The CPA Desk

A Thought Leader Production by PKFTexas

Tag Archives: business planning

Family Philanthropy: Private Foundations vs. Donor Advised Funds

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Annjeanette Yglesias, one of our tax managers and a member of our not-for-profit team. Annjeanette, welcome back to the playbook. Annjeanette: Hi, Jen, it’s nice to be here. Jen: So, we’ve talked a lot about different not-for-profit topics, and… Continue Reading

Your Year-End Tax and Financial To-Do List

With the dawn of 2019 on the near horizon, here’s a quick list of tax and financial to-dos you should address before 2018 ends. Check your FSA balance. If you have a Flexible Spending Account (FSA) for health care expenses, you need to incur qualifying expenses by December 31 to use up these funds or… Continue Reading

Key Deadlines on the 2019 Q1 Tax Calendar

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact your advisors to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements…. Continue Reading

How the “Commerciality Doctrine” Can Trip Up Your Not-for-Profit

The commerciality doctrine was created along with the operational test to address concerns over not-for-profits competing at an unfair tax advantage with for-profit businesses. But even business activities related to your exempt purpose could fall prey to the commerciality doctrine, resulting in the potential loss of your organization’s exempt status. Several Factors Considered The operational… Continue Reading

New Opportunity Zone Program Provides Tax Incentives

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m here with Martin Euson, a director on our tax team. Martin, welcome back to the Playbook. Martin: Thanks, Jen. I’m glad to be here. Jen: So, I’ve heard a little bit about the Opportunity Zone Program. What is it? Martin: The Opportunity… Continue Reading

What to Know About Accounting Standards Update 2018-17

Under the amendments in Accounting Standards Update 2018-17, a private company will be able to elect not to apply Variable Interest Entities (VIE) guidance to legal entities under common control (including common control leasing arrangements) if both the parent and the legal entity being evaluated for consolidation are not public business entities, simply by adopting… Continue Reading

How to Handle Mutual Funds with Care at Year End

As we approach the end of 2018, it’s a good idea to review the mutual funds holdings in your taxable accounts and take steps to avoid potential tax traps. Here are some tips. Avoid Surprise Capital Gains Unlike with stocks, you can’t avoid capital gains on mutual funds simply by holding on to the shares…. Continue Reading

The FASB Changes Public Companies Need to Know

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m here today with Ryan Istre, an audit director and a member of the PKF Texas SEC team. Ryan, welcome back to the Playbook. Ryan: Thanks, Jen. Appreciate it. Jen: So, I’ve heard FASB is making some changes to share-based payment accounting. What… Continue Reading

What Tax Payers Need to Know About International Tax Reform

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Frank Landreneau, one of our international tax directors. Frank, welcome back to the Playbook. Frank: Well, thanks for having me back. Jen: So, we’ve been covering international tax reform. What else do people need to know? What haven’t we… Continue Reading

Why Your Not-For-Profit Needs to Embrace Accountability

To protect the organization, demonstrate openness and support the greater good, your not-for-profit needs to embrace accountability. Doing so will also help you fulfill your fiduciary responsibilities to donors, constituents and the public. Fairness and Clarity Accountability starts by complying with all applicable laws and rules. As you carry out your organization’s initiatives, do so… Continue Reading

How Tax Reform Affects Pass-Through Entities

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Frank Landreneau, one of our international tax directors. Frank, welcome back to the Playbook. Frank: Thanks, Jen. It’s great to be back. Jen: We spent some time talking about tax reform and how it impacts international corporations and individuals,… Continue Reading

Using Insurance for Not-For-Profit Risk Management

Insurance is the cornerstone of any not-for-profit’s comprehensive risk management plan. It can’t protect your organization from every contingency, but it’s critical to protecting the people, property, funds and support you depend on. Must-Have Policies Many kinds of coverage are available, but it’s unlikely your organization needs all of them. One type you do need… Continue Reading

Opportunity Zones – What Are They and How They Provide Tax Savings

Recently, the Houston Business Journal published an article on their website authored by PKF Texas Tax Director, Martin Euson, JD, about Houston’s designated “opportunity zones.” What are opportunity zones? According to Euson’s article, opportunity zones are part of the U.S. Treasury Department’s new program, which was created by the federal Tax Cuts and Jobs Act… Continue Reading

Leadership Tips for Not-For-Profit Mergers

If your not-for-profit is contemplating a merger or acquisition with another organization, you have a lot of work ahead of you. One of the most daunting challenges is keeping leaders focused and invested in the process. Most not-for-profits are run by both board members and internal management, and this structure can bog down decision making… Continue Reading

Putting Controls in Place to Protect Businesses from Fraud

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 our Certified Fraud Examiners. Danielle, welcome back to the Playbook. Danielle: Thank you, Jen. Jen: We’ve done a whole series on fraud, and I’ve heard people say, “Cash is king.” What… Continue Reading

Key Q4 2018 Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. October 15 If a calendar-year C corporation that filed an automatic six-month extension: File a 2017 income tax… Continue Reading

Steps to Take if You Suspect Fraud in Your Company

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 our Certified Fraud Examiners. Danielle, welcome back to the Playbook. Danielle: Thanks for having me, Jen. Jen: Certified Fraud Examiner – clearly handle fraud for our firm – what happens if… Continue Reading

SEC Amends Rules to Eliminate Redundant, Overlapping and Outdated Disclosures

As part of its Disclosure Effectiveness Initiative of the Division of Corporation Finance, the SEC, in Final Rulemaking Release No. 33-10532, Disclosure Update and Simplification, has adopted amendments to certain of its disclosure requirements that are redundant or outdated or that overlap with, or have been superseded by, other SEC disclosure requirements — disclosures required… Continue Reading

Foreign Income Impact on State Income Tax, Flow-Through Entities and Small Businesses

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Frank Landreneau, one of our International Tax Directors. Frank, welcome back to the Playbook. Frank: Well, thank you. It’s great to be back. Jen: So, we’ve done a series – we talked about GILTI, we’ve talked about FDII, we’ve… Continue Reading