Author: Tony Novak
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ACA is not repealed
There is much misinformation today about the fate of Obamacare. In short, people are overreacting to the Senate’s vote and reading too much into it. Remember two things: 1) Obamacare is still the law of the land. 2) Trumpcare will not be significantly different from Obamacare. I posted a longer version on LinkedIn,
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Tip for 1099-MISC processing
I just finished the required 1099-MISC year end processing work for my on businesses because the new due date is January 31 this year. This task is pretty easy within QuickBooks. It took less than 15 minutes and cost less than $15. But I noticed one snag: it is difficult to tell which vendors are…
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Two new digital consumer scams
It seems that the number of ways consumers face financial risk online is expanding rapidly. No matter what we measures we take to protect ourselves, it seems that professional online scams are one step ahead of us. An online conversation tonight with a business friend triggered my to recall two recent suspected consumer frauds. I say…
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Taxation of S corporation shareholder health insurance
Taxation of health insurance for S corporation shareholders is one of the most discussed and convoluted topics in the accounting industry. This article by Shaw and Associates in Colorado presents the topic in a useful format for setting up a payroll system that I’ve not seen in other presentations: http://www.kevinshawcpa.com/s-corporation-shareholder-health-insurance-instructions/
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Warning about Woodard/Intuit CPE program
I attended a two-day CPE program September 21-22, 2016 and was denied five CPE credits because their server would not properly record the responses to attendance questions. The sponsor and presenters were aware of the problem in real time via chat communications in the side bar accompanying the live broadcast. The CPE issuer apparently had…
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The 100 day plan
Trump’s ‘First 100 Days’ agenda includes repealing environmental protections, cutting consumer and small business finance regulations built into the Dodd-Frank Act, giving the rich and big corporations a huge tax cut, and putting in place a cabinet that doesn’t believe in the Voting Rights Act or public schools or Medicare or the Fair Housing Act.…
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How to help employees on Obamacare
How does a small business employer help an employee who receives subsidized Obamacare coverage but still struggles to afford the cost of out-of-pocket costs including the large deductibles? The easiest way is to set up an employer-sponsored supplemental insurance coverage. This option is increasingly popular because it is exempt from most types of tax regulations…
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Scammy tax advsertisement
A client sent me a scammy advertisement that read, in part: URGENT for Anyone Who Bought ANYTHING in 2016: Congress Passes $42.4 BILLION “Consumer Rebate Program”! 119 Million Taxpaying Americans Can Now Get a Cash Rebate on Virtually EVERY SINGLE PURCHASE Made in 2016… But You Must Act Between January 1 and April 17 to…
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My prayer for America
I’ve been a huge supporter of ongoing lifetime education. I take, on average, the equivalent of ten continuing education courses in a year along with time set aside for associated readings. I’m not just talking about continuing education for my profession. I’m not talking about the education available in our high schools, unfortunately, or even…
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Free tax return preparation services
Some independent tax preparers are in a panic this month that the largest national tax preparation firm is offering to do tax returns for free through its network of retail stores. The big company has been losing money, its stock price is down, and consumer reviews have been terrible. The free service deal is apparently…