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
You’ve probably seen or heard ads urging you to donate your car to charity. “Make a difference and receive tax savings,” one organization states.
But donating a vehicle may not result in a big tax deduction — or any deduction at all.
Continue Reading Think Twice When Donating Your Vehicle to Charity
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:
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?
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.
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. Cost: Individual ticket $55  Event Contact: Quinn Hoang | 713-395-9613 | qhoang@bizjournals.com
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Spotlight On: Greater Houston Partnership
When: August 24 – 25, 2019 | 7:00 p.m. – 2:00 a.m. Cost: Soirée ticket $275 | After Party ticket $50
Event: Amber Margraves | 713-844-3651 | amargraves@houston.org
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Turnaround Management Association When: Wednesday, June 5, 2019 | 7:30 a.m. – 9:00 a.m. Cost: Members “Early Bird” $34 – Ends Midnight June 2 | Regular Price $39 Event Contact: Dale Wilkins | 713-839-0808 | dale@amchouston.com
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Texas CPA Society (TXCPA) When: Wednesday August 28, 2019 | 8:00 a.m. – 5:00 p.m. Cost: Members $250 | Non-Members $350
Event Contact: 713-622-7733 | cpamail@houstoncpa.org
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Additional Upcoming EventsMore details coming soon!
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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
The IRS just released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their returns examined as compared with prior years.
However, even though a small percentage of tax returns are being chosen for audit these days, that will be little consolation if yours is one of them.
Continue Reading Chances of IRS Audit May be Down but Be Prepared
Breakfast Meeting June 2019