If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, save for college and learn how to manage money.

And you may be able to:

  • Shift your high-taxed income into tax-free or low-taxed income,
  • Realize payroll tax savings (depending on the child’s age and how your business is organized), and
  • Enable retirement plan contributions for the children.

Continue Reading The Tax and Non-Tax Benefits of Hiring Your Children This Summer

Russ: This is the PKF Texas Entrepreneur’s Playbook. I’m Russ Capper, this week’s guest host, and I’m here once again with Matt Goldston, an Entrepreneurial Advisory Services Director and one of the faces of PKF Texas’s Transaction Advisory Services Team. Matt, welcome back to The Playbook.

Matt: Thank you, Russ.

Russ: You bet. So, share with us, how do you mentally prepare a founder to be ready to really talk about and negotiate the sale of a company?

Matt: Early on, it’s important that a founder remove the emotion from the business and look at the business as though it’s an asset, one that can transact. Continue Reading How to Mentally Prepare for the Sale of Your Business

Breaking news this week – on Monday, May 13, 2019, the American Institute of Certified Public Accountants Private Companies Practice Section’s Technical Issues Committee (TIC) has sent a letter requesting the Financial Accounting Standards Board to delay the implementation of a new lease accounting standard for private companies.

The standard was made effective for public companies at the beginning of 2019, with an effective date for private companies slated for the start of 2020. TIC’s letter asks for a delay of one year for private company implementation.

According to a May 13, 2019 Journal of Accountancy article:

Continue Reading AICPA Technical Issues Committee Requests Delay of New Accounting Lease Standard

Most not-for-profits are intensely focused on present needs, not the possibility that a natural disaster will strike sometime in the distant future. But because a fire, flood or other natural or man-made disaster could strike at any time, the time to plan for it is now.

You likely already have many of the necessary processes in place — such as evacuating your office. A disaster or continuity plan simply organizes and documents your processes.

Continue Reading Is Your Not-for-Profit Prepared for a Natural Disaster?

Spring and summer are the optimum seasons for selling a home. And interest rates are currently attractive, so buyers may be out in full force in your area. Freddie Mac reports that the average 30-year fixed mortgage rate was 4.14% during the week of May 2, 2019, while the 15-year mortgage rate was 3.6%. This is down 0.41 and 0.43%, respectively, from a year earlier.

But before you contact a realtor to sell your home, you should review the tax considerations.

Continue Reading The Tax Implications of Selling Your Home

One of the Greater Houston Partnership’s most popular events of the year, State of the City, is happening next week, and our PKF Texans attending are excited to hear about what’s going on in Houston.

State of the City 2019 will be Mayor Sylvester Turner’s fourth address to the Partnership. Open to members and non-members, attendees will have an opportunity to network with elected officials and business leaders who are dedicated to the future growth and vitality of Houston.

For more information, visit houston.org.

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back once again with Miriam Rouziek, one of our Audit Managers and one of the faces of PKF Texas’s SEC team. Miriam, welcome back to The Playbook.

Miriam: Thanks for having me, Jen.

Jen: In previous episodes we’ve talked a little bit about the PCAOB, which stands for Public Company Accounting Oversight Board, which I know was founded after the whole Enron thing. What changes do they have coming for 2019 – 2020?

Continue Reading How Changes in the PCAOB Will Affect Audit Report Standards

In our continuing effort to help co-create solutions for business’ future, we offer the following ideas, insights and perspectives in the latest edition of the Leading Edge Digital Magazine. These thought leadership pieces are ready to be accessed any time, anywhere at LeadingEdgeMag.com/PKFTexas.

If you have topics you would like us to cover in future Leading Edge Digital Magazine editions, contact us. As always, we enjoy receiving comments and feedback from our clients and the friends of our firm.

Continue Reading Spring 2019 Leading Edge Magazine is Now Live

PKF Texas officially hosted its first not-for-profit seminar of 2019, and it was a success! Despite the heavy storms in Houston the previous night, attendees found their way to PKF Texas’ office for the morning seminar.

This first of three seminars, titled “Empower Your Not-for-Profit Board Members and Inspire Leadership,” was presented by Dini Spheris Principal, Angela Hodson, and Senior Consultant, Nicole McWhorter, CFRE.

 

The theme of the session revolved around an organization’s culture and its people. Both speakers stressed to initially establish and understand the vision, goals and values of the not-for-profit’s mission, which leads to strategic planning and then helps define the expectations and roles of board members.

 

Angela and Nicole continued into the steps of “cultivating” the right members who fit to join the board. They used a dating analogy in finding potential leaders – meeting and getting to know them, as well as making sure goals are aligned.

Stay tuned for future not-for-profit seminars in August and November. For more information and to stay updated, visit our website and subscribe: www.PKFTexas.com.

A not-for-profit can have many strengths — a prominent board of directors, dedicated volunteers, committed staff members and effective programs — and still struggle to meet fundraising goals. Often, such not-for-profits lack a strategic plan.

Here’s how to develop one that can get better results.

Continue Reading Not-for-Profits: Develop a Fundraising Plan That Works