The IRS announced it is opening the 2019 individual income tax return filing season on January 27. Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), consider filing as soon as you can this year.

a black-ink pen lying next to tax withholding forms for a tax return

The reason: You can potentially protect yourself from tax identity theft — and you may obtain other benefits, too.

Continue Reading Protect Yourself by Filing Your 2019 Tax Return Early

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

Danielle: Thank you again.

Jen: So, in this era of technology, and I mentioned in the intro—data analytics. One of the pieces that is data visualization. What are you seeing in that space, and how do you work with clients on that?

Danielle: Yeah, so, data visualization is what sounds like a scary term—people don’t really exactly know what it is—it pretty much is a fancy word for “pictures of graphs.” Just summering up data in a graph or a picture of some sort. A lot of people still seem to be very afraid to start, very afraid of, “What do I need to invest?” and afraid of, “What do I need to do?”

Continue Reading What is Data Visualization and How to Get Started

A much-hated tax on not-for-profit organizations is on the way out. At the end of 2019, Congress repealed a provision of 2017’s Tax Cuts and Jobs Act (TCJA), which triggered the unrelated business income tax (UBIT) of 21% on not-for-profit employers that provide employees with transportation fringe benefits.

a red monorail train speeding overhead people walking through a transportation terminal; image used for UBIT transportation fringe benefits blog post

Unequipped to handle the additional administrative burdens and compliance costs, thousands of not-for-profits had complained — and legislators apparently listened.

Continue Reading Repealed: UBIT on Transportation Fringe Benefits

The new year started on a great note! Effective January 1, 2020, PKF Texas promoted Entrepreneurial Advisory Services Senior Manager, Sam Razmandi, CPA, to Director, and Tax Director Martin Euson, JD, was added to the shareholder group.

a photo of two gentlemen in grey suits; Sam Razmandi and Martin Euson of PKF Texas

Sam joined PKF Texas in 2012 and works closely with owners and CFOs to help them achieve their company goals by providing reliable and timely financial information, improving processes and procedures and helping identify and understand key performance indicators.

Martin experience includes advising businesses and their owners on U.S. federal income tax matters, and he also provides strategic buyers and private equity investors with U.S. tax due diligence and tax structuring services in connection with acquisition and divestiture transactions. He joined the firm in 2016.

Visit our website to learn more about Sam and Martin and how they serve clients.

As trusted business advisors, we enjoy working with you to co-create ideas and co-develop innovative solutions for your business. To supplement this, we also want to provide valuable information, including upcoming Houston events that we support, and think may be of interest to you.

  • Greater Houston Partnership
  • Turnaround Management Association
  • National Association of Corporate Directors – M&A Panel
  • BioHouston
  • Client Exclusive – Employee Benefit Plan Seminar
  • National Association of Corporate Directors – Risk Management Panel

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 Winter 2020 Houston Events…

While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax breaks to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, 2019. It makes many changes to the tax code, including an extension (generally through 2020) of more than 30 provisions that were set to expire or already expired.

a close up view of a man wearing a black suit and a watch holding a newspaper with the word "business" on the cover; image used for a blog post about five tax breaks from the new tax law

Two other laws were passed as part of the law (The Taxpayer Certainty and Disaster Tax Relief Act of 2019 and the Setting Every Community Up for Retirement Enhancement Act).

Here are five highlights.

Continue Reading 5 More Tax Breaks from the Newly Signed Tax Law

Jen: This is PKF Texas the Entrepreneurs Playbook. I’m Jen Lemanski, and I am back again with Danielle Supkis Cheek, a director and one of the faces of our PKF Texas Consulting team. Danielle, welcome back the Playbook.

Danielle: Always happy to be here.

Jen: So, we’ve had a few other directors in here talking about lease accounting, and I know the standards have changed a little bit since the last time we had—I think it was Chris Hatten was here. Can you give us a little bit of an overview about what’s happened with the delayed lease accounting standards?

Danielle: Yeah sure. The AICPA’s Technical Issues Committee actually wrote an unsolicited letter to the FASB requesting an extension related to… it was really mainly tied to… that we have a lot going on with the Revenue Recognition implementation, I think we talked about the past. And then adding it to the leases, the leases can change your balance sheet a lot, and I think we’ve had a lot of people talking about the implications to your balance sheet of the actual standard, that it can impact your covenants or various ratio analysis.

Continue Reading Get Started on Lease Accounting Now!

As part of a year-end budget bill, Congress just passed a package of tax provisions that will provide savings for some taxpayers. The White House has announced President Trump will sign the Further Consolidated Appropriations Act of 2020 into law. It also includes a retirement-related law titled the Setting Every Community Up for Retirement Enhancement (SECURE) Act.

Here’s a rundown of some provisions in the two laws:

Continue Reading More Tax Provisions from Recent Tax Law Change Update

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m here with Danielle Supkis Cheek, a director in our Entrepreneurial Advisory Services group. Danielle, welcome back to the Playbook.

Danielle: Thank you for having me again.

Jen: I know revenue recognition is a hot topic right now; we’re getting ready to go into audit season. What are some trends you are seeing where clients need to get ready since it’s kind of a new thing that they should be ready for?

Danielle: A lot of clients, particularly certain industry types, have a tendency to kind of not dismiss revenue recognition, but they don’t perceive it as large of an impact. There’s a lot of areas where the revenue recognition rules effectively didn’t change too much, but there’s some really specific nuances that did change, as well as the auditors are going to be looking at how did somebody assess to see if it changed or not. So even in industries that didn’t change very much, there is a certain amount of documentation that needs to be in place for the company having assessed it.

Continue Reading How Revenue Recognition Impacts Companies