If your charity or association depends financially on membership fees, you know that non-renewals are cause for concern. During this time of economic and occupational insecurity, you may be experiencing membership drop-offs and some anxiety about your organization’s future.

a collective of hands come together with red paint forming a heart; image used for blog post about retaining not-for-profit members

How can you help retain members and attract new ones to your not-for-profit? By focusing on needs, providing value and prioritizing engagement.

Continue Reading 3 Ways to Help Keep Your Not-for-Profit Members

The fourth 2020 estimated tax payment deadline for individuals is Friday, January 15, 2021. If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis.

graphic with a hanging red and white calendar with "January 15;" image used for blog post about estimated tax deadline for January 15

Even if you do have some withholding from paychecks or payments you receive, you may still have to make estimated payments if you receive other types of income such as Social Security, prizes, rent, interest, and dividends.

Continue Reading Is Your Next Tax Deadline January 15?

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.

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

If the events of 2020 have taught not-for-profits anything, it’s that financial reserves are essential to long-term survival. An endowment is different from operating reserves and generally is designed to provide steady income to a not-for-profit while its core investments grow untouched. But that steady income can be a financial safeguard in times of crisis.

a green plant growing from a pile of coins; image used for blog post about not-for-profit endowment

So if your organization doesn’t have an endowment, or if you’ve neglected to build on an existing one, you might want to focus on it as soon as your not-for-profit is back in fighting shape. Just make sure you understand the regulations governing spending and have the resources to manage investments.

Continue Reading What to Know About a Not-for-Profit Endowment

You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make it hard for many people to qualify.

a blue doctor's stethoscope sits on a wooden table; image used for blog post about medical expenses tax deduction

But with proper planning, you may be able to time discretionary medical expenses to your advantage for tax purposes.

Continue Reading Qualifying for Medical Expenses Tax Deduction

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back once again with Matt Goldston, a Director in our Entrepreneurial Advisory Services team. Matt, welcome back to the Playbook.

Matt: Thank you, Jen, I appreciate it.

Jen: So, I know we call it the EAS team, I know the EAS team has been working with bankers and our clients on the various intricacies of the Paycheck Protection Plan or “PPP.” How have you been working with banks on PPP-related items?

Continue Reading Navigating Through PPP Loan Forgiveness

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.

Holiday-inspired generosity and the desire to reduce tax liability makes the end of the year a busy time for charitable giving. According to Network for Good and other sources, approximately 30% of charitable gifts are made in December alone. For not-for-profits, an important part of processing these donations is sending thank-you letters that acknowledge donor gifts.

a note card with the word "thanks" sits on a wooden table with a black marker; image used for blog post about not-for-profits acknowledging donor gifts

To ensure your letters contain everything they should, here’s a refresher course.

Continue Reading The Importance of Acknowledging Donor Gifts

Contributing to a tax-advantaged retirement plan can help you reduce taxes and save for retirement. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a smart way to build a substantial sum of money.

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If you’re not already contributing the maximum allowed, consider increasing your contribution rate. Because of tax-deferred compounding (tax-free in the case of Roth accounts), boosting contributions can have a major impact on the size of your nest egg at retirement.

With a 401(k), an employee makes an election to have a certain amount of pay deferred and contributed by an employer on his or her behalf to the plan. The contribution limit for 2020 is $19,500. Employees age 50 or older by year end are also permitted to make additional “catch-up” contributions of $6,500, for a total limit of $26,000 in 2020.

The IRS recently announced that the 401(k) contribution limits for 2021 will remain the same as for 2020.

Continue Reading Save for Retirement by Maximizing Your 401(k) Plan