our clients and team professionals.
With the new “safer at home” order in effect, please know that our business is considered essential, and we will remain open and working. However after careful review of information provided by the Centers for Disease Control and Prevention (CDC) and other state and federal organizations on the COVID-19 pandemic, we have determined it may be necessary for our offices to close periodically or operate with limited staff to protect the health of clients and employees.Read More
If you have access to the outside world at all, you are probably fully aware of the coronavirus that has been sweeping the world. In an effort to keep you informed, we’ve gathered some information on what this could mean for this tax filing season and what we’re doing to prepare.Read More
“Planning is bringing the future into the present so that you can do something about it now.” ~ Alan Lakein
Tax planning is a concept which has become a more prevalent topic in American’s lexicon since the passage of the Tax Cuts and Jobs Act, which became law in December of 2017. Tax planning is the analysis of your financial situation from a tax perspective and has several beneficial advantages that can help you leverage tax benefits, preserve investment returns, structure charitable donations, protect and secure financial support for dependents, and prepare for a secure retirement. If you’re looking to reduce your taxes or increase your tax refund for 2020, here are some tax planning basics to follow.
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.
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.
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.).
**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.
Lawhorn CPA Group wants to remind you that 2nd quarter estimated tax payments for 2019 are due June 17, 2019.
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).