Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m here with Matt Goldston, an Entrepreneurial Advisory Services Director and one of the faces of PKF Texas’ Transaction Advisory Services team. Matt, welcome back to The Playbook.

Matt: Thank you very much, Jen.

Jen: So, I know you were talking with one of our guest hosts, Russ Capper, about selling your business, and what I want to touch on today is value. What does a company need to do to learn the value of their company?

Continue Reading Valuing Your Business – How to Get Started

Not-for-profit board members — whether compensated or not — have a fiduciary duty to the organization. Some states have laws governing the activities of not-for-profit boards and other fiduciaries.

But not all board members are aware of their responsibilities. To protect your not-for-profit’s financial health and integrity, it’s important that you help them understand.

Continue Reading Understand Your Fiduciary Duties in Your Not-for-Profit

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Frank Landreneau, one of our International Tax Directors. Frank, welcome back to The Playbook.

Frank: Thanks. It’s exciting to be back.

Jen: I know there’s been some new changes to the Foreign-Derived Intangible Income, or FDII, as we’ve been calling it, that released in early March. What do we need to know about the new changes?

Frank: That’s right. Even though it’s interesting about this new tax law is that, even though it was passed a little over a year ago, guidance is still trickling in. Even though a law has been on the books, usually you do planning on a go-forward basis. There is some planning to go back and see about opportunities you may not have had.

Continue Reading Following Up on FDII Changes from March 2019

On Friday, June 28, 2019, the Houston Business Journal is hosting a philanthropy and not-for-profit panel as part of its Power Breakfast series.

Houston is known as a giving town, with many not-for-profit organizations in the city. The panel discussion will dive into successful fundraising and marketing strategies, as well as ways not-for-profit organizations can enlist the right people to work for them.

PKF Texas is a proud sponsor of the panel, which consists of not-for-profit executives who run both local and national operations:

  • Brian Greene, CEO, Houston Food Bank
  • Ellen Efsic, Executive Director, Girls Inc. of Houston
  • Laura Jaramillo, Senior Vice President & Community Relations Manager, Wells Fargo Bank
  • Ann Stern, President and CEO, Houston Endowment

For more information and to register for the event, visit the Houston Business Journal website.

The PKF Texas Not-for-Profit team will be attending, so connect with us there or learn more at our website: www.PKFTexas.com/NotForProfit.

Not-for-profit trade associations, or 501(c)(6) organizations, exist to promote their members’ common interests and improve business conditions or “one or more lines of interest.” Whether the association is a local chamber of commerce, a real estate board or a large professional group, associations’ tax-exempt status is contingent on their sponsoring certain types of activities — and avoiding others.

When they fail to do so, the IRS may take action.

Continue Reading How Associations Can Preserve Tax-Exempt Status by Avoiding Certain Activities

For your retirement, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local taxes into the equation.

Establishing residency for state tax purposes may be more complicated than it initially appears to be.

Continue Reading Moving to Another State for Retirement? Consider the Taxes

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

Miriam: Thanks for having me, Jen.

Jen: So, we’ve been talking a little bit about PCAOB, which is the Public Company Accounting Oversight Board, and we’ve been talking about some changes that they’ve had. But what inspection trends are you seeing?

Continue Reading What are the New PCAOB Inspection Trends?

As accountants and trusted business advisors, we enjoy working with you to co-create ideas and co-develop innovative solutions for your business. To supplement this, we also want to provide valuable information, including upcoming Houston events that we support, and think may be of interest to you.

  • Houston Business Journal
  • Greater Houston Partnership
  • Turnaround Management Association
  • Texas CPA Society – Houston

If you have questions about any event details or registration information, the organization-specific contacts are below. We hope to see you at any or all of these events!

Spotlight On: Houston Business Journal
Power Breakfast – Philanthropy and Not-for-Profit Panel

When: Friday, June 28, 2019 | 7:00 a.m. – 9:00 a.m.
Where: Junior League of Houston | 1811 Briar Oaks Lane, Houston, TX 77027
What: Join the Houston Business Journal as they dive into successful fundraising and marketing strategies, as well as ways not-for-profit organizations can enlist the right people to work for them. Attendees will hear from a panel sponsored by PKF Texas, consisting of not-for-profit executives, who run both local and national operations: Brian Greene, CEO, Houston Food Bank; Ellen Efsic, Executive Director, Girls Inc. of Houston; Laura Jaramillo, Senior Vice President & Community Relations Manager, Wells Fargo Bank; and Ann Stern, President and CEO, Houston Endowment. More…

Cost: Individual ticket $55

Register Now button  
Event Contact: Quinn Hoang | 713-395-9613 | qhoang@bizjournals.com
Spotlight On: Greater Houston Partnership

Soirée 2019 

When: August 24 – 25, 2019 | 7:00 p.m. – 2:00 a.m. 
Where: Hotel ZaZa |  5701 Main Street, Houston, TX 77005
What: Follow the yellow brick road to the Greater Houston Partnership’s annual Soirée: Houston, the Emerald City. With PKF Texas as the Menu Underwriter and Chief Culture Officer Sonia Freeman, CPA, CGMA, serving as the Working Chair, the Soirée is a gala unlike any other, showcasing Houston as a great global city and nexus of arts, culture and commerce. The Soirée is also the Partnership’s main fundraiser supporting initiatives, such as education and workforce development, resiliency and a strong economy. Network with the region’s elite while wandering through the themed rooms of Hotel ZaZa in search of the Great Oz and experiencing why there’s no place in the world like Houston. More…

Cost: Soirée ticket $275 | After Party ticket $50
Register Now button 
Event: Amber Margraves | 713-844-3651 | amargraves@houston.org

Turnaround Management Association
TMA LogoBreakfast Meeting June 2019

When: Wednesday, June 5, 2019 | 7:30 a.m. – 9:00 a.m.
Where: Junior League of Houston | 1811 Briar Oaks Lane, Houston, TX 77027
What: Join Turnaround Management Association for its breakfast meeting in June. Panelists David Curry, Jr., Partner, Okin Adams, and Michael Ridulfo, Managing Director, Kane Russell Coleman Logan, will discuss the topic: “Keeping Your Truck on the Road: Examining Challenges Arising in Chapter 11 Trucking Classes.” One (1) hour of CPE is offered for this program. There is no pre-requisite preparation or experience required. More…

Cost: Members “Early Bird” $34 – Ends Midnight June 2 | Regular Price $39
Non-Members “Early Bird” $49 – Ends Midnight June 2 | Regular Price $54

Register Now button  
Event Contact: Dale Wilkins | 713-839-0808 | dale@amchouston.com

Texas CPA Society (TXCPA)
Houston Energy Conference 2019

When: Wednesday August 28, 2019 | 8:00 a.m. – 5:00 p.m.
Where: Marriott Marquis Houston Hotel |  1777 Walker St., Houston, TX 77010
What: This year’s TXCPA Houston Energy Conference features insights from top executives and professionals in the accounting and energy arena, and this will be PKF Texas Director Brian Baumler‘s sixth year as Chairman. As the premier conference for accounting professionals focused in the energy industry, TXCPA wants to address important topics and issues. Speakers and panelists will discuss mergers and acquisitions, technology, E&P and much more. More…

Cost: Members $250 | Non-Members $350
Register Now button  
Event Contact: 713-622-7733 | cpamail@houstoncpa.org

Additional Upcoming Events

More details coming soon!

  • August 7, 2019 – Client Exclusive: Not-for-Profit Seminar – details coming soon!

The Financial Accounting Standards Board (FASB) issued new guidance that will allow not-for-profit organizations to elect two of the private company alternatives. This new guidance will allow not-for-profit organizations to elect to amortize goodwill and provide an option to subsume certain customer-related intangible assets and all non-compete agreements into goodwill.

These alternatives are expected to reduce the cost of accounting for goodwill and measuring identifiable intangible assets for not-for-profits as goodwill would only be tested for impairment upon a triggering event, instead of annually, and additional time and costs would not be incurred to determine the fair value of customer-related intangible assets and non-compete agreements.

Continue Reading New Guidance from FASB Impacts Not-for-Profit Goodwill