The CPA Desk

A Thought Leader Production by PKFTexas

Latest from The CPA Desk - Page 2

https://youtu.be/xCEYnBq7dwc Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back once again with Nicole Riley, one of our audit senior managers and one of the faces of PKF Texas’ broker-dealer team. Nicole, welcome back to the Playbook. Nicole: Great to be here. Jen: So, broker-dealer, what is that? Nicole: So, a broker-dealer is a highly regulated company that traditionally buys and sells securities. That’s really where the name comes…
Some of your not-for-profit’s communications are of interest only to a select group of your supporters. But your organization’s annual report is for all stakeholders — donors, grantmakers, clients, volunteers, watchdog groups and the government. Some report elements are nonnegotiable, such as financial statements, but you also have plenty of creative license to make your report engaging and memorable for its wide-ranging audience.…
If you’re planning to sell assets at a loss to offset gains that have been realized during the year, it’s important to be aware of the “wash sale” rule. How the Rule Works Under this rule, if you sell stock or securities for a loss and buy substantially identical stock or securities back within the 30-day period before or after the sale date, the loss can’t be claimed for tax purposes. The rule is designed…
https://youtu.be/kGzK6AkZi1o Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Kristin Ryan, an audit senior manager and one of the faces of PKF Texas’ Employee Benefit Plan team. Kristin, welcome back to the playbook. Kristin: Good to be here. Jen: So, we’ve talked about fiduciary responsibilities, but what are some of the main causes of fiduciary noncompliance in 401(k) plans? Kristin: What we do commonly see is…
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…
If your not-for-profit owns its own facility, it likely will have more control of work space than if you’re leasing. However, ownership carries risks — and leasing can provide several advantages. If you’re trying to make a buy-or-lease decision, be sure to weigh the following factors.…
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…