In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where you live, unexpected disasters may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But there are now restrictions that make these deductions harder to take.

a pier on a stormy cloudy day with rough waves in the water; image used for blog post about casualty loss tax deduction

What’s considered a casualty for tax purposes? It’s a sudden, unexpected or unusual event, such as a hurricane, tornado, flood, earthquake, fire, act of vandalism or a terrorist attack.

Continue Reading Claiming Casualty Loss Tax Deduction in Certain Situations

Accountable plans reimburse employees for work-related expenses free of federal income and employment taxes. So reimbursement payments aren’t subject to withholding from staffers’ paychecks. Your not-for-profit also benefits because the reimbursements aren’t subject to the employer’s portion of federal employment taxes.

a calculator and a pen sitting on top of a red notebook; image used for blog post about accountable plans helping not-for-profit staff

Most prospective employees probably won’t accept a job based on the availability of an accountable plan. But offering one can help you retain valuable workers who submit frequent reimbursement requests.

Continue Reading How Accountable Plans Help Your NFP Staff

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