Jen: This is the PKF Texas – Entrepreneur’s Playbook®, I’m Jen Lemanski, and I’m here with Kelly McDonald, an audit manager and a member of our employee benefit plan audit team. Kelly, welcome to the Playbook.

Kelly: Good to be here.

Jen: So, I know there’s a lot of ins and outs with EBPs, and so one question that I have is, how can third-party providers help companies with fiduciary responsibilities in relation to their retirement plans?

Continue Reading Your Retirement Plan, Third-Party Providers and You

As trusted business advisors, we enjoy working with you to co-create ideas and co-develop smart business decisions. 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 September 2021 Houston Events…

We had record-breaking attendance to our webinar, “2021 Accounting and Tax Updates and Changes for Not-for-Profits,” on August 25, 2021! According to a polling question, 60% of attendees were not-for-profit executive team members. We were bummed to move the seminar from in-person to virtual due to the rise in the Delta variant of COVID-19. The PKF Texas team members were looking forward to meeting with attendees!

PKF Texas promotional graphic for webinar on August 25, 2021 titled, "2021 Accounting and Tax Updates and Changes for Not-for-Profits"

Continue Reading Recap: 2021 Accounting and Tax Updates and Changes for Not-for-Profits Webinar

The typical defrauded not-for-profit loses $75,000 per fraud incident, according to the Association of Certified Fraud Examiners. And that doesn’t account for the negative publicity and subsequent lost donations and support that often follow fraud. Although no preventive measure is 100% effective, strong internal controls can greatly reduce the risk that a crooked staffer or outside criminal will find gaps in your fortress.

two scrabble tiles of G and P lie on a flat surface; image used for blog post about not-for-profit internal controls gaps

Continue Reading Does Your Not-for-Profit Have an Internal Controls Gap?

Are you familiar with Achieving a Better Life Experience (ABLE) Accounts? There may be a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re entitled. It can be done through ABLE accounts, which is a tax-free account that can be used for disability-related expenses.

cement with the sign marking of a disabled parking spot; image used for blog post about ABLE accounts helping disabled family members

Continue Reading How ABLE Accounts Help Disabled Family Members

Economic instability caused by the pandemic may have your not-for-profit scrambling to find funding. But just as important is making internal adjustments that build your not-for-profit’s capacity to fulfill its long-term mission. However, you may want to tweak the standard capacity building process.

a wooden plank sits on top of stone letters spelling the word, "strength;" image used for blog post about not-for-profits capacity building

Continue Reading Pursuing Capacity Building for Your Not-for-Profit

Jen: This is the PKF Texas – Entrepreneur’s Playbook®. I’m Jen Lemanski, and I’m back again with Roland Robb, a member of our business advisory team. Roland, welcome back to the Playbook.

Roland: Hi, good to be back.

Jen: So, we were talking a little bit about the Employee Retention Credit last time, but what we didn’t get the chance to get to were what are the benefits that a company could see by applying and receiving this credit?

Continue Reading The Benefits of the Employee Retention Credit

If your child is fortunate enough to be awarded scholarships, you may wonder about the tax implications. Fortunately, scholarships (and fellowships) are generally tax free for students at elementary, middle and high schools, as well as those attending college, graduate school or accredited vocational schools.

empty wooden chairs in a classroom; image used for blog post about scholarships are tax free but result in taxable income

It doesn’t matter if the scholarship makes a direct payment to the individual or reduces tuition.

Continue Reading Scholarships: Tax Free but May Result in Taxable Income

Jen: This is the PKF Texas – Entrepreneur’s Playbook®. I’m Jen Lemanski, and I’m here with Roland Robb, a member of our business advisory team. Roland, welcome to the Playbook.

Roland: Hi Jen. It’s great to be here.

Jen: So, I know you’ve been helping some of our clients with Employee Retention Credit. Can you tell me what that is?

Roland: Sure. The ERC, for short, is one of the stimulus programs that was created as part of the CARES Act passed in April of 2020. And it’s been since expanded with two additional stimulus measures that were passed. What the credit does is it is a payroll tax credit against employer social security taxes, and it ultimately puts some money back into the pockets of employers that have retained their staff during the last 18 months or so.

Jen: So, who’s actually eligible for the credit?

Roland: So, the credit actually has some different rules for 2020 versus 2021. And the rules for 2020 are a bit more restrictive and challenging to qualify for. Those rules were relaxed a bit more for the 2021 version of the credit. For 2020, all non-government entities can be eligible, and in 2021, some additional governmental agencies are eligible as well.

Jen: So, if someone’s interested in exploring a little bit more and then potentially applying for the credit, how would they do that?

Roland: So, the credit is a credit against payroll taxes. So, they would file an amended 941 using Form 941-X. If they’re going to file after the fact, or if they are filing for the credit contemporaneously in a period that in a quarter that just closed, they would fill out their updated Form 941.

Jen: Perfect. Well I’m sure there’s some benefits to that, but let’s get into that in a separate session. Sound good?

Roland: Works for me.

Jen: Perfect. This has been another thought leadership production brought to you by PKF Texas – The Entrepreneurs Playbook®. If you would like more information about the Employee Retention Credit, please visit Tune in next week for another chapter.