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.

Portrait of Danielle Supkis Cheek, Director at PKF Texas; image used for announcement about Danielle's appointment IFAC committeePKF Texas is pleased to announce Director, Danielle Supkis Cheek, CPA, CFE, CVA, has been named a 2020 “40 Under 40 in the Accounting Profession” by CPA Practice Advisor. This is the seventh year Danielle has received this recognition.

The 40 Under 40 Awards spotlight top practicing public accountants, educators and thought leaders, who are leading their profession by visibly and incrementally changing the accounting through exemplary leadership, innovative thinking, collaborative efforts to provide unity across generations and community outreach, which extends visibility of the profession outside the workplace. The full list was published in the December 2020 issue of the magazine.

In addition to her Director’s role at PKF Texas serving clients in business consulting, fraud and forensics and more, Danielle is the current Chair for the AICPA PCPS Technical Issues Committee (TIC), and starting January 1, 2021, she will serve as the U.S. Representative to the International Federation of Accountants (IFAC) Small and Medium Practices (SMP) Committee.

To learn more about Danielle Supkis Cheek, CPA, CFE, CVA, visit www.PKFTexas.com/DanielleSupkisCheek.

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.

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

Portrait of Danielle Supkis Cheek, Director at PKF Texas; image used for announcement about Danielle's appointment IFAC committeePKF Texas is excited to announce Director Danielle Supkis Cheek, CPA, CFE, CVA, has been appointed to serve as the U.S. Representative to the International Federation of Accountants (IFAC) Small and Medium Practices (SMP) Committee. Her term will last from January 1, 2021 – December 31, 2023.

The IFAC SMP Committee is an advisory body providing strategic input on IFAC’s activities in three areas:

  • Providing regular and timely input to the international standard-setting process
  • Developing and sharing practical guidance, tools and resources
  • Promoting the visibility and recognition of SMPs

“With the coming adoption of new coming international quality control standards, this is an important time for firms,” said Supkis Cheek. “The industry continues to evolve rapidly, so the opportunity to be part of a committee providing what firms need is rewarding.”

For more information about the IFAC SMP Commitee, visit www.ifac.org/who-we-are/advisory-groups/small-and-medium-practices-advisory-group.

The Small Business Administration (SBA) and Department of Treasury released an updated Paycheck Protection Program (PPP) Loan Forgiveness FAQ with detailed instructions on Tuesday, August 4, 2020 as the COVID-19 pandemic continues.

hands typing on a laptop; image used for a COVID-19 update about the Paycheck Protection Program (PPP) Loan Forgiveness Application

The FAQs cover:

  • General loan forgiveness
  • Payroll costs
  • Nonpayroll costs
  • Reductions

Future legislation may impact this and other PPP-related guidance. We will continue to monitor possible updates, promptly advising you should the current documents be revised or amended.

If you have questions about PPP-related matters, please connect with your PKF Texas Entrepreneurial Advisory Services team members.

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

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.

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.

The Paycheck Protection Program (PPP) Flexibility Act amends the Small Business Act and the CARES Act, modifying certain provisions in an attempt to make it easier for businesses to have their PPP loans forgiven. For many companies these are welcome changes. However, there are few things to bring to your attention which could lead to unintended consequences in limited cases.

The one constant in the PPP is that the program will change. We do not expect this recent update to be the final PPP outlook, and we anticipate changes to the forgiveness form, as well as more regulatory interpretations that will impact the Program.

Continue Reading What to Watch Out for in the Paycheck Protection Program Flexibility Act

The Small Business Administration (SBA) and Department of Treasury released the Paycheck Protection Program (PPP) Loan Forgiveness Application with detailed instructions on Friday, May 15, 2020.

hands typing on a laptop; image used for a COVID-19 update about the Paycheck Protection Program Loan Forgiveness Application

The SBA form has instructions that include:

  • The option for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
  • Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the coverage period after receiving their PPP loan
  • Instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
  • Implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30, 2020
  • Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined

Future legislation may impact this and other PPP-related guidance. We will continue to monitor possible updates to the PPP Loan Forgiveness Application, promptly advising you should the current contents of the application be revised or amended.

If you have questions about PPP-related matters, please connect with your PKF Texas Entrepreneurial Advisory Services team members.

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

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.

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Danielle Supkis Cheek, one of the faces of our fraud and forensics team. Danielle, welcome back to the Playbook.

Danielle: Thank you again for having me.

Jen: So, I’ve heard a little bit about treasury management. What do you do in that space, and what does that look like?

Danielle: Treasury management is just a fancy word for “banking services.” You’ll be able to reach out to your banker and find out what treasury management services they have, but it’s kind of the services that the bank offers you as a business customer typically.

Continue Reading How Treasury Management Can Help Protect Your Business