As trusted business advisors, we enjoy working with you to co-create ideas and co-develop innovative solutions for your business. Even amidst the COVID-19 pandemic, we still want to continue providing valuable information, including upcoming Houston events that we support, and think may be of interest to you.

  • Greater Houston Women’s Chamber of Commerce
  • Greater Houston Partnership
  • Houston Business Journal
  • National Association of Corporate Directors

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 Houston events!

Continue Reading Mark Your Calendars! Upcoming March 2021 Houston Events…

If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently enacted that makes significant changes to retirement accounts.

coins spilling out of a clear glass jar; image used for blog post about tax law changes impacting retirement savings

The SECURE Act, which was signed into law in late 2019, made a number of changes of interest to those nearing retirement.

Continue Reading The SECURE Act and Your Retirement Savings

Jen: This is The PKF Texas – Entrepreneur’s Playbook®. I’m Jen Lemanski, and I’m back again with Emily Smikal, a Tax Director and one of the faces of the PKF Texas not-for-profit team. Emily, welcome back to the Playbook.

Emily: Thanks. Glad to be here again.

Jen: People think not-for-profits they think, “Oh, they don’t pay taxes.” Do they have to fill out forms? I suspect the answer is yes, so, what type of tax forms do not-for-profit organizations have to fill out?

Emily: Your suspicion is correct. So, there’s a handful of different types of forms, so it is important to understand the differences, and which form your organization may be required to file.

Continue Reading The Tax Forms Not-For-Profits Need to File

Thousands of not-for-profit organizations fall victim to embezzlement schemes every year — some even losing millions of dollars. But losses go beyond actual dollar amounts. The hit to a group’s reputation may scare off donors, grantmakers and other supporters. However, with the right response, not-for-profits can bounce back from fraud.

dollar bills laid out; image used for blog post about not-for-profits recovering from fraud

Here’s how.

Continue Reading How Your Not-for-Profit Can Recover from Fraud

With the competition for donation dollars fierce right now, many not-for-profits are turning to influencers — from Hollywood celebrities to politicians to blog stars — to raise awareness of their organizations and causes.

girl holding her iPhone towards a painted pink notification icon with a heart and 1; image used for blog post about not-for-profits working with social media influencers

But before your not-for-profit solicits influencer support, there are a few things you should know.

Continue Reading Working with Social Media Influencers for Your NFP

If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2020 income tax return? It depends.

a collective of hands come together with red paint forming a heart; image used for blog post about charitable deduction substantiation

Continue Reading What to Know About Charitable Deduction Substantiation

Many organizations get stuck in procedural ruts because it’s easier in the short term to continue doing things the way they’ve always been done. But it generally pays to regularly review your not-for-profit’s accounting function for inefficiencies and oversight gaps.

a woman typing on a laptop with data and graphs on screen; image used for blog post about not-for-profits reviewing accounting function

You might plan to conduct a review once a year or perform an assessment whenever significant changes, such as staff turnover or the introduction of new software, warrants one.

Continue Reading Is it Time to Review Your Not-for-Profit’s Accounting?

Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situation. That’s understandable because your 2020 individual tax return is due to be filed in less than three months (unless you file an extension).

two men sitting next to each other looking at documents with laptops; image used for blog post about 2021 tax situations

However, it’s a good idea to acquaint yourself with tax amounts that may have changed for 2021. Below are some Q&As about tax amounts for this year.

Be aware that not all tax figures are adjusted annually for inflation and even if they are, they may be unchanged or change only slightly due to low inflation. In addition, some amounts only change with new legislation.

Continue Reading Have Questions About Your 2021 Tax Situation?

Jen: This is the PKF Texas – Entrepreneur’s Playbook®. I’m Jen Lemanski, and I’m here today with Emily Smikal, a Director in our tax department and one of the faces of the PKF Texas not-for-profit team.  Emily, welcome to the Playbook.

Emily: Thanks, Jen. Thanks for having me.

Jen: So, I’ve heard you talk before about this thing called “unrelated business income tax.” How does that impact not-for-profits, and what should they know?

Emily: First, let’s call it UBI just to keep it more simple. UBIT, unrelated business income tax, is an income tax imposed on certain not-for-profit organizations that conduct certain activity that is not related to their tax-exempt purpose.

Jen: So, what would qualify for that?

Continue Reading How Unrelated Business Income Tax Impacts Not-for-Profits

The Consolidated Appropriations Act signed at the end of 2020 changed the eligibility and increased the amount of credit for the Employee Retention Tax Credit (ERTC). Do you have questions about what to consider in your approach to Paycheck Protection Program (PPP) forgiveness?

In our continued efforts to provide helpful information for clients and friends of the firm, we have a special edition of the PKF Texas – The Entrepreneur’s Playbook®, where Director, Danielle Supkis Cheek, CPA, CFE, CVA, provides a high-level overview and walks you through what to know with the ERTC. If you know of someone who might benefit from this information, please feel free to share with them, as well as your colleagues and peers.

Employee Retention Tax Credit Video Thumbnail for PKF Texas Video

This video will provide:

  • Calculation Mechanics – 2020 vs. 2021
  • “Tricky” parts to be aware of
  • Planning considerations related to PPP
  • When Employee Retention Tax Credit forms are due

To learn how this may impact you, please reach out to the PKF Texas accountants and advisors who can co-develop a solution which makes most sense for your business.

Byron Hebert, CPA, CTP
Practice Leader/Director, EAS
BHebert@PKFTexas.com
(713) 860-1455

Sam Razmandi, CPA
Director, EAS
SRazmandi@PKFTexas.com
(713) 860-5442

Matt Goldston, CPA, CVA, CM&AA
Director, EAS
MGoldston@PKFTexas.com
(713) 860-5439

Danielle Supkis Cheek, CPA, CFE, CVA
Director, EAS
DCheek@PKFTexas.com
(713) 860-5422

For the full video transcript, visit our website.

Additionally, we are keeping PKFTexas.com/COVID-19 up-to-date with information and resources to assist you as we all navigate these quickly-changing times.