Tony Novak CPA

Month: June 2016

  • Philly wage tax drops

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    tonynova
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    City of Philadelphia wage tax rates drop slightly after June 30. For most people, residents and non-residents, the small increase in net pay will be automatically made. If not, call me because you need a better payroll service. There are too many excellent dirt-cheap payroll companies now to put up with one that is not…

  • Tax impact of the presidential election

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    tonynova
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    60% of New Jersey’s CPAs are aggitated by even the suggestion of a Trump presidency, according to their data, but Atlantic City law firm Cooper Levenson did the right thing by presenting an unbiased analysis of the fiscal impact of each candidate’s proposals. But after seeing the audience begin to squirm at the possible impact,…

  • Notorious among NJ CPAs

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    tonynova
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    My biggest surprise at the #njcpa16 convention in Atlantic City this week was the number of fellow members I met for the first time who recognized my name. I was already aware that about 500 of the 15,000 members of this professional organization visited my web site related to publications for accountants over the past…

  • Are people fleeing NJ?

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    tonynova
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    Are people leaving NJ? “The data is not completely clear” Dr. Alexander Heil, chief economist for Port Authority of NY and NJ, speaking at #njcpa16 on 6/17/2016. He continued to explain that peak working age population will decrease while under 18 and and over 55 will grow. However politicians, CPAs and financial planners are more…

  • Reflections on accepting change

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    tonynova
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    I revisited this topic while at #njcpa16 today that focused on the theme that tomorrow’s successful CPAs must be the agents of societal change. Robert Frost wrote: “When I was young my teachers were the old. I gave up fire for form till I was cold. I suffered like a metal being cast. I went…

  • 2016 impressions of AC

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    tonynova
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    I typically stay in Atlantic City once or twice a year but the past few years were so stressful that I must have driven back home each night after business meetings rather than stay over. So it’s been longer than I realize since I’ve actually spent leisure time here. A few new observations: – almost…

  • Do you understand the kiddie tax? 

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    tonynova
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    Used to your advantage it could save about $2,000 per year in income tax for an affluent family. But ignoring its impact and used Improperly considered will cost you just as much. It’ as predictable and reliable as the sunset. If you have kids and investments, make it part of your tax plan.

  • Tax planning tip for nonprofits with unrelated income

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    tonynova
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    Here is an interesting and simple tax planning tip where a nonprofit company has so much unrelated business or investment income that it threatens the entity’s nonprofit status. Just form a one member subchapter S corporation owned by the nonprofit and the income flows through to the Form 990 but does not threaten nonprofit status.

  • Wild and reckless at the NJCPA convention

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    tonynova
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    I just have to laugh at myself this morning. #njcpa16 ​​

  • The ants are gone – 9/11/2001

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    tonynova
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    This is an excerpt from my personal diary on September 11, 2001, written about 8:30 AM just before we all learned of the news of the terrorist attack. Of course I had no idea that the world was about to change. I was absorbed by thoughts of missing Josh and Arielle and the other kids…