thumbnail image of a PKF Texas white paper about the November 18 PPP Loan ruling impacting tax planningThe IRS released new ruling and guidance on November 18, 2020 for businesses who received a Paycheck Protection Program (PPP) Loan, Revenue Ruling 2020-27 and Revenue Procedure 2020-51, which clarifies the tax deductibility of expenses related to loans that have not been forgiven.

The PKF Texas team wants to share with you a special information document with timely considerations to start thinking about. Click the image to the right or download the document from our website.

There is not a uniform answer on when it is the best time for a business to apply for PPP Loan forgiveness, so 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
Chief Growth Officer & Practice Leader, EAS
BHebert@PKFTexas.com
www.PKFTexas.com/ByronHebert

Matt Goldston, CPA, CVA, CM&AA
Director, EAS
MGoldston@PKFTexas.com
www.PKFTexas.com/MattGoldston

Sam Razmandi, CPA
Director, EAS
SRazmandi@PKFTexas.com
www.PKFTexas.com/SamRazmandi

Danielle Supkis Cheek, CPA, CFE, CVA
Director, EAS
DCheek@PKFTexas.com
www.PKFTexas.com/DanielleSupkisCheek

Del Walker, CPA
Practice Leader & Director, Tax
DWalker@PKFTexas.com
www.PKFTexas.com/DelWalker

Frank Landreneau, CPA
Director, International Tax
FLandreneau@PKFTexas.com
www.PKFTexas.com/FrankLandreneau

For more information related to COVID-19, visit our website with the latest updates: www.PKFTexas.com/COVID-19.

Does anyone actually read footnotes? If they’re financial statement footnotes, the answer is usually “yes.” Footnotes can provide donors, governmental supporters and other stakeholders with critical information about your not-for-profit.

two businessmen writing on a document together; image used for blog post about using footnotes in a not-for-profit's financials

So it’s important to work with your CPA to make sure your footnotes are accurate and thorough.

Continue Reading How to Disclose NFP Financial Information with Footnotes

Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more critical that you plan for withdrawals from these tax-deferred retirement vehicles.

a phone calculator sitting on top of a red journal and white and grey folder; image used for blog post about IRA distribution rules

There are three areas where knowing the fine points of the IRA distribution rules can make a big difference in how much you and your family will keep after taxes:

Continue Reading Knowing the IRA Distribution Rules Can Make a Difference

Companies have seen growth after entering third-party agreements, and even though there are benefits, risks can also come with the deal. The good news is these risks can be mitigated through monitored and managed with an effective program of internal and external controls. PKF Texas Contract Compliance Audit Manager, Carlos Gomez, recently published an article on the Houston Business Journal website discussing the complexities of third-party agreements.

man signing agreement document; image used for blog post promoting Carlos Gomez third-party agreements article with Houston Business Journal

In his article, Carlos showcases common engagements where companies utilize third-party agreements. He then follows by outlining different types of risks that can arise. Additionally, he supplements identifying the risks by providing insight into various ways companies can mitigate them and how these methods and approaches help in the long-term.

For the full article with more detail, visit https://www.bizjournals.com/houston/news/2020/11/13/the-benefits-and-risks-of-third-party-agreements-f.html.

To learn more information about third-party agreements, as well as PKF Texas’ Contract Compliance services, contact Carlos Gomez at CGomez@PKFTexas.com.

Byron: Welcome to The PKF Texas Entrepreneur’s Playbook. My name is Byron Hebert. I’m the Chief Growth Officer here at PKF Texas, and today I want to introduce you to two of the faces of PKF Texas, Matt Goldston and Sam Razmandi.

We’re going to talk to you today about one of the services PKF offers: our Outsourced Controller and CFO Program in the Entrepreneurial Advisory Service Department. Both these guys are experts in this area, and so I’m really excited to introduce them to you. Let’s start with Matt.

Matt, why would a company outsource their controller or CFO function?

Continue Reading What are Outsourced Controller and CFO Services?

International Fraud Awareness Week badge for 2020 from the ACFEAccording to a study conducted by the Association of Fraud Examiners (ACFE), fraud costs organizations about 5% of their annual revenues. For this year’s International Fraud Awareness Week, the Houston Chapter of the ACFE has lined up activities for friends, family and colleagues to join and participate in from November 15 – November 21 to raise awareness to fraud.

The Houston Chapter of ACFE has shared the daily International Fraud Awareness Week activities, which include:

Continue Reading Join International Fraud Awareness Week 2020 Activities

The PKF Texas not-for-profit team hosted its next Zoom webinar, “Forging Ahead: Planning Your Fundraising and Investment for 2021.” Once again, PKF Texas Audit Senior Manager, Nicole Riley, CPA, CFE, moderated a panel, which included Ryan McCauley, Regional Director of Foundation & Institutional Advisory, Northern Trust; and Sara Wise, Senior Consultant, Mission Advancement.

Thumbnail image spotlighting Nicole Riley, Ryan McCauley and Sara Wise for PKF Texas' Zoom webinar “Forging Ahead: Planning Your Fundraising and Investment for 2021"

With 2021 around the corner and the continuing COVID-19 pandemic, not-for-profits are wondering about what the next year looks like for their respective organizations. In this webinar discussion, the speakers provided insight about fundraising, planned giving and donor communication, as well as guidance on how to handle each facet effectively. Some of the key takeaways were:

  • Communication with donors is important; maintaining relationships with them, especially long-time loyalty donors.
  • Having policies and procedures in place to handle donated gifts and donations help your organization in the long-term; guidelines governing conversations and avoid having to say, “No,” to donors and provide a plausible reason why.
  • Ensuring the acceptance of gifts and donations serve your organization’s ongoing mission and impact.
  • The popular opinion of the polled audience on the most sustainable funding and growth is diversifying funding sources.

At the end of the day, each speaker advised bringing in accountants, lawyers and/or investment advisors to help interpret tax laws and provisions surrounding gifts and donations.

To watch* the full webinar, visit bit.ly/110520NFPWebinar.

For the latest updates related to COVID-19, visit: www.PKFTexas.com/COVID-19.

For more information about how the faces of PKF Texas serve not-for-profits, reach out to our team members at www.PKFTexas.com/NotForProfit.

*Note: viewing the recorded webinar does not make you eligible for CPE credit.

Delegating ideally gives not-for-profit executives time to focus on mission critical tasks and provides growth opportunities to staffers. However, you need to approach delegation strategically.

woman in long-sleeve grey shirt putting a yellow post-it note on a dry erase board; image used for blog post about not-for-profit leaders delegating tasks

This means assigning the right tasks to the right staffers — and following up on assigned work to ensure it’s completed to your standards.

Continue Reading Tips: Delegating as a Not-for-Profit Leader

Many people have Series EE bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe you bought them yourself and put them away in a file cabinet or safe deposit box.

a stack of savings bonds; image used for blog post about EE bonds being taxed

You may wonder: How is the interest you earn on EE bonds taxed? And if they reach final maturity, what action do you need to take to ensure there’s no loss of interest or unanticipated tax consequences?

Continue Reading Series EE Bonds – What to Know and How They’re Taxed

The Securities and Exchange Commission (“SEC”) recently issued Final Rulemaking Release No. 33-10825, “Modernization of Regulation S-K Items 101, 103, and 105,” which amends Regulation S-K disclosure Items:

  • 101, “Description of Business,
  • 103, “Legal Proceedings,” and
  • 105, “Risk Factors.”

photo angled towards the sky with four buildings converging to the center; image used for blog post for SEC Desk about amendments to Regulation S-K

These amendments, which are part of the SEC’s broader Disclosure Effectiveness Initiative, reflect changes that have occurred in the capital markets and the availability of information and aim to improve the information content of those items and to simplify compliance for registrants.

The main amendments to Regulation S-K from Release No. 33-10825 are as follows:

Continue Reading Amendments to Regulation S-K Help Simplify Disclosure Compliance