The CPA Desk

A Thought Leader Production by PKFTexas

Latest from The CPA Desk

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 by eligible employers to certain employees during the COVID-19 crisis. Employer eligibility. The credit is available to employers with operations…
On Friday, March 27th, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act provides support to both individuals and businesses, including changes to tax policy. With this in mind, we want to share with you a special tax briefing which summarizes the following: Recovery Rebates Payroll Tax Deferral Provisions Expanded NOL Utilization and Carryback Provisions Employee Retention Credits Unlimited Charitable Deductions for 2020 Expanded Business Interest Expense…
https://youtu.be/OXx3xAJE2pQ Jen: This is the PKF Texas Entrepreneurs Playbook. I’m Jen Lemanski and I’m back again with Chip Schweiger, one of our audit directors and a member of our PKF Texas SEC team. Chip, welcome back to the Playbook. Chip: Thanks, Jen. Good to be back. Jen: So I’ve heard a little bit in the news about FCPA. What is it and how does it affect public companies? Chip: Sure so FCPA, also known as…
As the COVID-19 situation continues to evolve, the priority at PKF Texas remains on doing our part to ensure the health and well-being of our staff, our clients and our community. Following Harris County Judge Lina Hidalgo’s March 24th Stay Home-Work Safe order, PKF Texas is doing just that. While our physical office is now closed, PKF Texas is still open, with our business operations continuing without interruption, as we work from home. Although we…
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…
https://youtu.be/AyDrpZtvGMY 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…
On Friday, March 20th, the IRS issued Notice 2020-18, Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic. This provides individual and corporate taxpayers an extension for the tax return filing and payment deadline to July 15, 2020. Notice 2020-18 expands upon and supersedes Notice 2020-17. With this in mind, we want to share with you a special tax briefing which summarizes the following: Tax Return Due Date Moved to July 15 New…
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 Moved to July 15 IRS issues additional guidance     The briefing may be downloaded here or by clicking the…
On Wednesday, March 18th, the IRS issued Notice 2020-17, Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic. This provides individual and corporate taxpayers an extension of time for the payment of income tax amounts due at April 15, 2020. This is an automatic extension of time to pay for 90 days, until July 15, 2020. It is important to note that Notice 2020-17 does not extend the filing deadline for individual and…
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…