If your not-for-profit organization accepts contributions of nonfinancial assets, such as land, services and supplies, you should know about Financial Accounting Standards Board (FASB) rules approved last year. Accounting Standards Update (ASU), Not-for-Profit Entities (Topic 958): Presentation and Disclosures by
The CPA Desk
A Thought Leader Production by PKFTexas
The CPA Desk, published by Pannell Kerr Forster of Texas PC, focuses on accounting and financial topics relevant to businesses and not-for-profit organizations. It covers fiduciary responsibilities and governance for nonprofit boards, tax considerations for individuals relocating or retiring, and best practices for financial due diligence in business transactions. The blog also addresses issues related to donation management and refund policies for nonprofits, as well as retirement planning topics such as participation in employer 401(k) plans. The content aims to provide practical guidance on financial management, tax planning, and compliance matters for organizations and individuals in Texas and beyond.
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Mark Your Calendars! Upcoming May 2021 Houston Events…
By PKF Texas
As trusted business advisors, we enjoy working with you to co-create ideas and co-develop innovative solutions for your business. Even amidst the COVID-19 pandemic, we still want to continue providing valuable information, including upcoming Houston events that we support, and…
How to Minimize Needing Year-End Financial Adjustments
If your not-for-profit periodically prepares internal financial statements for your board, you may have noticed that your auditors propose financial adjustments to these interim statements at year end. Why do auditors do this? Generally, it reflects differences due to cash…
The Importance of Meeting Tax Return Filing and Payment Deadlines
By Grant Miller
The May 17 deadline for filing your 2020 individual tax return is coming up soon. It’s important to file and pay your tax return on time to avoid penalties imposed by the IRS.
Here are the basic rules.…
What You Need to Know About Royalty Relief
By PKF Texas
Jen: This is The PKF Texas – Entrepreneur’s Playbook®. I’m Jen Lemanski, and I’m back again with Carlos Gomez, an Audit Manager and one of the faces of the PKF Texas Contract Compliance services team. Carlos, welcome back.…
New Tax Changes May Benefit Your Individual Bill
By Jim Streets
In recent months, there have been a number of tax changes that may affect your individual tax bill. Many of these changes were enacted to help mitigate the financial damage caused by COVID-19.
Here are two changes that may…
D&O Insurance Can Reduce Liability Risk
By Nicole Riley
Not-for-profit organizations may operate under the assumption that their missions and their board members’ good intentions protect them from litigation. Sometimes, this assumption is proven wrong with a lawsuit. To protect your leaders from financial exposure, consider directors and officers…
Determine Your Home “Basis” Before Buying or Selling
The housing market in many parts of the country is strong this spring. If you’re buying or selling a home, you should know how to determine your “basis.”…
The Benefits of a Contract Compliance Engagement
By PKF Texas
Jen: This is The PKF Texas – Entrepreneur’s Playbook®. I’m Jen Lemanski, and I’m back once again with Carlos Gomez, an Audit Manager and one of the faces of our PKF Texas Contract Compliance Services team. Carlos, welcome…
Protecting Your NFP’s Tax-Exempt Status
By Emily Smikal
Not-for-profit organizations are different from for-profit businesses in many vital ways. One of the most crucial differences is that under Section 501(c)(3), Sec. 501(c)(7) and other provisions, not-for-profits are tax-exempt. But your tax-exempt status is fragile. If you don’t follow…