The CPA Desk

A Thought Leader Production by PKFTexas

Tag Archives: strategic planning

How Your Not-for-Profit’s Internal and Year-End Financial Statements Can Differ

Do you prepare internal financial statements for your board of directors on a monthly, quarterly or other periodic basis? Later, at year end, do your auditors always propose adjustments? What’s going on? Most likely, the differences are due to cash basis vs. accrual basis financial statements, as well as reasonable estimates proposed by your auditors… Continue Reading

What Tax Payers Need to Know About International Tax Reform

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, thanks for having me back. Jen: So, we’ve been covering international tax reform. What else do people need to know? What haven’t we… Continue Reading

The Best-Suited Charity Vehicle for Family Philanthropy – What to Consider

The Houston Business Journal published an article on their website co-authored by PKF Texas Tax Practice Leader and Director, J. Del Walker, CPA, and Tax Manager, Annjeanette Yglesias, CPA. The article discusses the differences between a private foundation (PF) and the donor advised fund (DAF), which impact family philanthropy efforts. So, what are the differences?… Continue Reading

Tips on Valuing Donated Property

Not-for-profits often struggle with valuing noncash and in-kind donations. Whether for record-keeping purposes or when helping donors understand proper valuation for their charitable tax deductions, the task isn’t easy. Although the amount that a donor can deduct generally is based on the donation’s fair market value (FMV), there’s no single formula for calculating it. FMV… Continue Reading

Tax-Free Fringe Benefits for Small Businesses and Their Employees

In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Benefits that are tax-free are especially attractive to employees. Let’s take a quick look at some popular options. Insurance Businesses can provide their employees with various types of insurance… Continue Reading

Why Your Not-For-Profit Needs to Embrace Accountability

To protect the organization, demonstrate openness and support the greater good, your not-for-profit needs to embrace accountability. Doing so will also help you fulfill your fiduciary responsibilities to donors, constituents and the public. Fairness and Clarity Accountability starts by complying with all applicable laws and rules. As you carry out your organization’s initiatives, do so… Continue Reading

How Can Charitable IRA Rollover be Beneficial in 2018?

The considerations involved in deciding whether to make a direct IRA rollover have changed in light of the Tax Cuts and Jobs Act (TCJA). If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA to qualified charitable organizations without owing any income tax on the… Continue Reading

How Tax Reform Affects Pass-Through Entities

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: Thanks, Jen. It’s great to be back. Jen: We spent some time talking about tax reform and how it impacts international corporations and individuals,… Continue Reading

Using Insurance for Not-For-Profit Risk Management

Insurance is the cornerstone of any not-for-profit’s comprehensive risk management plan. It can’t protect your organization from every contingency, but it’s critical to protecting the people, property, funds and support you depend on. Must-Have Policies Many kinds of coverage are available, but it’s unlikely your organization needs all of them. One type you do need… Continue Reading

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