Tony Novak CPA

Author: Tony Novak

  • Cumberland County NJ bayshore real estate update

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    Tony Novak
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    Short term profits and losses in the real estate market are primarily based on inaccurately valued information. Every buyer or seller has the opportunity to value real estate based on their own opinion. Most opinions are inaccurate. This the opportunity for short term profits (and losses). I expressed concern over local pandemic era home purchases…

  • Minimum expectations for board members

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    Tony Novak
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    In casual conversation today I mentioned to a business attorney that a board level project was on hold until I completed minimal due diligence checks on the company in discussion. He asked what I meant. I explained that a CPA is expected to verify certain information about a new business client. He seemed more confused.…

  • New nonprofit formations under scrutiny

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    Tony Novak
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    The nonprofit formation process is under scrutiny. This week’s Kiplinger Tax Letter devoted attention to the topic. It referred to an unnamed 2019 IRS study that concluded that 46% of 1023 EZ filings were erroneously approved. Some lawmakers are calling for an end to the 1023EZ filing. Recent conversations with IRS employees the exempt organization…

  • Meet the client where they are: Cloud avoidance syndrome

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    Tony Novak
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    “I will NOT put my clients information in the cloud!” wrote a bookkeeper, on the cloud, in a forum where we all have our information stored. I still occasionally hear comments like that. But it was surprising coming from a bookkeeper. The bookkeeper went on to say that she had to run her accounting business…

  • Noncash charitable donations

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    Tony Novak
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    A snapshot of #tax issues related to large non-cash charitable deductions: – Taxpayers can avoid paying income tax on up to half of their income by making a donation to a properly registered #charity, so this is an important area of tax practice and dispute – Most taxpayers do not make charitable donations large enough…

  • Five steps of pricing

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    Tony Novak
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    1) First, look at the customer- the ability and willingness to pay. 2) Next, look at the offer – what is available and what you are willing to provide. 3) Then consider value – assign a number to economic value to the offer. 4) Do a marketplace check – look at price alignment with others…

  • My tax manifesto

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    Tony Novak
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    Tax is complicated.The system is broken.The collective knowledge is immense.The collective misinformation might be more immense.So far, nobody died.

  • Boycott list

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    Tony Novak
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    Uline Wendy’s CVS Taco Bell Estes Lauder Equinox SoulCycle Marvel Home Depot Hobby Lobby Goya MyPillow Martin’s Famous Pastry Shoppe

  • Criminal tax representation

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    Tony Novak
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    I’ve come to accept that representation of tax criminals – despite knowing the obvious stereotyping that even the use of this term evokes – is a challenging industry specialization that takes evolved personal skills and thick skin. It should, IMO, be the combination of tax/financial planning, legal/law enforcement and psychological/behavioral training. The focus of work…

  • Start your own nonprofit business

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    Tony Novak
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    I start more than a dozen new nonprofits of various types at the request of clients each year. It has become a specialization niche. Last week I received a referral from as far as rural Kentucky. A few of these startups have wound up as multimillion transformative organizations. One was cited by the president on…