Author: Tony Novak
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LLC and S Corporation terminology
The purpose of this post is to illustrate the use of precise terminology regarding the most common legal and tax issues of small business LLCs and S corporations. It is not meant to be comprehensive but rather to clearly state issues that we hear raised most frequently. LLC LEGAL/ORGANIZATION – A Limited Liability Company (LLC)…
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41 Federal Tax Changes for 2021
Many of us are playing ‘catch up’ on tax planning for 2021 and that means a greater risk of paying more than is necessary. The tax filing season for 2020 ended two days ago and so that means that tax professionals like me are suddenly devoting 100% of our efforts to reducing clients’ tax bills…
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Thoughts about ongoing education
There are more than 700,000 postsecondary degrees, certifications and other credentials available to students in the U.S. who may be seeking to gain more valuable training (Your Money Briefing, October 15, 2021). I’ve lost track of how many of these I’ve taken, but ”dozens” is the most accurate description that I can come up with…
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Compensation for nonprofit board members
ESG activists like myself have long pushed for improvement in leadership of nonprofit organizations. For reasons expounded by authors elsewhere and not retreated in this blog post, we recognize that one way to move toward this goal is to diversify the makeup of nonprofit boards. Nonprofit boards tend to be made up of upper middle…
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NJELEC clarifications
I called the New Jersey Election Law Enforcement Commission help line for clarification on the following issues related to small local election campaigns: A school board candidate does not need to file an A1 Form. The candidate must sign Form A1 and form D1. The candidate electronic signature can be after the treasurer starts these…
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Updated professional payroll services agreement (New Jersey)
I am adding two new small New Jersey organization payroll services this week so it was appropriate to review and update my generic payroll service agreement. This confirms that I offered to establish and administer payroll services for xxxxxxxxxxx. Payroll service includes the following: Timing: The service will start within 1 to 2 business…
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A sucker born every minute for real estate deals?
Who consistently profits from real estate syndicates, REITS and OZ funds? The promotors and managers for sure; it’s a great business sector. Not so much the average retail investors. The investors’ return is largely driven by economic factors outside of the real estate holdings. For example: interest rates. If interest rates drop, that is normally…
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2021 New Jersey election: what it means for our small rural depressed communities
30 days from today is the New Jersey election. The anti-incumbent feeling is strong, as usual, but not strong enough to really make a difference. I’ve come to conclude over the years, sadly, that almost nothing at state level elections has much impact on our lives locally in rural South Jersey. Many of our local…
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Preparing for disaster
I’m not quite among those who are building bunkers1 for the coming apocalypse. But I am among those who plan for everything short of that: severe weather events, extended power outages, data loss, communication system outages, looting/rioting/lawlessness, trauma-induced cognitive or memory loss, and now: a breakdown of the food and energy supply. Yes, I think…
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Disagree with IRS? Seven bullet points to know first
If you received a written notice from IRS this year, you are among the largest number of taxpayers ever to be among this group. This post lists seven basic bullet points to consider first: IRS communicates through letters delivered via U.S. mail service. Communications via text message, phone, overnight delivery, email or fax are highly…