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Economists generally determine that the country has fallen into a recession after two consecutive quarters of negative gross domestic product (GDP) growth. Since 1967, the United States has experienced seven recessions. The thing is, predicting a recession is a little like predicting a tornado. Experts are never exactly sure if or when one will occur, but they can cite when conditions a ripe for one based past experience. The good news for predictors is that the economy follows a similar pattern of indicators in the months leading up to a recession. The bad news is that many those indicators have recently emerged. For example: InvertedRead More →

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According to the U.S. Department of Commerce and the U.S. Census Bureau, retail sales came in at a negative 0.3 percent for September, even though it’s still 4.1 percent more than September 2018’s report. The same report followed up on August 2019’s numbers, with a revision by the agency to 0.6 percent, up from 0.4 percent. With the ongoing U.S.-China trade war and tariff uncertainty, how will consumer spending be impacted? Current State of Trade and Tariffs With phase one agreed to, at least in principle, at the end of the meeting with Chinese Vice Premier Liu on Oct. 11, President Trump agreed to keepRead More →

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As the name implies, First-In, First-Out (FIFO) is a way for companies to value their inventory. The first items put into inventory or produced by the company are accordingly the first taken out of inventory or transferred to customers and therefore expensed. When it comes to accounting for acquisition and/or production costs, initial and earlier costs are the first to be expensed, with more recent costs staying on the balance sheet to be expensed later. Assume a company already has 200 widgets costing $4/widget. From there, the company increased its inventory at three more times during a selected accounting period. Three hypothetical, additional purchases include:Read More →

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With the start of the fourth quarter of 2019 underway, it’s time to see what the Internal Revenue Service (IRS) will expect of filers for their 2019 taxes. The following are a list of major changes that filers need to be aware of: 1. Removal of the Affordable Care Act’s (ACA) Individual Mandate Penalty With the passage of the Tax Cuts and Jobs Act (TCJA), filers and households who failed to carry adequate health insurance according to the ACA’s minimum coverage requirements will no longer have to pay the penalty on their 2019 taxes. This is because the TCJA lowered the penalty to zero dollarsRead More →

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Find out if any of the 2018 Tax Law changes apply to you. J.A. Garrison, CPA 817-332-3921 Please follow and like us:Read More →

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Find out where 2018 tax calculations affect your return. J.A. Garrison, CPA 817-332-3921 Please follow and like us:Read More →

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Learn how to receive your tax refund fast with auto deposit from the IRS. J.A. Garrison, CPA 817-332-3921 Please follow and like us:Read More →

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Small Business Administration Notes   SBA Dallas-Fort Worth District Office Affordable Care Act and What it Means for Small Business Workshop – November 22, 2013 The U.S. Small Business Administration in collaboration with the Dallas/Fort Worth Minority Supplier Development Council and the Minority Business Development Agency, Business Center will offer a seminar to educate small business owners about The Affordable Care Act and its impact on small employers and their employees.??? Hear from the experts about the new healthcare law. When: Friday, November 22, 2013 – 8:30 to 10:30 a.m. Where: 8828 N. Stemmons Freeway, 5th Floor, Dallas Texas Register: SBA Front Desk at 817-684-5500Read More →

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  J.A. Garrison & Co. Certified Public Accountants Open House August 6th, 2013 We are overjoyed to announce that the Open House was a great success! A special thanks is in order to all of our clients who so graciously attended & the Northeast Tarrant Chamber of Commerce members for  helping lead such a grand opening. We look forward to our future work together. Mr. Garrison & the rest of the staff here at J.A. Garrison & Co. are so pleased to have such an awesome group of members on our team! For more photo’s and exciting updates please visit our Facebook Page  Please follow andRead More →

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