Changes to Tony Novak CPA business practices for 2019

Posted Leave a commentPosted in Accounting, payroll, Tax Planning

***DRAFT VERSION *** This post is meant for peer advisor discussion purposes only at this time. I expect to make these five changes to improve client services in 2019. The changes apply to my core client group, local law firms, as well as other individual, small business and nonprofit clients.   1) Payroll Services Complete […]

Full service payroll now at $26.50 per week!?

Posted 1 CommentPosted in Accounting, Small Business, Taxes

Update: After this blog post was published the fees that payroll processors charge small businesses rose several times so that the fee is now actually about $26.50 per week for 2019. The pricing information below is now obsolete. The key to value is in the service performance agreement.  I frequently promote the benefits of full service cloud-based […]

Use of trade name triggers 24% backup withholding

Posted Leave a commentPosted in Accounting, Small Business, Taxes

A nonprofit company received notice from the IRS that it is to withhold 24% of the total on future payments to one of its major vendors as “backup withholding. Neither the vendor nor the nonprofit was happy with this burden! It turns out that even though the Taxpayer Identification Number was correct on the Form […]

What to expect when outsourcing small business payroll

Posted Leave a commentPosted in Accounting, payroll, Small Business

I often mention to small business owners that one of the easy and surefire ways a small business can get improved level of service, save time and save money is to set up an outsourced payroll service. These are remote services; there is no need to be close to your business. Small businesses can easily […]

Which version of QuickBooks is right for your business?

Posted Leave a commentPosted in Accounting

Sometimes it is useful or necessary to provide a long explanation to a simple answer. I find that is often the case when recommending an accounting system to a small business owner. The best answer for most small businesses is simple and clear. The explanation is often far more complicated. The takeaway: Most small businesses […]

Followup on false complaint by Commonwealth of Pennsylvania Office of General Counsel

Posted Leave a commentPosted in Accounting

I posted a message here a few months ago after being notified by a Pennsylvania government investigator that an employee of the Pennsylvania Board of Certified Public Accountants accused me of practicing public accounting without a license. I was told that I did not have the right to know the nature of the accusation, the […]

Sample small matters, financial planning and tax services

Posted Leave a commentPosted in Accounting, Financial Planning, Taxes

This is a sample high-value agreement for ‘piecemeal’ or small matter individual and small business financial, accounting and tax services performed outside of an agreement for comprehensive or ongoing services. The agreement incorporates cost-saving technologies and procedures to save time and money while maintaining a high level of professional service (revised September 6, 2018).  Contents: […]

Responding to false tax and accounting advice

Posted Leave a commentPosted in Accounting, Small Business, Taxes

I ran across a social media post tonight that was blatantly false. What’s the big deal? We see that every day, right? This specific post on LinkedIn bothered me because the topic was IRS taxes. The post provides entirely incorrect information that a non-professional reader would not likely recognize as false. The author lists advanced […]

The most important tax tip of the year

Posted Leave a commentPosted in Accounting, self-employed, Small Business, Tax Planning, Taxes

Take advantage of the most generous part of the Tax Cuts and Jobs Act, known as Section 199A by; 1) Exploring whether your business CAN benefit, and 2) Settling protocol to make sure that your business DOES qualify based on the 184 pages of proposed regulations just released this month. The important thing is to […]