Author: Tony Novak
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Tax changes are not real
I find myself in the unfamiliar position of saying “It’s not real!” to the wide range of voices talking about the ‘Biden tax changes’. We (that is, the large majority of experienced tax professionals who earn their living talking about the future of taxes) have been saying that there are no significant change in the…
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Review of Biden administration tax policy progress after one year in office
The Biden administration proposed two major themes in its tax reform agenda. These were widely promoted during the campaign and then heavily promoted by the White House and the U.S. Department of the Treasury over the past year. Now, one year after the administration began work, this blog post reviews the progress made and the…
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CPAs have a public image problem
CPAs have a brand image problem. The three words that the public most often associates with “CPA” are “accounting”, “audit”, and “tax”. Yet those words do not match the self-identity of any of the CPA firms I’ve known. We know our role as the most trusted strategic adviser for our clients. But we do a…
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Reflecting on the 1099 filing season
IRS Form 1099 procedures are not overly complicated either in theory or in practice but are perhaps the most widely misunderstood topic in US taxation today. Reading online comments and suggestions and many stories of misapplication, it is clear that the government has much work ahead before it can effectively utilize business reporters’ information returns…
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IRS Free File service is expanded
IRS is expanding its promotion of free electronic filing this year. Eight providers are participating in the IRS’s Free File program: 1040Now, OLT, FreeTaxUSA, TaxAct, FileYourTaxes.com, TaxSlayer, Free1040taxreturn.com, and eztaxreturn.com. Three other large and better-known tax service providers – TurboTax, H&R Block and Jackson Hewitt – have free offers for tax filing that are not…
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How little we know about the metaverse
Facebook said that the metaverse is its future when it recently renamed its company. Now Microsoft is spending $70 Billion for “a foothold in the metaverse”. Yet it is a challenge to put together a sentence or two to summarize our understanding of the metaverse. I’ll give it a try: In the physical universe, we…
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Is a small business tax crisis looming?
I am increasingly concerned about the possibility of a small business crash ahead. The early warning sign is the difficulty I see in so many small business client in making their last year’s tax payments. This year, more than half of my small business clients than ever before cannot currently meet their 2021 sales tax,…
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Crisis measures in 2022 accounting practice
I was unprepared for the rapid changes in the private practice accounting field that quickly escalated to the largest backlog of work we’ve ever seen. A scan of peer feedback indicates that we are not alone; other private firms report the same current struggle. 2020 and 2021 were difficult but manageable for our practice. 2022…
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Simple overview of tax options for LLCs
If you operate a business as a Limited Liability Company (LLC), the. you have some choice in how to have your business earnings taxed. There are protocols and restrictions that are not covered here in this post. This short post overviews the most common options, advantages and limitations of tax options available to LLCs. Sole…