High-net-worth individuals donated $5.8 billion during the first six months of the COVID-19 pandemic — generous giving by most standards. This is according to a recent report, “Philanthropy and COVID-19 in the first half of 2020,” from the Center for Disaster Philanthropy and information service Candid. However, that $5.8 billion amount is deceptive, because nearly three-quarters of it came from one donor, Mackenzie Scott (the ex-wife of Amazon’s Jeff Bezos).

two women writing on papers with data and pie charts on a table; image used for blog post about not-for-profits reaching out to high-net-worth individuals for funding

In fact, a 2020 study from the Milken Institute Center for Strategic Philanthropy found that only a relatively small percentage, 36%, of the ultra-wealthy are involved in charitable giving. This may sound like ominous news for not-for-profit organizations. But there are ways to tap this group’s ample resources.


Continue Reading Consider High-Net-Worth Individuals for Your NFP Efforts

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

It’s been almost a year since many not-for-profit organizations sent staffers home — to work-from-home mode. For many not-for-profits and employees, remote work has been a positive experience.

man in blue dress shirt and glasses using computer; image used for blog post about work-from-home not-for-profits

And as the pandemic fades, you’ll probably need to decide whether employees should remain where they are, return to the office or work a hybrid schedule.


Continue Reading Considering Permanent Work-From-Home for Your Not-for-Profit?

The new COVID-19 relief law that was signed on December 27, 2020, contains a multitude of provisions that may affect you.

graphic with "COVID-19 Relief Law" and coins and dollar bill

Here are some of the highlights of the Consolidated Appropriations Act, which also contains two other laws: the COVID-related Tax Relief Act (COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act (TCDTR).


Continue Reading What You Need to Know About the COVID-19 Relief Law

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back once again with Kristin Ryan, an Audit Senior Manager and one of the faces of the PKF Texas Employee Benefit Plan team. Kristen, welcome back to the Playbook.

Kristin: Thanks for having me.

Jen: So, we’ve had a webinar on it, you’ve done some Entrepreneur’s Playbooks on it, but there’s so much to cover between the SECURE Act and the CARES Act. What else do our folks need to know?


Continue Reading More on the SECURE Act and CARES Act

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back once again with Matt Goldston, a Director in our Entrepreneurial Advisory Services team. Matt, welcome back to the Playbook.

Matt: Thank you, Jen, I appreciate it.

Jen: So, I know we call it the EAS team, I know the EAS team has been working with bankers and our clients on the various intricacies of the Paycheck Protection Plan or “PPP.” How have you been working with banks on PPP-related items?


Continue Reading Navigating Through PPP Loan Forgiveness

Deemed as a riveting presentation from a CFO and SEC registrant attendee, PKF Texas hosted its last Zoom webinar of the year with the SEC niche team, “What’s Next for 2021: Accounting and SEC Reporting Updates,” on December 3, 2020. Audit Director, Chip Schweiger, CPA, CGMA, moderated a panel consisting of speakers:

  • Valerie Frey, CPA,

thumbnail image of a PKF Texas white paper about the November 18 PPP Loan ruling impacting tax planningThe IRS released new ruling and guidance on November 18, 2020 for businesses who received a Paycheck Protection Program (PPP) Loan, Revenue Ruling 2020-27 and Revenue Procedure 2020-51, which clarifies the tax deductibility of expenses related to loans that have not been forgiven.

The PKF Texas team wants to share with you a special

The PKF Texas not-for-profit team hosted its next Zoom webinar, “Forging Ahead: Planning Your Fundraising and Investment for 2021.” Once again, PKF Texas Audit Senior Manager, Nicole Riley, CPA, CFE, moderated a panel, which included Ryan McCauley, Regional Director of Foundation & Institutional Advisory, Northern Trust; and Sara Wise, Senior Consultant, Mission Advancement.

Thumbnail image spotlighting Nicole Riley, Ryan McCauley and Sara Wise for PKF Texas' Zoom webinar “Forging Ahead: Planning Your Fundraising and Investment for 2021"

With 2021

Is your business closing? Unfortunately, the COVID-19 pandemic has forced many to shut down. If this is your situation, we’re here to assist you in any way we can, including taking care of the various tax obligations that must be met.

a sign sitting behind a window with the red words "closed," image used for blog post about business closing during COVID-19 pandemic

Of course, a business must file a final income tax return and some other related forms for the year it closes. The type of return to be filed depends on the type of business you have.

Here’s a rundown of the basic requirements.


Continue Reading The Tax Responsibilities of Your Business Closing