LAST CALL for Form 1099 filings for small businesses and nonprofits.

Posted Leave a commentPosted in Small Business, Taxes

LAST CALL for Form 1099 filings for small businesses and nonprofits. The cost of filing these is small compared to the penalty for not filing a single one of these forms. The deadline is January 31 and we typically request at least 24 hours notice to complete and file the forms correctly. Instructions from IRS are […]

When do I get my tax refund?

Posted 1 CommentPosted in IRS, News and Politics, Taxes

The IRS begins accepting tax returns and processing refunds next Tuesday January 29. I can prepare and submit your tax return for e-file acceptance before then but it essentially sits in an electronic waiting list until the 29th. See tonynovak.com/taxes for information on getting started with an early tax return filing. The first tax returns […]

Pass through income exclusion for rental properties

Posted Leave a commentPosted in Real Estate, Taxes

If you own investment real estate, maybe your taxes will be lower, or maybe not. One of the most uncertain issues of 2018 tax reporting was clarified today by IRS Notice 2019-7. This notice provides a safe harbor for determination of when a rental property is a business that qualifies for the 20% exclusion from […]

Tax fraud case with the highest implications

Posted Leave a commentPosted in government, IRS, News and Politics, Taxes

A high profile multi-million dollar international tax fraud case (Unites States vs. Natalia Veselnitskaya 18 CRIM 904)  took a dark turn last week then a sealed indictment by federal prosecutors was revealed to the public. To be clear, this tax fraud case does not involve anyone in U.S. government. Yet this case brought special attention because […]

2019 Tax Planning and Support Tools Available

Posted Leave a commentPosted in Financial Planning, IRS, Tax Planning, Taxes

Through our 2019 license agreement with CFS Software, we offer a large number of support forms and estimated tax calculators. If you would benefit from a demonstration of the powers of any of these functions or planning calculations, please let us know. General Utilities and Retirement Calculations: 5 Year Federal/State Tax Planner After-Tax Loan Refinance […]

Simplify the business of life

Posted Leave a commentPosted in Accounting, Employee Benefits, payroll, Small Business, Taxes

This blog title is a slogan used by the world’s most popular personal and small business software maker. For my purposes as an adviser, I’m using it here to refer to the accounting for essential financial transactions between an employer and employee: payroll, taxes and employee benefits. Small businesses have wide latitude in some areas of […]

Tax Law proves to be damaging: one year analysis

Posted Leave a commentPosted in Taxes

This well-written article by CBS News summarizes the effects of the Tax Cuts and Jobs Act on it’s one year anniversary. The results confirm that America’s tax professionals were correct in our earlier criticism. The law’s primary effect is to widen the wealth gap with 10 times the amount of benefit going to investors as […]

Employee vs. Independent Contractor: protecting the small business employer

Posted Leave a commentPosted in Small Business, Taxes

The question of independent contractor or an employee has long been a concern to small businesses. The IRS has changed its guidance significantly over the decades of my career. The most current IRS guidance is perhaps the most complex and subject to interpretation. In the small business world, classification as an independent contractor often result […]