Pannell Kerr Forster of Texas PC

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If you’re like many Americans, letters from your favorite charities have been appearing in your mailbox in recent weeks acknowledging your 2018 year-end donations. But what happens if you haven’t received such a letter — can you still claim an itemized deduction for the gift on your 2018 income tax return? It depends. Basic Requirements To support a charitable deduction, you need to comply with IRS substantiation requirements. This generally includes obtaining a contemporaneous written…
Now that the new year has started, what’s next for Houston? The Greater Houston Partnership is hosting its first event of the year – its Annual Meeting – and is celebrating its 30th anniversary throughout 2019. Current GHP Chair, Marc Watts, President of The Friedkin Group, will recap 2018 before passing the torch to the Partnership’s incoming Chair, Scott McClelland, President of H-E-B Food and Drug, and Partnership President and CEO, Bob Harvey, who will…
https://youtu.be/um8zMSjOozo 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: Thank you. It’s good to be back with you. Jen: In a previous segment we went over transfer pricing, and we touched on it just a little bit, but I know we want to do a deeper dive. So, with tax reform…
An operating reserve is an unrestricted and relatively liquid portion of a not-for-profit’s net assets. Securing this reserve for use in emergencies or simply when your budget falls short is critical to your organization’s security and long-term survival. Long-Term Effort Building an adequate operating reserve takes time and should be regarded as a continuous project. Your board of directors needs to determine your not-for-profit’s policy on building an operating reserve, the desired fund amount and…
While the Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates for 2018 through 2025, some taxpayers could see their taxes go up due to reductions or eliminations of certain tax breaks — and, in some cases, due to their filing status. But some may see additional tax savings due to their filing status. Unmarried vs. Married Taxpayers In an effort to further eliminate the marriage “penalty,” the TCJA made changes to some…
https://youtu.be/0tSUAPzhPRA Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Miriam Rouziek, an audit manager and a member of the PKF Texas SEC team. Miriam, welcome back to The Playbook. Miriam: Thanks, Jen, I’m glad to be back. Jen: So, last time we talked about the SEC; this time I think we want to talk a little bit about the PCAOB and how some of their inspection…
Traditionally, Americans have supported charities not only for tax breaks and a vague sense of “giving back,” but also for a variety of other financial, emotional and social reasons. Understanding what motivates donors and how their motivations vary across demographic groups can help your not-for-profit more effectively reach and engage potential supporters. Money Matters Asset protection and capital preservation traditionally have motivated many wealthy individuals to make charitable donations. And certain strategies — such as…
While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025 or are permanent, there are two major changes under the act for 2019. Here’s a closer look: 1. Medical Expense Deduction Threshold With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that was already…
https://youtu.be/kQqlc713ufY Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m here with Miriam Rouziek, an Audit Manager and a member of the PKF Texas SEC team. Miriam, welcome to the Playbook. Miriam: Thank you for having me, Jen. Jen: As a member of the SEC team I know you handle comment letters for our clients and work with them on those. What trends are you seeing coming from the SEC…
Not-for-profits that direct and benefit from the actions of their volunteers can be held accountable if those individuals are harmed or harm others on the job. Lawsuits involving volunteers often arise from allegations of negligence or intentional misconduct, even when volunteers act outside the scope of their prescribed duties. Your organization needs to take steps to limit risk associated with unpaid workers. Volunteers as Employees Your volunteer recruitment process should be almost as formal and…