The American Rescue Plan Act, signed into law on March 11, 2021, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic. Among the many initiatives are direct payments that will be made to eligible individuals. And parents under certain income thresholds will also receive additional payments in the coming months through a greatly revised Child Tax Credit.

hundred dollar bills underneath a health mask; image used for blog post about direct payments from American Rescue Plan Act of 2021

Here are some answers to questions about these payments.

Continue Reading The Child Tax Credit Under American Rescue Plan Act

Jen: This is The PKF Texas – Entrepreneur’s Playbook®. I’m Jen Lemanski, and I’m back again with Matt Goldston, a director in our entrepreneurial advisory services group, as well as one of the faces of the PKF Texas bank advisory team. Matt, welcome back to the playbook.

Matt: Thank you, Jen. I appreciate it.

Jen: So, last time you were here we talked a little bit about, you know, being on the CFO side and what banks are requesting for field examinations. Let’s flip the switch a little bit. What types of services are banks requesting that we work with them on?

Continue Reading What to Know About Bank Advisory Services

Jen: This is The PKF Texas – Entrepreneur’s Playbook®. I’m Jen Lemanski, and I’m back again with Matt Goldston, one of our directors of our Entrepreneurial Advisory Services team, and one of the faces of the PKF Texas Bank Advisory Services team. Matt, welcome back to The Playbook.

Matt: Thank you, Jen. I appreciate it.

Jen: So, we’ve had some conversations – can you tell me a little bit, what is a bank field audit?

Matt: Certainly. A field audit or field examination is typically engaged by the bank, where we’ll go in and we’ll look at their client, we’ll review their banking agreement, we’ll look at the underlying assets that support balances that they’re reporting to the bank. So, it’s basically a third-party review in depth of their reported balances to a bank.

Jen: And what types of clients actually need these types of examinations?

Continue Reading What is a Bank Field Examination?

How committed is your not-for-profit organization to benchmarking? Perhaps you think it makes sense in the for-profit sphere, but not as much for charities and other not-for-profits. If so, you’re probably missing out on benefits — including long-term sustainability.

man looking at documents with data and charts; image used for blog post about benchmarking for not-for-profits

Here’s how to overcome reluctance and learn to love benchmarking.

Continue Reading Time to Embrace Benchmarking for Your Not-for-Profit

Jen: This is The PKF Texas – Entrepreneur’s Playbook®. I’m Jen Lemanski, and I’m back once again with Emily Smikal, a tax director and one of the faces of our PKF Texas not-for-profit team. Emily, welcome back to the Playbook.

Emily: Thanks for having me again.

Jen: So, I know for profit organizations can be audited by the IRS. I’m assuming not-for-profit organizations can also be audited for the IRS. Are there any steps that they can take to maybe avoid an audit?

Emily: Yes, not-for-profit entities can be audited, and so, it’s important to just understand how the IRS selects which organizations they’re going to audit so you can be somewhat prepared for that. So, first of all, you can’t fully know; they will randomly select organizations to audit, but there are some common triggers to just be aware of.

Jen: What are those triggers?

Continue Reading How Your NFP Can Avoid Pitfalls of an IRS Audit

Events of the past year put a dent in many not-for-profit’s operating reserves. Perhaps you tapped this stash to buy personal protective equipment or to pay staffers’ salaries when your budget no longer proved adequate.

a vintage green safe sitting on a wooden table with a key in the lock; image used for blog post about not-for-profits rebuilding their operating reserve

As the pandemic wanes and economic conditions improve, you’ll need to start thinking about rebuilding your operating reserves.

Continue Reading How to Rebuild Your Not-for-Profit’s Operating Reserves

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.

  • Greater Houston Women’s Chamber of Commerce
  • Greater Houston Partnership
  • Houston Business Journal
  • National Association of Corporate Directors

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 March 2021 Houston Events…

If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently enacted that makes significant changes to retirement accounts.

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The SECURE Act, which was signed into law in late 2019, made a number of changes of interest to those nearing retirement.

Continue Reading The SECURE Act and Your Retirement Savings

Jen: This is The PKF Texas – Entrepreneur’s Playbook®. I’m Jen Lemanski, and I’m back again with Emily Smikal, a Tax Director and one of the faces of the PKF Texas not-for-profit team. Emily, welcome back to the Playbook.

Emily: Thanks. Glad to be here again.

Jen: People think not-for-profits they think, “Oh, they don’t pay taxes.” Do they have to fill out forms? I suspect the answer is yes, so, what type of tax forms do not-for-profit organizations have to fill out?

Emily: Your suspicion is correct. So, there’s a handful of different types of forms, so it is important to understand the differences, and which form your organization may be required to file.

Continue Reading The Tax Forms Not-For-Profits Need to File

Thousands of not-for-profit organizations fall victim to embezzlement schemes every year — some even losing millions of dollars. But losses go beyond actual dollar amounts. The hit to a group’s reputation may scare off donors, grantmakers and other supporters. However, with the right response, not-for-profits can bounce back from fraud.

dollar bills laid out; image used for blog post about not-for-profits recovering from fraud

Here’s how.

Continue Reading How Your Not-for-Profit Can Recover from Fraud