PKF Texas - The Entrepreneur's Playbook®

Jen: This is The PKF Texas – Entrepreneur’s Playbook®. I’m Jen Lemanski, and I’m back once again with Carlos Gomez, an Audit Manager and one of the faces of our PKF Texas Contract Compliance Services team. Carlos, welcome back to the Playbook.

Carlos: Thank you, Jen.

Jen: So, we’ve talked about various aspects of contract compliance services in previous videos. And we’ve talked about the monetary benefits. What other benefits are there for a contract compliance type engagement?


Continue Reading The Benefits of a Contract Compliance Engagement

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 our PKF Texas Contract Compliance Services team. Carlos, welcome back to the playbook.

Carlos: Hi, Jen.

Jen: So, previously we’ve talked about licensing agreements. Can you walk me and our viewers through the key sections of licensing agreements?


Continue Reading Key Sections of Licensing Agreements

Jen: This is The PKF Texas – Entrepreneur’s Playbook®. I’m Jen Lemanski, and I’m back again with Nicole Riley, an Audit Director and one of the faces of the PKF Texas not-for-profit team. Nicole, welcome back to the playbook.

Nicole: Hi, good morning.

Jen: Data analytics. You hear that a lot. What are they and how do they impact a not-for-profit organization?


Continue Reading Why Your Not-for-Profit Should Use Data Analytics

Jen: This is The PKF Texas – Entrepreneur’s Playbook®. I’m Jen Lemanski, and I’m back again with Nicole Riley, an Audit Director and one of the faces of the PKF Texas not-for-profit team. Nicole, welcome back to the playbook.

Nicole: Thanks. Thanks for having me.

Jen: There’s different departments in a not-for-profit organization. Two of the main ones are finance and development. Why is it important for those two to be collaborative?


Continue Reading The Importance of Finance and Development Collaboration

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?

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

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

Jen: This is the PKF Texas – Entrepreneur’s Playbook®. I’m Jen Lemanski, and I’m here today with Emily Smikal, a Director in our tax department and one of the faces of the PKF Texas not-for-profit team.  Emily, welcome to the Playbook.

Emily: Thanks, Jen. Thanks for having me.

Jen: So, I’ve heard you talk before about this thing called “unrelated business income tax.” How does that impact not-for-profits, and what should they know?

Emily: First, let’s call it UBI just to keep it more simple. UBIT, unrelated business income tax, is an income tax imposed on certain not-for-profit organizations that conduct certain activity that is not related to their tax-exempt purpose.

Jen: So, what would qualify for that?


Continue Reading How Unrelated Business Income Tax Impacts Not-for-Profits

The Consolidated Appropriations Act signed at the end of 2020 changed the eligibility and increased the amount of credit for the Employee Retention Tax Credit (ERTC). Do you have questions about what to consider in your approach to Paycheck Protection Program (PPP) forgiveness?

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