Jen: This is The PKF Texas – Entrepreneur’s Playbook®. I’m Jen Lemanski and I’m here today 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: Hi, Jen.

Jen: So, previously we’ve talked about licensing agreements. Can you walk me and our viewers through the key sections of licensing agreements?

Continue Reading Key Sections of Licensing Agreements

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

cover of PKF Texas' 2021 SEC Filing Reference GuideWe have updated our website’s SEC Desk with the 2021 SEC Filing Reference Guide, which is ready to access and download. This update summarizes the U.S. Securities and Exchange Commission’s 2021 calendar year filing deadlines. While there are no significant changes to the due dates for the new filing year, several of the dates fall on a weekend or federal holiday. As such, the due dates for Form 10-Q filings for non-accelerated filers, for example, have been extended to May 17, August 16 and November 15, respectively, for Q1, Q2 and Q3 filings.

For information about additional filing due dates such as those on Form 20-F, contact a member of your PKF Texas SEC Team, and to download a copy of the SEC Filing Guide, visit www.PKFTexas.com/SECDesk.

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back once again with Kristin Ryan, an Audit Senior Manager and one of the faces of the PKF Texas Employee Benefit Plan team. Kristen, welcome back to the Playbook.

Kristin: Thanks for having me.

Jen: So, we’ve had a webinar on it, you’ve done some Entrepreneur’s Playbooks on it, but there’s so much to cover between the SECURE Act and the CARES Act. What else do our folks need to know?

Continue Reading More on the SECURE Act and CARES Act

Deemed as a riveting presentation from a CFO and SEC registrant attendee, PKF Texas hosted its last Zoom webinar of the year with the SEC niche team, “What’s Next for 2021: Accounting and SEC Reporting Updates,” on December 3, 2020. Audit Director, Chip Schweiger, CPA, CGMA, moderated a panel consisting of speakers:

  • Valerie Frey, CPA, Audit Senior Manager, PKF Texas
  • Miriam, CPA, Audit Manager, PKF Texas
  • Gray Stratton, Partner, DLA Piper LLP

Thumbnail image spotlighting Chip Schweiger, Valerie Frey, Miriam Rouziek and Gray Stratton for PKF Texas' Zoom webinar “What's Next for 2021: Accounting and SEC Reporting Updates"

The SEC and FASB have released rule changes and new guidance during the COVID-19 pandemic, amid regular updates, and each speaker discussed the activities, the impact on various entities and ultimately what 2021 looks like for companies. Some of the topics included:

  • 11 Accounting Standard Updates (ASUs)
  • FASB’s focus on Leases (Topic 842)
  • Assistance to companies about COVID-19 related disclosures
  • Game changer – Rule S-K Modernization
  • Case reviews and lessons learned from SEC investigations

To watch* the full webinar, visit bit.ly/120320SECWebinar.

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 SEC clients and public companies, reach out to our team members at www.PKFTexas.com/SECDesk.

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

Over the summer, the Securities and Exchange Commission (SEC) voted to adopt amendments to the rules governing proxy solicitations. These amendments are designed to ensure that clients of proxy voting advice businesses have reasonable and timely access to more transparent, accurate and complete information on which to make voting decisions. The amendments will also provide those who use proxy voting advice the ability to make informed voting decisions without imposing undue costs or delays that would adversely affect the timely provision of the proxy voting advice.

empty black office chairs sitting around a table; image used for blog post about SEC rule amendments making proxy voting advice more transparent

These amendments also serve to codify the SEC’s longstanding view that proxy voting advice generally constitutes a solicitation under the proxy rules. As such, it was important to make clear that the failure to disclose material information about proxy voting advice may constitute a potential violation of the anti-fraud provision of the proxy rules.

Continue Reading SEC Rule Amendments Make Proxy Voting Advice More Transparent

The IRS has provided guidance to employers regarding the recent presidential action to allow employers the deferral of the withholding, deposit and payment of certain payroll tax obligations.

The three-page guidance in Notice 2020-65 was issued to implement President Trump’s executive memorandum signed on August 8.

dollar bills sitting underneath a medical mask; image used for blog post about deferral of employees' social security tax

Private employers still have questions and concerns about whether, and how, to implement the optional deferral. The President’s action only defers the employee’s share of Social Security taxes; it doesn’t forgive them, meaning employees will still have to pay the taxes later unless Congress acts to eliminate the liability. (The payroll services provider for federal employers announced that federal employees will have their taxes deferred.)

Continue Reading Deferral of Your Employees’ Social Security Taxes

If you’re getting close to retirement, you may wonder: Are my Social Security benefits going to be taxed? And if so, how much will you have to pay?

a phone calculator sitting on top of a red journal and white and grey folder; image used for blog post about paying tax on social security benefits

It depends on your other income. If you’re taxed, between 50% and 85% of your benefits could be taxed. (This doesn’t mean you pay 85% of your benefits back to the government in taxes. It merely that you’d include 85% of them in your income subject to your regular tax rates.)

Continue Reading Paying Tax on Your Social Security Benefits

The Houston Business Journal recently published an article on their website by PKF Texas Director, Danielle Supkis Cheek, who shares insight on selecting the “second-best” controls for fraud prevention.

someone holding a magnifying glass to a laptop keyboard; image used for blog post about Danielle Supkis Cheek article about fraud prevention

Danielle references the 2020 ACFE Report to the Nations as a resource for information and data, which companies can use when finding the best fit for their environment. She asserts that the second-best control is based on:

  • Broad applicability to small to large company (and not-for-profits).
  • Ability to execute on a test basis for low cost and ability to scale up.
  • Extra unintended benefits usually derived for operations from its existence.
  • It is a proactive data monitoring/analysis program.

For the full article with more detail, visit www.bizjournals.com/houston/news/2020/07/08/what-is-the-second-best-bang-for-buck-control-to-p.html.

For more information about forensic accounting and fraud prevention, contact Danielle Supkis Cheek at dcheek@pkftexas.com.

Russ: This is the PKF Texas Entrepreneur’s Playbook. I’m Russ Capper, this week’s guest host, and I’m here once again with Kristin Ryan, Audit Senior Manager and one of the faces of the PKF Texas employee benefit plan team. Kristin, great to see you again.

Kristin: Thank you.

Russ: Last time you were on we got into the SECURE Act and the impact on defined contribution plans, which was fascinating. I like doing this, because I get to learn stuff, too. But there’s a lot more about what actually the impact is on defined contributions; that’s why I want to talk about it again.

Kristin: Yeah, absolutely. So, we focused on defined contributions, the 401(k) plans last time. We want to focus on pension plans this time. So, one of the big things that I’m hearing about a lot with the pension plans is their relief for nondiscrimination testing for frozen plans. So, now a plan that’s frozen, participation frozen contributions, doesn’t have to do as much testing.

Russ: And why would they do that?

Continue Reading Best of… How the SECURE Act Affects Pension Plans