Pannell Kerr Forster of Texas PC

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In response to the American Institute of Certified Public Accountants Private Companies Practice Section’s Technical Issues Committee (TIC) request letter from May 13, 2019, the Financial Accounting Standards Board (FASB) has voted to delay effective dates for three major standards for private companies and certain other entities. These standards include accounting for leases, credit losses (known as CECL) and hedging activities. Currently, an Accounting Standards Update (ASU) is being drafted, which will change the…
In our continuing effort to help you co-create your business future, we offer the following ideas, insights and perspectives. These thought leadership pieces in the latest Leading Edge Digital Magazine for Summer 2019 are ready to be accessed any time, anywhere at LeadingEdgeMag.com/PKFTexas. If you have topics you would like us to cover in future Leading Edge Digital Magazine editions, contact us. As always, we enjoy receiving comments and feedback from our clients and…
According to a Sept. 26, 2019 press release, the Securities and Exchange Commission recently voted to adopt a new rule, which allows all issuers to engage in “test the waters” communications with potential investors. According to the SEC, the rule was adopted in order to encourage more issuers to enter public equity markets. The communications made under the rule are allowable as long as they are not intended to evade the requirements of Section…
There are several ways to save for your child’s or grandchild’s education, including with a Coverdell Education Savings Account (ESA). Although for federal tax purposes there’s no upfront deduction for contributions made to an ESA, the earnings on the contributions grow tax-free. In addition, no tax is due when the funds in the account are distributed, to the extent the amounts withdrawn don’t exceed the child’s qualified education expenses. Qualified expenses include higher education tuition,…
https://youtu.be/xQF8XeOxiW4 Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m here with Kristin Ryan, audit senior manager and one of the faces of PKF Texas’ Employee Benefit Plan team. Kristin, welcome to the playbook. Kristin: Thanks for having me, Jen. Jen: We’ve talked a little bit about common deficiencies with compensation definition with Michael. I know that there are some errors that you also wanted to cover as well. What…
On Tuesday, September 17, 2019, Tropical Storm Imelda made landfall in Texas. Over the course of a few days, several cities in the Gulf Coast region endured heavy rain, which left various areas, streets and highways underwater. The PKF Texas office and our team members were safe, however, other Texans unfortunately were impacted by Imelda. A Presidential Disaster Declaration was made on Friday, October 4, 2019, for six Southeast Texas counties. As per the IRS…
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. 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…
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). 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…
https://youtu.be/VKdwoMTFnOc Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I am back again with Michael Veuleman, Audit Practice Leader and one of the faces of PKF Texas’ Employee Benefit Plan team. Michael, welcome back to the Playbook. Michael: Thanks, Jen. It’s good to be back. Jen: So, with 401(k) plans, also known as employee benefit plans, we hear a lot about the importance of using proper definitions for compensation within…