Pannell Kerr Forster of Texas PC

Pannell Kerr Forster of Texas, P.C. (PKF Texas) is a Houston-based firm of CPAs and professional advisors focused on delivering solutions to clients at every stage of business.

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Not-for-profits sometimes team up with other entities to boost efficiency, save money and better serve both organizations’ constituencies. This can be a smart move — so long as your accounting staff knows how to report the activities of the two organizations. How you handle financial reporting depends on the nature of your new relationship.…
COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents will be facing tuition bills. If your child has been awarded a scholarship, that’s cause for celebration! But be aware that there may be tax implications. Scholarships (and fellowships) are generally tax-free for students at elementary, middle and high schools, as well as those attending college,…
The Federal Reserve recently announced that not-for-profit organizations now may apply for loans under the $600 billion Main Street Lending Program. Previously open only to for-profit businesses with more than 100 employees, the program offers low-interest loans with relatively relaxed repayment terms. If your organization needs funding to keep operating during this difficult period, a Main Street loan may be an option.…
PKF Texas is pleased to announce Tax Senior Manager, Chris Dodd, CPA, has been named “Outstanding Committee Member” by Texas Society of CPAs – Houston Chapter (TXCPA Houston). Chris is part of TXCPA Houston’s CPAs Helping Schools Committee, which encourages CPAs to become actively involved with the education of local youth. The Committee’s activities include funding to local districts for educational projects, emphasizing aid to economically disadvantaged schools, and participating in career day presentations at…
There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee. Why the new form? Prior to 2020, Form 1099-MISC was filed to report payments totaling at least $600 in a calendar year for services performed in a trade or business by someone who isn’t treated as an employee.…
The Houston Business Journal recently published an article on their website by PKF Texas Director, Danielle Supkis Cheek, who shares insight on selecting the “second-best” controls for fraud prevention. Danielle references the 2020 ACFE Report to the Nations as a resource for information and data, which companies can use when finding the best fit for their environment. She asserts that the second-best control is based on: Broad applicability to small to large company (and not-for-profits).…
Your not-for-profit has a board of directors — so why would it need an additional advisory board? There are a few reasons. Some organizations assemble advisory boards to provide expertise for a specific project, such as a fundraising campaign. Other organizations use them to give roles to major donors and prestigious supporters who may not be a good fit for a governing board. Here are some other ways to use an advisory board and how…