Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more critical that you plan for withdrawals from these tax-deferred retirement vehicles.

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There are three areas where knowing the fine points of the IRA distribution rules can make a big difference in how much you and your family will keep after taxes:


Continue Reading Knowing the IRA Distribution Rules Can Make a Difference

Companies have seen growth after entering third-party agreements, and even though there are benefits, risks can also come with the deal. The good news is these risks can be mitigated through monitored and managed with an effective program of internal and external controls. PKF Texas Contract Compliance Audit Manager, Carlos Gomez, recently published an article

Byron: Welcome to The PKF Texas Entrepreneur’s Playbook. My name is Byron Hebert. I’m the Chief Growth Officer here at PKF Texas, and today I want to introduce you to two of the faces of PKF Texas, Matt Goldston and Sam Razmandi.

We’re going to talk to you today about one of the services PKF offers: our Outsourced Controller and CFO Program in the Entrepreneurial Advisory Service Department. Both these guys are experts in this area, and so I’m really excited to introduce them to you. Let’s start with Matt.

Matt, why would a company outsource their controller or CFO function?


Continue Reading What are Outsourced Controller and CFO Services?

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

Delegating ideally gives not-for-profit executives time to focus on mission critical tasks and provides growth opportunities to staffers. However, you need to approach delegation strategically.

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This means assigning the right tasks to the right staffers — and following up on assigned work to ensure it’s completed to your standards.


Continue Reading Tips: Delegating as a Not-for-Profit Leader

Many people have Series EE bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe you bought them yourself and put them away in a file cabinet or safe deposit box.

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You may wonder: How is the interest you earn on EE bonds taxed? And if they reach final maturity, what action do you need to take to ensure there’s no loss of interest or unanticipated tax consequences?


Continue Reading Series EE Bonds – What to Know and How They’re Taxed

A warning if your not-for-profit organization is looking for expenses to cut: Don’t skimp on insurance. Should your not-for-profit experience a fire, major theft or other calamity, you’ll be glad you have the coverage. Of course, you may also be required by your state, certain funders, lenders and your own bylaws to carry adequate insurance. Donors certainly expect you to protect their investment in your not-for-profit by managing risk with insurance.

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But to ensure you’re not wasting money, consider what you need — and what you might not.


Continue Reading How Insurance Fits into Your NFP’s Risk Management Plan

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.

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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

When a couple gets divorced, taxes are probably not foremost in their minds. But without proper planning and advice, some people find divorce to be an even more taxing experience. Several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made.

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Here are four issues to understand if you’re getting divorced.


Continue Reading 4 Tax Issues Divorced Couples Need to Know

“Accountability” may seem like one of those popular management concepts you know would be nice to implement if your not-for-profit had the time and budget.

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But not only is accountability essential to your not-for-profit’s health and efficacy — affecting everything from donations to grants, hiring to volunteering, board fiduciary duty to employee morale — it’s also easy to adopt.


Continue Reading Make Time for Accountability for Your Not-for-Profit