Entrepreneur's Playbook

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Jen: This is the PKF Texas – Entrepreneur’s Playbook®. I’m Jen Lemanski, and I’m here today with Emily Smikal, a Director in our tax department and one of the faces of the PKF Texas not-for-profit team.  Emily, welcome to the Playbook.

Emily: Thanks, Jen. Thanks for having me.

Jen: So, I’ve heard you talk before about this thing called “unrelated business income tax.” How does that impact not-for-profits, and what should they know?

Emily: First, let’s call it UBI just to keep it more simple. UBIT, unrelated business income tax, is an income tax imposed on certain not-for-profit organizations that conduct certain activity that is not related to their tax-exempt purpose.

Jen: So, what would qualify for that?

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Continue Reading How Unrelated Business Income Tax Impacts Not-for-Profits

Jen: This is The PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Carlos Gomez, an Audit Manager and one of the faces of our PKF Texas Contract Compliance Services team. Carlos, welcome back to the Playbook.

Carlos: Hi, Jen.

Jen: Can you give me a little bit of background – what is a management or an operational agreement audit?

Carlos: What these typically entail is we have a client who has a third party that manages – whether it’s residential or commercial buildings – for them and their tenants.

Jen: What types of things are involved in this audit? Are there any risks associated with doing this type of audit?

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Continue Reading Navigating Management Operational Agreement Audits

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Carlos Gomez, an audit manager and one of the faces of the PKF Texas Contract Compliance Services team. Carlos, welcome back to The Playbook.

Carlos: Thanks for having me again.

Jen: On our last video, you mentioned about franchise compliance, and that’s a type of audit that we do that we provide as part of our contract compliance services. What is a franchise compliance audit?

Carlos: Typically, the way a franchise is set up, they license a territory, certain rights; whether it be a restaurant, some type of service industry, from a franchisor who developed a plan, put together a program, how to really build a business. And so, when they license that right to get a franchise in a certain location, the franchisors just want to make sure they’re getting their—not only correct revenue, but that they’re obeying the terms of the agreement; whether that be marketing, advertising and treating the brand with respect.

Jen: Why should somebody be concerned if a franchisee is in compliance with their contract?

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Continue Reading Franchise Compliance – A Closer Look

https://vimeo.com/128640072

Karen: This is PKF Texas Entrepreneur’s Playbook, I’m Karen Love, Host and Founder. Today I’m here once again with Frances Castaneda Dyess; she’s the president of the Houston East End Chamber of Commerce. Welcome back once again.

Frances: Thank you Karen for having me back.

Karen: Well, you know I found it really cool…

Byron: Hi, my name is Byron Hebert, and this is a quick Tool Time Update brought to you by PKF Texas and The Entrepreneur’s Playbook. What I want to talk to you today about is FMEA, Failure Mode Effect Analysis. And the purpose of this tool is to help you detect risk areas in your processes in your business, and then maybe if you can detect where the risk areas are you can do something to reduce those risks. So let’s talk about how we would use this tool.

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Continue Reading How to Detect Risk Areas in Your Business