The city of Houston is known for being a giving city, but how has the COVID-19 pandemic affected fundraising for not-for-profit organizations? PKF Texas is a proud sponsor of the Houston Business Journal’s upcoming live philanthropy webinar, and we invite you to join us on Tuesday, October 27, 2020, from 2:00 – 3:00 p.m. for

It would be an understatement to say 2020 has been challenging. Leaders of not-for-profits still standing are justified in having anxiety and worrying about strained budgets and their ability to deliver on their organization’s promises during a pandemic, financial crisis and time of social and political upheaval.

green and yellow paper forming a speech bubble with an ellipses; image used for blog post about easing not-for-profit staffers' anxiety

Staffers are likely to be just as concerned about the future of your organization and its constituents. Understandably given the current high unemployment rate, many are also worried about their own job security. Now more than ever, you need to be as open and transparent as possible.


Continue Reading How to Help Ease Your Not-for-Profit’s Staffers’ Anxiety

If you’re finally done filing last year’s return, you might wonder: Which tax records can you toss once you’re done?

files and books of paper stacked across a shelf; image used for blog post about keeping tax records or throwing them away

October 15 is the deadline for individual taxpayers who extended their 2019 tax returns. (The original April 15 filing deadline was extended this year to July 15 due to the COVID-19 pandemic.) Now is a good time to go through old tax records and see what you can discard.


Continue Reading Keep Tax Records or Throw Them Away?

As the COVID-19 pandemic continues, various not-for-profit organizations have experienced a decline in charitable contributions from supporters, and Congress responded with a new provision in the Coronavirus Aid, Relief, and Economic Security (CARES) Act – Public Law (P.L.) 116-136.

a computer screen with white numbers and red numbers in the shape of a heart; image used for blog post about charitable deductions provision under CARES Act

This provision aims to provide relief to charitable organizations. Under Section 2204, the provision allows

The IRS has provided guidance to employers regarding the recent presidential action to allow employers the deferral of the withholding, deposit and payment of certain payroll tax obligations.

The three-page guidance in Notice 2020-65 was issued to implement President Trump’s executive memorandum signed on August 8.

dollar bills sitting underneath a medical mask; image used for blog post about deferral of employees' social security tax

Private employers still have questions and concerns about whether, and how, to implement the optional deferral. The President’s action only defers the employee’s share of Social Security taxes; it doesn’t forgive them, meaning employees will still have to pay the taxes later unless Congress acts to eliminate the liability. (The payroll services provider for federal employers announced that federal employees will have their taxes deferred.)


Continue Reading Deferral of Your Employees’ Social Security Taxes

If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications.

two sticky notes on a window saying "Sorry we are closed, COVID-19;" image used for blog post about tax consequences of PPP loans

The Basics
The Coronavirus Aid, Relief and Economic Security (CARES) Act, which was enacted on March 27, 2020, is designed to provide financial assistance to Americans suffering during the COVID-19 pandemic. The CARES Act authorized up to $349 billion in forgivable loans to small businesses for job retention and certain other expenses through the PPP. In April, Congress authorized additional PPP funding and it’s possible more relief could be part of another stimulus law.


Continue Reading PPP Loans Can Have Tax Consequences

TXCPA Houston Energy Conference 2020 BrochureDue to the continuing COVID-19 pandemic, this year’s TXCPA Houston Energy Conference will be virtual on Wednesday, August 26, 2020. PKF Texas Audit Director and Energy Practice Leader, Brian Baumler, is the event’s Chairman for the seventh year.

Now in its 18th year, the 2020 conference will feature valuable insights from top executives and