The CPA Desk

A Thought Leader Production by PKFTexas

Tag Archives: accounting

Thinking Like an Auditor for Your Not-For-Profit Revenue

Auditors examining a not-for-profit’s financial statements spend considerable time on the revenue figures. They look at the accounting methods used to record revenues and perform a detailed income analysis. You can use the same techniques to increase your understanding of your organization’s revenue profile. In particular, consider: Individual Contributions Compare the donation dollars raised to… Continue Reading

ASU No. 2018-08 Clarifies Guidance for Not-For-Profit Entities: Contributions Received and Contributions Made

The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) No. 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. ASU No. 2018-08 provides clarifying and amended guidance concerning: the determination of whether a transaction should be accounted for as an exchange or as… Continue Reading

How Well Do You Know Your Health Care Accounts?

There continues to be much uncertainty about the Affordable Care Act and how such uncertainty will impact health care costs. So it’s critical to leverage all tax-advantaged ways to fund these expenses, including HSAs, FSAs and HRAs. Here’s how to make sense of this alphabet soup of health care accounts. HSAs If you’re covered by… Continue Reading

Is Your Not-For-Profit Properly Reporting Donations?

Your not-for-profit probably already ensures that donors receive a receipt with information about claiming a charitable contribution deduction on their tax return. But your obligations may go further than that. For noncash donations, you might have responsibilities related to certain tax forms. Form 8283 for Donors When filing their tax returns, donors must attach Section… Continue Reading

Get Ahead in the Cloud

“Darn. I need that document, but I’m not at the office.” That’s a phrase that is slowly phasing out. Over the years, the cloud has been on the rise with many people, as well as companies, making the transition to store physical content digitally. In addition to efforts of going paperless, the main appeal of… Continue Reading

Does Your Not-For-Profit Comply with Procurement Procedures?

The relatively new federal procurement standards significantly alter the way not-for-profit organizations receiving federal funding handle purchasing. And while your organization may have changed its written policies to comply with the revised standards, it may be easier to follow the rules on paper than in practice. Summing Up the Standards The standards, “Uniform Administrative Requirements,… Continue Reading

Tax and Accounting Tips for Startups

Jen:  This is the PKF Texas Entrepreneur’s Playbook.  I’m Jen Lemanski, this week’s host, and I’m here today with Danielle Supkis Cheek, a director on our Entrepreneurial Advisory Services Team.  Welcome back to the Playbook, Danielle. Danielle:  Thank you. Jen:  So our Entrepreneurial Advisory Services Team tends to work with startups quite a bit, and… Continue Reading

Should You Adjust Your Tax Withholding?

If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving the government an interest-free loan. That’s why a large refund for the previous tax year would usually indicate that you should… Continue Reading

How Revenue Recognition and Lease Standards Can Affect Your Balance Sheet

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, this week’s host, and I’m here today with Danielle Supkis Cheek, a Director on our Entrepreneurial Advisory Services team. Welcome back to the Playbook, Danielle. Danielle: Thanks. Thanks for having me again. Jen: So, we’ve done a series of accounting pronouncements from several of… Continue Reading

Start Planning for Your 2018 Taxes Now!

With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back burner if you filed for an extension), you may be hoping to not think about taxes for the next several months. But for maximum tax savings, now is the time to start tax planning for… Continue Reading

Guidelines on Accounting Pledges to Your Not-For-Profit

When a donor promises to make a contribution at a later date, your not-for-profit likely welcomes it. But such pledges can come with complicated accounting issues. Conditional vs. Unconditional Let’s say a donor makes a pledge to your not-for-profit in April 2018 to contribute $10,000 in January 2019. You generally will create a pledge receivable… Continue Reading

What Small Businesses Can do for Tax Document Retention

You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting of years’ worth of tax documents, returns, receipts, canceled checks and other financial records – or your computer desktop is filled with a multitude of… Continue Reading

Mark these Tax Deadline Dates for the Rest of 2018

While April 15 (April 17 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that you also need to be aware of. To help you make sure you don’t miss any important 2018 deadlines, here’s a look at when some key tax-related forms,… Continue Reading

Can you deduct home office expenses?

Working from home has become commonplace. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. And for 2018, even fewer taxpayers will be eligible for a home office deduction. Changes under the TCJA For employees, home office expenses are a miscellaneous itemized deduction. For 2017, this… Continue Reading

When does your nonprofit owe UBIT on investment income?

In recent years, the IRS has increased its scrutiny of not-for-profits’ unrelated business income (UBI). Dividends, interest, rents, annuities and other investment income generally are excluded when calculating unrelated business income tax (UBIT). However, there are two exceptions where such income is taxable. 1. Debt-financed property When your nonprofit incurs debt to acquire an income-producing… Continue Reading

Five Accounting Mistakes Not-for-Profits Should Avoid

To err is human, but your not-for-profit’s supporters, not to mention the IRS, may be less than forgiving if errors affect your financial books. Fortunately, if you attend to details, you can avoid these common accounting mistakes:  1. Failing to follow accounting procedures. Even the smallest nonprofit should set formal, documented and detailed procedures for… Continue Reading

Accounting Update on Employee Benefit Plans

In February 2017, the Financial Accounting Standards Board issued Accounting Standards Update No. 2017-06. The new standard clarifies the presentation requirement for master trust and requires more detailed disclosures of the Plan’s interest in the master trust. The update is effective for fiscal years beginning after December 15, 2016. Early adoption is permitted and is… Continue Reading

Houston CPA Society Energy Conference Chair, Brian Baumler & Vice Chair, David Butler Discuss The 13th Annual Conference

Russ: Hi, I’m Russ Capper with The BusinessMakers Show and I’m here to talk about the 13th annual Houston CPA Society Energy Conference, and I’m joined by Brian Baumler, Audit Director and head of the energy practice at PKF Texas, and Chair of the conference; Brian, good to see you. Brian: Good to see you… Continue Reading

Brian Baumler Discusses 13th Annual Houston CPA Society Energy Conference

Russ: Hi, I’m Russ Capper with The BusinessMakers Show and we’re here to talk about the 13th Annual Houston CPA Society Energy Conference and I’m here with Brian Baumler, Audit Director and head of the Energy Practice at PKF Texas and also Chairman of the conference; Brian, welcome. Brian: Thank you Russ, appreciate it very… Continue Reading