The CPA Desk

A Thought Leader Production by PKFTexas

Tag Archives: tax

Tax and Accounting Tips for Startups

Jen:  This is the PKF Texas Entrepreneur’s Playbook.  I’m Jen Lemanski, this week’s host, and I’m here today with Danielle Supkis Cheek, a director on our Entrepreneurial Advisory Services Team.  Welcome back to the Playbook, Danielle. Danielle:  Thank you. Jen:  So our Entrepreneurial Advisory Services Team tends to work with startups quite a bit, and… Continue Reading

Determine if Your Not-For-Profit Income is Sponsorship or Advertising

Many not-for-profit organizations supplement their usual income-producing activities with sponsorships or advertising programs. Although you’re allowed to receive such payments, they’re subject to unrelated business income tax (UBIT) unless the activities are substantially related to your organization’s tax-exempt purpose or qualify for another exemption. So it’s important to understand the possible tax implications of income… Continue Reading

Should You Adjust Your Tax Withholding?

If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving the government an interest-free loan. That’s why a large refund for the previous tax year would usually indicate that you should… Continue Reading

Start Planning for Your 2018 Taxes Now!

With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back burner if you filed for an extension), you may be hoping to not think about taxes for the next several months. But for maximum tax savings, now is the time to start tax planning for… Continue Reading

What Small Businesses Can do for Tax Document Retention

You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting of years’ worth of tax documents, returns, receipts, canceled checks and other financial records – or your computer desktop is filled with a multitude of… Continue Reading

Mark these Tax Deadline Dates for the Rest of 2018

While April 15 (April 17 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that you also need to be aware of. To help you make sure you don’t miss any important 2018 deadlines, here’s a look at when some key tax-related forms,… Continue Reading

Considerations When Buying or Selling a Business

Jen:  This is the PKF Texas Entrepreneur’s Playbook.  I’m Jen Lemanski, this week’s guest host, and I’m here with Chris Hatten and Martin Euson, two of our directors on our Transaction Advisory Services team, Martin is on the tax side, Chris is on the audit side; guys welcome to The Playbook. Both:  Thank you for… Continue Reading

Helpful Tax Tips for Not-for-Profit Fundraisers

Whether you’re planning to raise funds for your not-for-profit with a simple bingo game or raffle, or with a more elaborate casino night, you need to understand and follow the federal rules that govern these kinds of activities. Gaming activities can open the door to unexpected taxes and trigger requirements for specific IRS filings. Filings… Continue Reading

Tax treatment of NQSOs differs from that of their better-known counterpart

With nonqualified stock options (NQSOs), if the stock appreciates beyond your exercise price, you can buy shares at a price below what they’re trading for. This is the same as for the perhaps better-known incentive stock options (ISOs). The tax treatment of NQSOs, however, differs from that of ISOs: NQSOs create compensation income — taxed… Continue Reading

Facing an unexpected bill for the additional 0.9% Medicare tax?

The additional 0.9% Medicare tax applies to FICA wages and self-employment income exceeding $200,000 per year ($250,000 for married filing jointly and $125,000 for married filing separately). Unfortunately, the withholding rules have been tripping up some taxpayers, causing them to face an unexpected tax bill — plus interest and penalties — when they file their… Continue Reading

You might benefit from deducting investment interest expense on your 2014 tax return

Investment interest — interest on debt used to buy assets held for investment, such as margin debt used to buy securities — generally is deductible for both regular tax and alternative minimum tax purposes. But special rules apply that can make the deduction less beneficial than you might think. Your investment interest deduction is limited… Continue Reading

Rafael Carsalade, CPA, Alison Muecke, CPA and Jim Streets, CPA Join PKF Texas Shareholder Ranks

We are pleased to announce Directors Rafael Carsalade, CPA, Alison Muecke, CPA and Jim Streets, CPA have been named shareholders in the firm, practicing in the tax services group. “Rafael, Alison, and Jim have contributed greatly to the growth of our firm. My fellow shareholders and I at PKF Texas are extremely pleased to welcome… Continue Reading

Have you had your annual estate plan checkup?

An annual estate plan checkup is critical to the health of your estate plan. Because various exclusion, exemption and deduction amounts are adjusted for inflation, they can change from year to year, impacting your plan: Lifetime gift and estate tax exemption 2014: $5.34 million 2015: $5.43 million   Generation-skipping transfer tax exemption 2014: $5.34 million… Continue Reading

You may be able to save more for retirement in 2015

Many retirement plan contribution limits increase slightly in 2015; thus, you may have opportunities to increase your retirement savings: Type of limitation 2014 limit 2015 limit Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans $17,500 $18,000 Annual benefit for defined benefit plans $210,000 $210,000 Contributions to defined contribution plans $52,000 $53,000 Contributions to SIMPLEs… Continue Reading

Accelerating deductions to save taxes

Smart timing of deductible expenses can reduce your tax liability, and poor timing can unnecessarily increase it. When you don’t expect to be subject to the alternative minimum tax (AMT) in the current year, accelerating deductible expenses into the current year typically is a good idea. Why? Because it will defer tax, which usually is… Continue Reading