Author: Tony Novak
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How to prepare financial statements for a nonprofit board
If you are a bookkeeper for a nonprofit organization, the focus your job is to present information in a useful form to the organization’s management. What information should be prepared and how should it be presented? The simple correct answer is ‘however the board says’. But it often is not so simple. The problem is…
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My Greatest Fear
My greatest fear is that the world, and specifically the United States, is on an accelerated path of self destruction and there is little I can do to change this. A probabilistic analysis of current events, including yesterday’s ruling by the Supreme Court against the U.S. emission control plan, lead to a conclusion that we…
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Abortion statistics for accountants
These notes are from Cloud Accounting Podcast and may be useful to those of us discussing the issue with our clients in regard to employee benefit planning. (Statistics are shared without documentation or explanation and commentary is minimized). Abortion statistics:1 in 4 women have had an abortion.54% of abortions are by women of Christian faith.20%…
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Questions about interstate law enforcement on abortion issues
I sent this email below to Preet Bharara this morning in attempt to gather information on this topic of immediate concern to some of our clients. Preet:Thank you for the work you do. I’m a Cafe subscriber listening to your interview with Jeannie Suk Gersen now. As an employee benefits adviser for small business clients…
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How the change in abortion law affects small business accountants
I’ve spent almost four decades dealing with small business owner resistance and noncompliance with employee benefit tax laws. This makes me think that I can predict the outcome of the recent SCOTUS ruling that has divided the nation; at least it’s result within our industry. Looking back in time, we observed the effect of business…
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Where have the good investments gone?
“Where have the deals gone?” This was the title of a podcast yesterday looking at layoffs at America’s most powerful investment firms. They don’t expect the economy to generate enough good deals to keep investment bankers busy. The point is that investment management is a lot tougher right now than any time in the past…
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“You said that…”
I notice that my practice is increasingly affected by client beliefs based on outdated information.1 This is especially true of clients who do not have ongoing advisory relationships. The reality is that what I said last year or even three months ago is likely not the best actionable advice now. This is growing into a…
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Misunderstood Pennsylvania Charity Laws
In my observation, this remains one of the most misinterpreted parts of Pennsylvania charity law: PA Act 71, passed in 2017, effective for financial reporting of 2018 filings, increased the annual contribution levels at which a nonprofit must undergo an audit, review or compilation. As with many such laws, the key to understanding is knowing…
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Activism revisited
I became a civic activist in my early 30s, about the same time I became a father. Like the planning for other aspects of my life, I try to approach it with a clear 5 step process: vision, mission, goals, strategy and plan B. Now is a good time to review, clarify and focus on…
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Head’s up to New Jersey small contracting businesses
NJ Department of Revenue ramped up audits of small contracting businesses. This week I’ve seen or heard of more than a dozen audits case notices. The actions started last month. The initial audit notice is for sales tax. But my concern is that sales tax is not the real risk for these businesses. Many of…