Author: Tony Novak
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The IRS requirement for personal auto mileage records
You drove your car on business trips. You made a report of how many miles you drove for business, the dates, the specific destination and the purpose of the trips. You have all the expense receipts for gas and other out-of-pocket expenses. You submitted the expense documentation to your employer who reimbursed you. This is a…
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Tips for using the Health Insurance Marketplace
Open enrollment season is fast approaching for 2017 health insurance. I compiled 50+ tips in a new easy to read publication titled “Tips for using the Health Insurance Marketplace“. The 7 page booklet in PDF format is offered free of charge.
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Tips for new nonprofit board members
When elected as a director you want to make a good impression, help the organization and boost your own career as well. That’s understood. Here are some tips published by the NJCPA for getting involved in community organizations: 1. Block out the year’s board meeting schedule on your calendar. Plan on attending them all. Carefully read the…
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Mistakes to avoid as a new nonprofit board member
When elected as a director you want to make a good impression, help the organization and boost your own career as well. That’s understood. But some new directors take it too far and make strategic errors, according to tips published by the NJCPA. Most of these should be obvious but we spelled out nine pitfalls to avoid…
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QuickBooks improves management reports
QuickBooks, the accounting platform used by about 2 out of 3 small businesses and nonprofit organizations, recently announced improvements in the formatting of machine-generated reports. This is important for several reasons: The automated reports save a lot of time and expense over the ‘old days’ when these reports had to be prepared by humans. The…
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The myth of the ‘correct’ tax return
I occasionally have a conversation with a client, a potential client or another accountant on the topic of the accuracy of a tax return and IRS action. The comments might sound something like one of these: “The last two accountants messed this up and it needs to be made right.” “I am very particular about my…
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Second Thursday Blues
All of us are limited, I suppose, to being in one place at a time. The number of important organization board meetings and other community events held on the second Thursday of the month is overwhelming for me. I am most often forced to say “As much as I support your organization as a top-level priority,…
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IRS catches nonprofit accounting cover-up
This week the Washington Post reported that Donald Trump was fined $2,500 by the IRS for filing a false report to the IRS about the activities of his nonprofit foundation. Nonprofit organizations are not supposed to give money to political campaigns. He did, and then covered up the political donation by reporting it to the…
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My email address – revisited
People (friends, family and clients alike) complain that they have many email addresses attached to my name and so they ask me which one to use. I get tired of saying “it doesn’t matter, it all goes to the same place” but I recognize the potential negative impact to business branding. I wonder why other…
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‘Ignorance is bliss’ but stay away from public leadership
“The more I learn, the more I realize how much I don’t know.” – Albert Einstein One in three Americans admits that they did not read a book in the last year. Donald Trump is among them. He reportedly admits that he hasn’t read a book in 50 years. I suspect that his supporter…