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 the PKF Texas Contract Compliance services team. Carlos, welcome to the Playbook.

Carlos: Thank you. Thank you for having me.

Jen: So, what are contract compliance services?

Carlos: Contract compliance services is a mixture of different types of audit that we can do for a third-party in order to make sure you’re getting paid the right amount of money that you’re due, whether it be a license agreement or franchise or a vendor that you want to review.

Jen: So, who would need these types of services?

Continue Reading What are Contract Compliance Services?

Employees or independent contractors? It’s not only for-profit companies that struggle with the question of how to classify workers for federal tax purposes. Not-for-profit organizations must withhold and pay Social Security, Medicare and unemployment taxes for employees, but not for contractors. (There may also be state tax responsibilities.)

a Black woman and American woman pose together, wearing blazers, in front of a white board; image used for blog post about not-for-profits classifying workers for tax purposes

But be careful before you decide that most of your staffers must be contractors. The IRS may not agree.

Continue Reading How to Classify Your NFP’s Workers for Tax Purposes

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

Not-for-profits increasingly are adopting a corporate world tool: financial dashboards. A dashboard is a summary of an organization’s progress toward a specific goal over time — or a snapshot of its current situation.

a computer screen shows data with bar graphs, metric numbers and more; image used for blog post about financial dashboards helping not-for-profit success

Dashboards are designed to help boards and other constituents visualize important metrics, or key performance indicators (KPIs). But to facilitate informed, timely decisions, it’s critical to select the right KPIs.

Continue Reading How Financial Dashboards Help Your NFP’s Financial Success

While you probably don’t have any problems paying your tax bills, you may wonder: What happens in the event you (or someone you know) can’t pay taxes on time?

woman holding hundred dollar bills fanned out; image used for blog post about options if individuals can't pay taxes on time

Most importantly, don’t let the inability to pay your tax liability in full keep you from filing a tax return properly and on time. In addition, taking certain steps can keep the IRS from instituting punitive collection processes.

Here’s a look at the options.

Continue Reading Can’t Pay Individual Taxes? Here’s What to Know

President Trump recently issued four Executive Orders related to providing added relief to businesses during the COVID-19 pandemic. The most significant order for tax professionals is for a deferral of payroll taxes from September 1, 2020 through December 31, 2020.

With this in mind, we want to share with you a special tax briefing which summarizes the following:

Cover page of Tax Briefing about Executive Orders issued for businesses during the COVID-19 pandemic
  • “CARES 2” Overview
  • Payroll Tax Background
  • Deferral of Payroll Taxes
  • Uncertain Implementation

The briefing may be downloaded here or by clicking the image above.

If you have questions about how the information in this briefing applies to your tax situation, please connect with your specific PKF Texas tax team members via email.

J. Del Walker, CPA
Director, Tax Practice Leader
DWalker@PKFTexas.com
713-860-1420

Rafael Carsalade, CPA
Director, International Tax
RCarsalade@PKFTexas.com
713-860-5412

Martin Euson, JD
Director, Tax
MEuson@PKFTexas.com
713-860-5436

Nikki Homratsamy, CPA
Director, Tax
NHomratsamy@PKFTexas.com
713-860-5425

Frank Landreneau, CPA
Director, International Tax
FLandreneau@PKFTexas.com
713-860-1429

Jim Streets, CPA
Director, Tax
JStreets@PKFTexas.com
713-860-5440

Gary Voth, CPA, JD
Director, Tax
GVoth@PKFTexas.com
713-860-1410

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.

Current financial pressures mean that your not-for-profit probably can’t afford to pass up offers of support. Yet you need to be careful about blindly accepting grants. Smaller not-for-profits that don’t have formal grant evaluation processes are at risk of accepting grants with unmanageable burdens and costs. But large organizations also need to be careful because they have significantly more grant opportunities — including for grants that are outside their current expertise and experience.

graphic of a manila folder with the word "grants" and a dollar bill; image used for blog post about not-for-profits accepting grants

Here’s how accepting the wrong grant may backfire in costly and time-consuming ways.

Continue Reading Considerations When Accepting New Grants for Your NFP

If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications.

two sticky notes on a window saying "Sorry we are closed, COVID-19;" image used for blog post about tax consequences of PPP loans

The Basics
The Coronavirus Aid, Relief and Economic Security (CARES) Act, which was enacted on March 27, 2020, is designed to provide financial assistance to Americans suffering during the COVID-19 pandemic. The CARES Act authorized up to $349 billion in forgivable loans to small businesses for job retention and certain other expenses through the PPP. In April, Congress authorized additional PPP funding and it’s possible more relief could be part of another stimulus law.

Continue Reading PPP Loans Can Have Tax Consequences

TXCPA Houston Energy Conference 2020 BrochureDue to the continuing COVID-19 pandemic, this year’s TXCPA Houston Energy Conference will be virtual on Wednesday, August 26, 2020. PKF Texas Audit Director and Energy Practice Leader, Brian Baumler, is the event’s Chairman for the seventh year.

Now in its 18th year, the 2020 conference will feature valuable insights from top executives and professionals in the accounting and energy industry in an online learning environment. This year, the upstream keynote speaker is Jennifer Kirk, SVP Integration and Value Capture, Occidental Petroleum Corporation.

Additionally, attendees of the conference can earn up to 9 CPE credits, hearing from thought leaders who will discuss topics, including:

  • Energy Economic Update and Outlook
  • Tax Trends and Outlook
  • Accounting and SEC Update
  • Environmental Social Governance
  • Mergers and Acquisitions, and Capital Markets Insights and Trends
  • Artificial Intelligence and Data Analytics

What’s on the agenda for the conference? Click here or on the cover above to see the conference’s brochure with all the topics and speakers.

For more information and to register, visit the TXCPA Houston website: www.houstoncpa.org.

As PKF Texas continues its work-from-home strategy during the COVID-19 pandemic, the firm’s not-for-profit team hosted its first Zoom webinar titled “Adapting to New Daily Challenges Facing Not-for-Profits.”

promotional image of Nicole Riley, Matt Kuhlman and Jennifer Yancey for a Zoom webinar about new daily challenges facing not-for-profits

PKF Texas Audit Senior Manager, Nicole Riley, CPA, CFE, moderated a panel with Matt Kuhlman, Vice President and Chief Financial Officer, Cenikor Foundation; and Jennifer Yancey, Chief Development Officer, Houston Area Women’s Center. Some of the topics they shared insight on included:

  • Finding and retaining staff
  • Board member retention
  • Keeping current on IT and technology
  • Fundraising
  • Collaboration with other entities
  • And more

Prior to COVID-19, not-for-profit organizations were already facing challenges, but the pandemic has increased those challenges. In their discussion, Kuhlman and Yancey shared their respective organizations’ experiences and working solutions for each topic – pre-COVID-19, during COVID-19 and looking forward to future operations. For example, everyone agreed there needs to be an emphasis on culture within an organization, speaking to retention efforts. Especially in a pandemic requiring remote workdays, communication from organization leadership is imperative, as well as regular check-ins and reinforced work-life balance and self-care.

To watch* the full webinar, visit bit.ly/PKFTexas080620Webinar.

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.