Is your not-for-profit thinking about merging or otherwise restructuring?
Recently, the IRS made the process easier for some organizations.
How Holiday Parties and Gifts Can Provide Tax Breaks
With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand the tax rules associated with these expenses.
Are they tax deductible by your business and is the value taxable to the recipients?
Medical Expenses – How to Qualify for a Tax Deduction
As we all know, medical expenses, such as services and prescription drugs, are expensive. You may be able to deduct some of your expenses on your tax return, but the rules make it difficult for many people to qualify.
However, with proper planning, you may be able to time discretionary medical expenses to your advantage for tax purposes.
Deficiencies Auditors Find with Broker-Dealers
Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Marty Lindle, one of our audit directors and one of the faces of PKF Texas’s Broker-Dealer team. Marty, welcome back to the playbook.
Marty: Great to be here.
Jen: What are some typical findings you see when you’re auditing the broker-dealers?
Get Involved for International Fraud Awareness Week
International Fraud Awareness Week is nearly over, but that doesn’t mean the conversations and actions stop. Do you have all the information you need to take the steps for fraud prevention? The Association of Certified Fraud Examiners (ACFE) has an abundance of free resources for you to learn what you can do.
Because fraud has
How to Avoid Misuse of Your Not-for-Profit’s Credit Cards
Credit card misuse or fraud is more common in not-for-profits than you may think.
A hypothetical scenario: not-for-profit staffer named Britney had maxed out her personal credit cards. So when her car needed repairs, she reached for her employer’s card. She reasoned that she would come up with the money to pay the bill before her boss ever saw a statement. Britney didn’t come up with the money. But lucky for her, her boss didn’t review the card statement that month. When Britney needed to buy holiday gifts, she reached for her work card again — and again. By the time her boss finally noticed the illicit charges, Britney had spent more than $5,000.
If you write and enforce a strong card use policy at your organization, you can help prevent Britney’s and her boss’s mistakes.
Trends Emerging from the PCAOB Annual Inspection Report
Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Marty Lindle, one of our audit directors and one of the faces of our PKF Texas broker-dealer team. Marty, welcome back to the playbook.
Marty: Nice to be here.
Jen: So, where we left off last time
Recap: Nonprofit Governance & Risk Management Seminar
We hosted our third not-for-profit seminar of 2019, “Nonprofit Governance & Risk Management,” on November 6th. It was a compelling topic to close the year! Our speaker was attorney Nicola Fuentes Toubia, whose work is dedicated to legal and tax issues facing nonprofits.
In her discussion, Toubia provided tips on better governance best practices and offered insight on various areas where organizations are susceptible to risk.
Account for Contributions and Grants with Ease
Accounting for contributions and grants has often proven complicated for not-for-profits, especially when they come with donor-imposed conditions.
But 2018 guidance from the Financial Accounting Standards Board (FASB) provided some much-needed clarification of earlier instructions.
Save on Taxes with Your 401(k) Plan
You can reduce taxes and save for retirement by contributing to a tax-advantaged retirement plan. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a taxwise way to build a nest egg.
If you’re not already contributing the maximum allowed, consider increasing your contribution rate between now and year end. Because of tax-deferred compounding (tax-free in the case of Roth accounts), boosting contributions sooner rather than later can have a significant impact on the size of your nest egg at retirement.
With a 401(k), an employee elects to have a certain amount of pay deferred and contributed by an employer on his or her behalf to the plan. The contribution limit for 2019 is $19,000. Employees age 50 or older by year end are also permitted to make additional “catch-up” contributions of $6,000, for a total limit of $25,000 in 2019.
The IRS just announced that the 401(k) contribution limit for 2020 will increase to $19,500 (plus the $6,500 catch-up contribution).