Update on accounting business practices

Posted Leave a commentPosted in Accounting, Security, Small Business, Taxes

In the normal course of business it is necessary to periodically update for changing trends, technology and legal and industry standards. This month I made the following six changes that will be reflected in future engagements: 1. Elimination of fax communications. Fax is just outdated, often insecure and inefficient. Instead, I encourage the use of […]

Butting heads on small business bookkeeping

Posted Leave a commentPosted in Accounting, Small Business

I had unfortunate occasion to butt heads with an old-school bookkeeper. She is top quality with decades of experience. She knows her debits and credits and trial balances inside and out. She was quick to tell me that the accounting systems I use are worthless. The thing is: the world has changed. Not always for […]

Tax filing trends indicate future direction for professionals

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

We are only half way through the tax filing season but so far the IRS reports that tax filer behaviors are significantly different than a year ago. The number of tax returns filed has dropped by more than 12% and the number of paid preparer returns (often including the more complicated tax returns) dropped even […]

Sample pro bono service agreement

I provide some services without charge to individuals who lack the income or resources to pay for this help. These services are provided under the same terms and conditions detailed in an engagement agreement as other paid services. The only difference is that instead of an invoice, these clients are offered a Pro Bono Service […]

How to grow a tax practice

Posted Leave a commentPosted in Accounting

Today a group of online tax professionals across the country discussed the ways they’ve built their tax practice. I am interested because with two recently added excellent staff members, we could handle several hundred more tax returns. The clear #1 source of business is referrals. I recently published a blog post for clients and friends […]

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 […]

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 […]

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 […]