Tax and Accounting Desk

In response to the transparency issues around proxy advisory firms, the Securities and Exchange Commission (“SEC”) recently proposed new rules for proxy advisory firms. A proxy advisory firm helps institutional investors vote their shares at shareholder meetings. Because institutional investors have a wide variety of holdings, the specific risks and issues they must assess vary. The services proxy advisory firms provide include agenda assessment, research and recommendations on how to vote on shareholder proposals at publicly traded companies, and other offerings.

closeup shot of three men sitting at a wooden table by a glass window; image used for a blog post about the Securities Exchange Commission proposed rules for proxy advisory firms and shareholder voting

While more information can be a good thing, critics believe the additional information proxy advisory firms provide isn’t always conveyed with the best interests of Main Street investors in mind. So, if finalized, the SEC’s new rules would require proxy advisory firms to disclose more about their process and potential conflicts of interest and give companies the opportunity to make revisions before making final recommendations to clients. Specifically, the SEC’s proposals would revise the existing proxy advisory rules in three significant ways:


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With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand the tax rules associated with these expenses.

a close up photo of a green christmas tree with red and pink glass ornaments with two brown-haired women in the background; image used for a blog post about tax breaks from holiday parties and gifts

Are they tax deductible by your business and is the value taxable to the recipients?


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Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I am back once again with Marty Lindle, one of our audit directors and one of the faces of PKF Texas’ Broker-Dealer team. Marty, welcome back to the Playbook.

Marty: It’s nice to be here.

Jen: So, we’ve talked a little bit about what’s in the eighth annual report. Now, is there anything new coming up on the horizon that’s not in there already?

Marty: Well, the SEC and Congress still haven’t issued the final rules for an inspection program, so we’re still in the interim program.


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As we all know, medical expenses, such as services and prescription drugs, are expensive. You may be able to deduct some of your expenses on your tax return, but the rules make it difficult for many people to qualify.

a yellow toy ambulance with red and black stripes sitting on a white wood table; image used for a blog post about tax deductions for medical expenses

However, with proper planning, you may be able to time discretionary medical expenses to your advantage for tax purposes.


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Credit card misuse or fraud is more common in not-for-profits than you may think.

A hypothetical scenario: not-for-profit staffer named Britney had maxed out her personal credit cards. So when her car needed repairs, she reached for her employer’s card. She reasoned that she would come up with the money to pay the bill before her boss ever saw a statement. Britney didn’t come up with the money. But lucky for her, her boss didn’t review the card statement that month. When Britney needed to buy holiday gifts, she reached for her work card again — and again. By the time her boss finally noticed the illicit charges, Britney had spent more than $5,000.

a gold American Express Business credit card sitting behind a master lock; used for a blog about avoiding credit card misuse for not-for-profit organizations

If you write and enforce a strong card use policy at your organization, you can help prevent Britney’s and her boss’s mistakes.


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