Tax and Accounting Desk

Jen: This is the PKF Texas Entrepreneur’s Playbook, I’m Jen Lemanski and I’m back again with Chip Schweiger, an audit director and one of the faces of our PKF Texas SEC team. Chip, welcome back to the playbook.

Chip: Thanks Jen, great to be here.

Jen: I know that the SEC has proposed to eliminate disclosures and Regulation S-K and amend the requirements to focus on material information for management disclosures and other information and analysis. What does that mean for our public company clients?

Chip: Yeah, so recently the SEC issued authoritative interpretive guidance related to disclosures meant to streamline disclosures for companies and give better information to investors. It’s part of what they’re calling their Disclosure Effectiveness Initiative and it really relates to Item 301 selected financial data, Item 302 and then Item 303 in management’s discussion and analysis.
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On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). 

Employee retention credit

The new law provides a refundable payroll tax credit for 50% of wages paid

Taxpayers now have more time to file their tax returns and pay any tax owed because of the coronavirus (COVID-19) pandemic. The Treasury Department and IRS announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.

Taxpayers can also defer making federal income tax payments, which are due on April 15, 2020, until July 15, 2020, without penalties and interest, regardless of the amount they owe. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax. They can also defer their initial quarterly estimated federal income tax payments for the 2020 tax year (including any self-employment tax) from the normal April 15 deadline until July 15.

No forms to file

Taxpayers don’t need to file any additional forms to qualify for the automatic federal tax filing and payment relief to July 15. However, individual taxpayers who need additional time to file beyond the July 15 deadline, can request a filing extension by filing Form 4868. Businesses who need additional time must file Form 7004. Contact us if you need assistance filing these forms.
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Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski and I’m back once again with Ryan Istre, an Audit Director and one of the faces of our PKF Texas SEC team. Ryan, welcome back to The Playbook.

Ryan: Thanks, Jen.

Jen: Recently, one of our industry publications, Accounting Today, had an article where it said the PCAOB may fold into the SEC by 2022? What’s going on there?

Ryan: Yes, I did read that in Accounting Today. Right now, it’s a White House budget blueprint. The proposal is for, you know, for budgeting purposes, of course, to potentially save the country $580 million by the year 2030.
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We know you rely on PKF Texas to provide you with information to assist you when evaluating and making critical business decisions. With this in mind, we want to share with you a special tax briefing which summarizes the following:

  • New Law Mandates Paid Leave
  • Tax Credits Provided for Paid Leave
  • Tax Payment Due Date

It’s all too easy to let not-for-profit programs that have outlived their effectiveness to continue, even as they consume budget resources. To help ensure your resources are being deployed efficiently and effectively, consider using the tradition of spring cleaning to review and, potentially, replace older programs.

Go to the sources

Instead of relying on old assumptions about your programs’ effectiveness, perform new research. Start by surveying participants, members, donors, employees, volunteers and community leaders about which of your nonprofit’s programs are the most — and least — effective and why.


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If you have a life insurance policy, you probably want to make sure that the life insurance benefits your family will receive after your death won’t be included in your estate. That way, the benefits won’t be subject to the federal estate tax.

Under the estate tax rules, life insurance will be included in your taxable estate if either:

  • Your estate is the beneficiary of the insurance proceeds, or
  • You possessed certain economic ownership rights (called “incidents of ownership”) in the policy at your death (or within three years of your death).


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