Is your business closing? Unfortunately, the COVID-19 pandemic has forced many to shut down. If this is your situation, we’re here to assist you in any way we can, including taking care of the various tax obligations that must be met.

a sign sitting behind a window with the red words "closed," image used for blog post about business closing during COVID-19 pandemic

Of course, a business must file a final income tax return and some other related forms for the year it closes. The type of return to be filed depends on the type of business you have.

Here’s a rundown of the basic requirements.

Continue Reading The Tax Responsibilities of Your Business Closing

As trusted business advisors, we enjoy working with you to co-create ideas and co-develop innovative solutions for your business. 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.

  • KCA
  • Client Exclusive: Not-for-Profit Webinar
  • National Association for Corporate Directors
  • Holocaust Museum Houston
  • Texas A&M

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 November 2020 Houston Events…

It’s important to schedule internal audits. Fraud doesn’t simply take a vacation during crises, such as the COVID-19 pandemic. If your not-for-profit’s internal controls aren’t effective, crooked individuals can find ways to exploit them and steal from your organization — even if they’re working remotely. Other threats, such as financial shortfalls, might also loom.

a computer screen showing a graph with red and green lines; image used for blog post about not-for-profit internal audits for risk mitigation

Comprehensive independent audits help assure stakeholders that your not-for-profit is ready for anything that might come its way — including opportunities.

Continue Reading How Internal Audits Can Serve as Risk Mitigation

When a couple gets divorced, taxes are probably not foremost in their minds. But without proper planning and advice, some people find divorce to be an even more taxing experience. Several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made.

two gold rings sitting on the ground surrounded by rain; image used for blog post about tax issues for divorced couples

Here are four issues to understand if you’re getting divorced.

Continue Reading 4 Tax Issues Divorced Couples Need to Know

“Accountability” may seem like one of those popular management concepts you know would be nice to implement if your not-for-profit had the time and budget.

graphic image of a green billboard sign with the word "accountability" printed; image used for blog post about not-for-profit accountability

But not only is accountability essential to your not-for-profit’s health and efficacy — affecting everything from donations to grants, hiring to volunteering, board fiduciary duty to employee morale — it’s also easy to adopt.

Continue Reading Make Time for Accountability for Your Not-for-Profit

If you invest in mutual funds, be aware of some potential pitfalls involved in buying and selling shares.

man looking at documents with data and charts; image used for blog post about mutual funds tax pitfalls

Surprise Sales
You may already have made taxable “sales” of part of your mutual fund investment without knowing it.

One way this can happen is if your mutual fund allows you to write checks against your fund investment. Every time you write a check against your mutual fund account, you’ve made a partial sale of your interest in the fund. Thus, except for funds such as money market funds, for which share value remains constant, you may have taxable gain (or a deductible loss) when you write a check. And each such sale is a separate transaction that must be reported on your tax return.

Here’s another way you may unexpectedly make a taxable sale.

Continue Reading Avoid Tax Pitfalls of Mutual Funds

The city of Houston is known for being a giving city, but how has the COVID-19 pandemic affected fundraising for not-for-profit organizations? PKF Texas is a proud sponsor of the Houston Business Journal’s upcoming live philanthropy webinar, and we invite you to join us on Tuesday, October 27, 2020, from 2:00 – 3:00 p.m. for “The State of Giving & Nonprofits.”

graphic logo for Houston Business Journal's State of Giving & Nonprofits Zoom Webinar

The free webinar event will host a panel of knowledgeable speakers, including:

  • Lisa Helfman, Director of Public Affairs, H-E-B; Founder and board Chair, Brighter Bites
  • Stephen Ives, President & CEO, YMCA of Greater Houston
  • Kim Sterling, Founder & President, Sterling & Associates

For more event details and registration information for HBJ’s “The State of Giving & Nonprofits,” visit www.bizjournals.com/houston/event/166283/2020/live-webinar-the-state-of-giving-and-nonprofits.

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.

It would be an understatement to say 2020 has been challenging. Leaders of not-for-profits still standing are justified in having anxiety and worrying about strained budgets and their ability to deliver on their organization’s promises during a pandemic, financial crisis and time of social and political upheaval.

green and yellow paper forming a speech bubble with an ellipses; image used for blog post about easing not-for-profit staffers' anxiety

Staffers are likely to be just as concerned about the future of your organization and its constituents. Understandably given the current high unemployment rate, many are also worried about their own job security. Now more than ever, you need to be as open and transparent as possible.

Continue Reading How to Help Ease Your Not-for-Profit’s Staffers’ Anxiety

If you’re finally done filing last year’s return, you might wonder: Which tax records can you toss once you’re done?

files and books of paper stacked across a shelf; image used for blog post about keeping tax records or throwing them away

October 15 is the deadline for individual taxpayers who extended their 2019 tax returns. (The original April 15 filing deadline was extended this year to July 15 due to the COVID-19 pandemic.) Now is a good time to go through old tax records and see what you can discard.

Continue Reading Keep Tax Records or Throw Them Away?