What is good not-for-profit governance? How can organizations spot red flags of bad governance and avoid fraud? PKF Texas Directors, Nicole Riley, CPA, CFE, and Emily Smikal, CPA, shared their insight in our Zoom webinar on May 12, 2021, “Governance Gone Bad: Lessons Learned to Help Your Not-for-Profit.”
Continue Reading Recap: “Governance Gone Bad” Not-for-Profit Webinar
If your not-for-profit organization accepts contributions of nonfinancial assets, such as land, services and supplies, you should know about Financial Accounting Standards Board (FASB) rules approved last year. Accounting Standards Update (ASU), Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets is intended to increase transparency around gifts in kind.
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.
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 May 2021 Houston Events…
If your not-for-profit periodically prepares internal financial statements for your board, you may have noticed that your auditors propose financial adjustments to these interim statements at year end. Why do auditors do this? Generally, it reflects differences due to cash basis vs. accrual basis financial statements. But you can help minimize the need for such financial adjustments.
Here’s how.
Continue Reading How to Minimize Needing Year-End Financial Adjustments
The May 17 deadline for filing your 2020 individual tax return is coming up soon. It’s important to file and pay your tax return on time to avoid penalties imposed by the IRS.
Here are the basic rules.
Continue Reading The Importance of Meeting Tax Return Filing and Payment Deadlines
Jen: This is The PKF Texas – Entrepreneur’s Playbook®. I’m Jen Lemanski, and I’m back again with Carlos Gomez, an Audit Manager and one of the faces of the PKF Texas Contract Compliance services team. Carlos, welcome back.
Carlos: Thanks, Jen.
Jen: I’ve heard a little bit of buzz in the marketplace about royalty relief. What is it? And what do our clients need to know?
In recent months, there have been a number of tax changes that may affect your individual tax bill. Many of these changes were enacted to help mitigate the financial damage caused by COVID-19.
Here are two changes that may result in tax savings for you on your 2020 or 2021 tax returns. The 2020 return is due on May 17, 2021 (because the IRS extended many due dates from the usual April 15 this year). If you can’t file by that date, you can request an extra five months to file your 2020 tax return by October 15, 2021. Your 2021 return will be due in April of 2022.
Continue Reading New Tax Changes May Benefit Your Individual Bill
Not-for-profit organizations may operate under the assumption that their missions and their board members’ good intentions protect them from litigation. Sometimes, this assumption is proven wrong with a lawsuit. To protect your leaders from financial exposure, consider directors and officers (D&O) liability insurance.
This coverage allows board members to make decisions without fear that they’ll be personally responsible for any related litigation costs.
The housing market in many parts of the country is strong this spring. If you’re buying or selling a home, you should know how to determine your “basis.”
Continue Reading Determine Your Home “Basis” Before Buying or Selling
Jen: This is The PKF Texas – Entrepreneur’s Playbook®. I’m Jen Lemanski, and I’m back once again with Carlos Gomez, an Audit Manager and one of the faces of our PKF Texas Contract Compliance Services team. Carlos, welcome back to the Playbook.
Carlos: Thank you, Jen.
Jen: So, we’ve talked about various aspects of contract compliance services in previous videos. And we’ve talked about the monetary benefits. What other benefits are there for a contract compliance type engagement?
Continue Reading The Benefits of a Contract Compliance Engagement