Some of your not-for-profit’s communications are of interest only to a select group of your supporters. But your organization’s annual report is for all stakeholders — donors, grantmakers, clients, volunteers, watchdog groups and the government.

a person's hands holds paper with circle and arrow diagrams and a pie chart, showcasing an annual report with data to engage support for a not-for-profit organization

Some report elements are nonnegotiable, such as financial statements, but you also have plenty of creative license to make your report engaging and memorable for its wide-ranging audience.


Continue Reading

If you’re planning to sell assets at a loss to offset gains that have been realized during the year, it’s important to be aware of the “wash sale” rule.

a person holds a cell phone with the screen showing a graph and "$3,812.57" in their left hand and in the background is a laptop with another graph with green and red lines; portrayal of selling securities and avoiding wash sale rule

How the Rule Works
Under this rule, if you sell stock or securities for a loss and buy substantially identical stock or securities back within the 30-day period before or after the sale date, the loss can’t be claimed for tax purposes. The rule is designed to prevent taxpayers from using the tax benefit of a loss without parting with ownership in any significant way.


Continue Reading

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Kristin Ryan, an audit senior manager and one of the faces of PKF Texas’ Employee Benefit Plan team. Kristin, welcome back to the playbook.

Kristin: Good to be here.

Jen: So, we’ve talked about fiduciary responsibilities, but

It’s no secret that this is a challenging time for charitable fundraising. In its annual Giving USA 2019 report, the Giving USA Foundation noted a decrease in individual and household giving, blaming such impersonal factors as tax law changes and a wobbly stock market.

a dark-haired woman wearing glasses sits with another dark-haired woman at a wooden table in front of a notepad and laptop computer, possibly discussion fundraising options

So why not fight back by making personal appeals to supporters? Requests from friends or family members have traditionally been significant donation drivers. Even in the age of social media “influencers,” prospective donors are more likely to contribute to the causes championed by people they actually know and trust.


Continue Reading

As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed is 6% but can be reduced by a credit (described below).

a conference room with long vertical windows and 20 chairs with wheels sitting around a table; photo used in blog post about unemployment tax costs for businesses

Most employers end up paying an effective FUTA tax rate of 0.6%. An employer taxed at a 6% rate would pay FUTA tax of $420 for each employee who earned at least $7,000 per year, while an employer taxed at 0.6% pays $42.


Continue Reading

The day began bright and early on Friday, September 27, 2019, with a breakfast panel at the Royal Sonesta, “What’s Next for Your Business: Transition Planning,” sponsored by PKF Texas and hosted by the Houston Business Journal (HBJ).

six American gentlemen standing in a line in front of tall posters for the Houston Business Journal and PKF Texas' transition planning panel breakfast event

The HBJ’s Market President and Publisher, Bob Charlet, moderated the panel, which included:

Because not every business sale is the same and has different working components, the panelists shared their knowledge and insights via anecdotes and personal accounts of trials and tribulations from past deals.


Continue Reading

One of the worst things that can happen to a not-for-profit organization is to have its tax-exempt status revoked. Among other consequences, the not-for-profit may lose credibility with supporters and the public, and donors will no longer be able to make tax-exempt contributions.

man in a business suit putting a silver coin into a pink porcelain piggy bank, next to stacks of coins, avoiding excess benefit transactions to keep tax-exempt status

Although loss of exempt status isn’t common, certain activities can increase your risk significantly. These include ignoring the IRS’s private benefit and private inurement provisions. Here’s what you need to know to avoid reaping an excess benefit from your organization’s transactions.


Continue Reading