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 […]

One QuickBooks Online account for multiple small businesses

Posted Leave a commentPosted in Accounting, QuckBooks, self-employed

A client wants to upgrade his bookkeeping system to QuickBooks Online but was resistant to opening a separate QuickBooks account for each of his small companies. Through a fast screen share, I was able to show him how I use my own QuickBooks account to run several businesses that each report to a separate tax […]

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 […]

Turn employee health expenses into tax savings

Posted Leave a commentPosted in Employee Benefits, Health Insurance, Tax Planning

Small business employers who do not offer an employee health plan are missing out on valuable tax savings. These small firms may be understandably nervous about offering employee health benefits. Less than half of small firms even try. We’ve heard about high costs of medical care and health insurance that rise year after year. This cab be […]

Which version of QuickBooks is right for your business?

Posted 1 CommentPosted in Accounting

Sometimes it is actually 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 […]

20 Simple and Inexpensive Things You Can Do to Improve Your Firm’s Employee Benefit Plan

Posted Leave a commentPosted in Employee Benefits, Financial Planning, Small Business

There are likely plenty of easy ways to make your employee benefit plan dollars go further: Host an occasional, informal and voluntary on-site meeting where employees can ask an independent adviser questions about their benefits. Host occasional, informal and voluntary on-site educational programs so employees understand the link between benefit plans, taxes and their overall […]

What small employers need to know about New Jersey’s sick leave law

Posted Leave a commentPosted in New Jersey, Small Business, Taxes

Update June 21: My friends at Workplace offered to extend an invitation to those in the Philadelphia region to a seminar at Tavistock Country Club in Haddonfield NJ on Wednesday July 18th at 8am. Find more information at this Facebook event  or register online here. New Jersey just passed a sick leave law that affects […]

Annotated IRS Collection Statutes

Posted Leave a commentPosted in IRS, Taxes

This is an annotated copy of IRS statute controlling collection actions. 8.21.5 Collection Statutes Manual Transmittal November 17, 2015 Purpose (1) This transmits revised IRM 8.21.5, Collection Statutes. Background This IRM provides guidelines for verifying, updating, and monitoring statutes on collection cases in Appeals. Material Changes (1) Changes to this IRM are as follows: IRM Section […]

Questions about a QSEHRA?

Posted Leave a commentPosted in Health Insurance, payroll, Small Business, Taxes

(This inform is not updated to reflect 2019 proposed regulations so should be presumed to be partially obsolete). Yesterday I was hired for a single consultation engagement for a small business in Silicon Valley to answer a few simple questions about setting up a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA). This is a simple, […]

Quickbooks pricing revisited

Posted Leave a commentPosted in Accounting, QuckBooks, Small Business

I can save businesses $500+. But should I? Quickbooks remains by far the most popular small business accounting platform capturing about 4 in 5 businesses in this market. The services I most commonly work with – accounting, taxes, banking services, financial planning, payroll and benefits – often stem from this core accounting system. Over the […]