by Lawhorn Team Professional | Jun 17, 2019 | Business Practices, Tax
**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...
by Lawhorn Team Professional | Apr 30, 2019 | Advice, Business Practices, Financial Planning, Tax
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...
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,...
