In response to the American Institute of Certified Public Accountants Private Companies Practice Section’s Technical Issues Committee (TIC) request letter from May 13, 2019, the Financial Accounting Standards Board (FASB) has voted to delay effective dates for three major standards for private companies and certain other entities. These standards include accounting for leases, credit losses (known as CECL) and hedging activities.

through a window, several black rolling chairs sit around a wooden table, a meeting room, maybe for FASB voting on delaying major standards

Currently, an Accounting Standards Update (ASU) is being drafted, which will change the effective dates. This will be issued after a formal written ballot by the board, expected to occur in November. FASB members shared that one of the advantages of the delay is to “allow preparers with limited resources to learn from the implementation performed by large public companies that possess more staffing and resources.”


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In our continuing effort to help you co-create your business future, we offer the following ideas, insights and perspectives. These thought leadership pieces in the latest Leading Edge Digital Magazine for Summer 2019 are ready to be accessed any time, anywhere at LeadingEdgeMag.com/PKFTexas.

the Leading Edge Digital Magazine articles for summer 2019

If you have topics you would like us to cover in future Leading Edge Digital Magazine editions, contact us. As always, we enjoy receiving comments and feedback from our clients and the friends of our firm.


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According to a Sept. 26, 2019 press release, the Securities and Exchange Commission recently voted to adopt a new rule, which allows all issuers to engage in “test the waters” communications with potential investors. According to the SEC, the rule was adopted in order to encourage more issuers to enter public equity markets.

close up photo of a man in a blue suit, holding a pen to a paper, perhaps a document for a new rule from the Securities Exchange Commission (SEC)

The communications made under the rule are allowable as long as they are not intended to evade the requirements of Section 5 of the Securities Act, and issuers will still be required to ensure that their filings are compliant with the new rule.


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As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed is 6% but can be reduced by a credit (described below).

a conference room with long vertical windows and 20 chairs with wheels sitting around a table; photo used in blog post about unemployment tax costs for businesses

Most employers end up paying an effective FUTA tax rate of 0.6%. An employer taxed at a 6% rate would pay FUTA tax of $420 for each employee who earned at least $7,000 per year, while an employer taxed at 0.6% pays $42.


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The day began bright and early on Friday, September 27, 2019, with a breakfast panel at the Royal Sonesta, “What’s Next for Your Business: Transition Planning,” sponsored by PKF Texas and hosted by the Houston Business Journal (HBJ).

six American gentlemen standing in a line in front of tall posters for the Houston Business Journal and PKF Texas' transition planning panel breakfast event

The HBJ’s Market President and Publisher, Bob Charlet, moderated the panel, which included:

Because not every business sale is the same and has different working components, the panelists shared their knowledge and insights via anecdotes and personal accounts of trials and tribulations from past deals.


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Here are some of the key tax deadlines affecting businesses and other employers during the fourth quarter of 2019.

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 2018 income tax

The SEC issued two final rules affecting broker-dealers and investment advisors in an open public meeting on June 5, 2019, which are effective September 10, 2019.

These new rules are designed to increase investor protections and require broker-dealers to adhere to a new standard of conduct, which goes beyond the basic suitability standards currently in place. Although this is still not equivalent to the fiduciary standard required by investment advisors, this new rule will result in big changes with broker-dealers and how they manage and avoid conflicts of interest.
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Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Frank Landreneau, a Director and one of the faces of our International Tax team. Frank, welcome back to the playbook.

Frank: It’s great to be back.

Jen: In our last segment, we were talking about mistakes that multi-foreign multi-national companies can make when they’re doing some debt financing. Can you elaborate a little bit more on that?


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