The CPA Desk

A Thought Leader Production by PKFTexas

Tag Archives: strategic planning

Opportunity Zones – What Are They and How They Provide Tax Savings

Recently, the Houston Business Journal published an article on their website authored by PKF Texas Tax Director, Martin Euson, JD, about Houston’s designated “opportunity zones.” What are opportunity zones? According to Euson’s article, opportunity zones are part of the U.S. Treasury Department’s new program, which was created by the federal Tax Cuts and Jobs Act… Continue Reading

Leadership Tips for Not-For-Profit Mergers

If your not-for-profit is contemplating a merger or acquisition with another organization, you have a lot of work ahead of you. One of the most daunting challenges is keeping leaders focused and invested in the process. Most not-for-profits are run by both board members and internal management, and this structure can bog down decision making… Continue Reading

Tax Deduction Considerations When Donating Artwork to Charity

If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains taxes you’d owe if you sold the property. The extra benefit… Continue Reading

Putting Controls in Place to Protect Businesses from Fraud

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Danielle Supkis Cheek, a director and one of our Certified Fraud Examiners. Danielle, welcome back to the Playbook. Danielle: Thank you, Jen. Jen: We’ve done a whole series on fraud, and I’ve heard people say, “Cash is king.” What… Continue Reading

How Not-For-Profits Can Protect Volunteers as Assets

How much are your volunteers worth? The not-for-profit advocacy group Independent Sector estimates the value of the average American volunteer at $24.69 an hour. Volunteers who perform specialized services may be even more valuable. Whether your entire workforce is unpaid or you rely on a few volunteers to support a paid staff, you need to… Continue Reading

Key Q4 2018 Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2018. 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 2017 income tax… Continue Reading

Steps to Take if You Suspect Fraud in Your Company

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Danielle Supkis Cheek, a director and one of our Certified Fraud Examiners. Danielle, welcome back to the Playbook. Danielle: Thanks for having me, Jen. Jen: Certified Fraud Examiner – clearly handle fraud for our firm – what happens if… Continue Reading

SEC Amends Rules to Eliminate Redundant, Overlapping and Outdated Disclosures

As part of its Disclosure Effectiveness Initiative of the Division of Corporation Finance, the SEC, in Final Rulemaking Release No. 33-10532, Disclosure Update and Simplification, has adopted amendments to certain of its disclosure requirements that are redundant or outdated or that overlap with, or have been superseded by, other SEC disclosure requirements — disclosures required… Continue Reading

Tips on Compensating Not-For-Profit Board Members

Contrary to popular belief, it’s usually perfectly legal to compensate not-for-profit board members — and sometimes it might even be necessary. But is it right for your organization? Pros and Cons Board member compensation comes with several pros and cons to consider. Your organization might, for example, find it worthwhile to offer compensation to attract… Continue Reading

Do You Need to Pay Estimated Tax by September 17?

To avoid interest and penalties, you must make sufficient federal income tax payments long before your April filing deadline through withholding, estimated tax payments, or a combination of the two. The third 2018 estimated tax payment deadline for individuals is September 17. If you don’t have an employer withholding tax from your pay, you likely… Continue Reading

Changes in How Not-For-Profits Present Their Financials

Jen: This is PKF Texas The Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Danielle Supkis Cheek, a director on our Entrepreneurial Advisory Services team, as well as our not-for-profit team. Danielle, welcome back to the Playbook. Danielle: Thank you again. Jen: I know there have been some pretty big changes on how… Continue Reading

Not-For-Profits: Is it Time to Reconsider a Special Event?

Not-for-profits use special events to raise large amounts in a short period of time. Most often, the donor receives a direct benefit from the event — such as dinner or participation in a gaming activity. But special events don’t always meet their fundraising goals. In fact, organizations can lose money on them. Following these steps… Continue Reading

Tax Break for Teachers in the New School Year

When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their expenses. This educator expense deduction is especially important now due to some changes under the… Continue Reading

Foreign Income Impact on State Income Tax, Flow-Through Entities and Small Businesses

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Frank Landreneau, one of our International Tax Directors. Frank, welcome back to the Playbook. Frank: Well, thank you. It’s great to be back. Jen: So, we’ve done a series – we talked about GILTI, we’ve talked about FDII, we’ve… Continue Reading

Licensing Arrangement Considerations for Not-For-Profits

Licensing your not-for-profit’s name to a for-profit company can provide a valuable new revenue source — but it can also be risky. If you’re considering a licensing arrangement, ensure that the partnership really will generate funds and, possibly more important, a positive impression of your brand. Success . . . and Controversy When a licensing… Continue Reading

What Steps to Take for Revenue Recognition

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Danielle Supkis Cheek, a director on our Entrepreneurial Advisory Services team. Danielle, welcome back to the Playbook. Danielle: Thanks for having me again. Jen: So a few episodes back we talked about revenue recognition. Another one of our directors… Continue Reading

How Not-For-Profits Can Prepare for Sudden Outpouring of Support

Americans gave unprecedented sums to charity in response to the devastating hurricanes last year. Large organizations, such as the American Red Cross, were equipped to handle the huge influxes of donations. However, some smaller charities were overwhelmed. Although it may seem like an unlikely problem, not-for-profits need a plan to handle a potential outpouring of… Continue Reading

What is the Right Accounting Method for Your Tax Purposes?

The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided procedures a small business taxpayer can use to obtain automatic consent to change its method of… Continue Reading

How to Navigate Your Not-For-Profit During Growth Stage

A not-for-profit’s growth stage generally starts two or three years after formation and continues until maturity at around age seven. This period comes with a sense of accomplishment and the opportunity to refine and expand, but these “adolescent” years can pose challenges as well. Board Shifts Perhaps the most common marker of a growth-stage not-for-profit… Continue Reading

The TCJA Prohibits Recharacterization, 2017 Conversions Still Eligible

Converting a traditional IRA to a Roth IRA can provide tax-free growth and tax-free withdrawals in retirement. But what if you convert your traditional IRA — subject to income taxes on all earnings and deductible contributions — and then discover you would have been better off if you hadn’t converted it? Before the Tax Cuts and Jobs… Continue Reading

Let’s Revisit Your Not-For-Profit’s Social Media Policy

Perhaps you wrote a social media policy several years ago when your not-for-profit set up a Facebook page. Since then, not only has your not-for-profit likely changed, but new social media platforms have emerged. At the very least, the sites you use have probably revised their terms of service. That’s why it’s time to revisit… Continue Reading