Tony Novak CPA

Author: Tony Novak

  • Disowning the IRS disaster

    —

    by

    Tony Novak
    in ,

    This week I created a form letter email to set the background expectations before scheduling a talk with a current or prospective client on a tax resolution issue. It is certainly not something that I ever imagined would be necessary in almost four decades of tax practice. But it is critical, I think, to set…

  • Business tax problem resolution

    —

    by

    Tony Novak
    in , ,

    The most typical course of action of business tax resolution: Problem Proposed solution New problem Revised solution New problem Revised solution New problem Revised solution New problem Revised solution Business closes The take home lessons: The statistical fact is that the majority of business tax resolution plans do not succeed as envisioned. We are working…

  • Serious impact of unacceptable public behavior violations

    —

    by

    Tony Novak
    in , , ,

    I’ve been involved in helping to develop the acceptable public behavior policies for several client organizations as a regular part of my ESG services to clients. I generally consider my activism in the topic to be a business strength. Until now, the net impact of these policies was fairly mundane: employees disciplined for social media…

  • Choosing a telephone system for a micro business

    —

    by

    Tony Novak
    in ,

    This is actually my self-help note that may have value to other small businesses or self-employed people: Facts underlying my decision about a small business telephone system: Small business phone systems today include a lot more today than manage calls. The market is highly fragmented. The complexity that I mostly do not need actually creates…

  • LLC and S Corporation terminology

    —

    by

    Tony Novak
    in , ,

    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)…

  • 41 Federal Tax Changes for 2021

    —

    by

    Tony Novak
    in ,

    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…

  • Thoughts about ongoing education

    —

    by

    Tony Novak
    in , ,

    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…

  • Compensation for nonprofit board members

    —

    by

    Tony Novak
    in ,

    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…

  • NJELEC clarifications

    —

    by

    Tony Novak
    in , ,

    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…

  • Updated professional payroll services agreement (New Jersey)

    —

    by

    Tony Novak
    in , ,

    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…