Author: Tony Novak
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Charity focus: Conflict of Interest and Compensation of Board Members
We commonly observe misunderstandings about small nonprofit organizations, even among CPAs, related to the topic of conflict of interest and compensation of board members. Perhaps one reason for confusion is that rules may vary by state. This post focuses on New Jersey law. To the limited extent that I’ve viewed other states’ laws, the basic…
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Update on PPP loan forgiveness
Many small businesses, including yours, obtained PPP loans through private lenders. The goal was to have the loans forgiven. Some lenders have been slow to communicate with borrowers on the process for loan forgiveness. This delay might be causing stress among some small business owners. This week the SBA opened its own direct online PPP…
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States That Don’t Allow Credit Card Surcharges
At this time there is only one US territory and four states that don’t allow credit card surcharges. In the following jurisdictions imposing a credit card surcharge is still illegal:Puerto RicoColoradoConnecticutKansasMassachusetts In the following states, anti-surcharging laws remain on the books but are unenforceable due to court decisions: CaliforniaFloridaMaineNew YorkOklahomaTexasUtah Anti-surcharging provisions may still exist…
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My request for local representation as SBA reconvenes the Council on Underserved Communities
Purpose: This post is created to provide more information surrounding my application to serve on the Small Business Administration’s Council on Underserved Communities in July 2021. Background: About the SBA Council on Underserved Communities: https://www.sba.gov/node/15667 Press release of SBA announcement (June 22, 2021) to reconvene the Council: https://www.sba.gov/article/2021/jun/22/sba-reconvenes-council-underserved-communities My story: I started my career in…
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Updated engagement agreement for 3rd quarter 2021
My engagement agreement is updated for the third quarter 2021. The work process section is reworded to emphasize the different types of work that may be included in the engagement. The communications section is expanded to emphasize the importance of broadcast communications in the overall success of the engagement in response to the accelerating pace…
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How to invite me as an accountant to be able to look at your QuickBooks Online records
As the owner of a QuickBooks company subscription, you have complete control to invite users, define their roles and information viewable, and track the activities of each user. Often one of the first tasks is to invite an accountant to help complete setup, add advanced functions and enable an informed discussion on the business finances.…
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What to do about bookkeeping?
We seem to be in the midst of a business bookkeeping crisis but until now, I haven’t taken the time to consider why that might be. A CPE course for CPAs that I took this week points out that the most common progression of career advancement in my field is: 1) Bookkeeping, 2) Accounting, 3)…
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Why I’m proud of our election security
I am pleased to serve as a certified New Jersey election campaign treasurer and feel confident in our systems after having taken the time to understand the many election security measures used in our local communities to make our elections secure. The possibility of mass election fraud practically impossible. In our country, any attempt at…
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How to get the most from the five levels of business accounting services
A business accountant typically provides up to five distinct levels of service. While each accountant and client business may customize the service arrangement to meet their own specific situation, it helps to begin with a recognition that an accountant’s services fall into these general categories: Bookkeeping and compliance – meeting the requirements of running a…
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My first business
A friend’s social media post caused me to reflect back to my days as a young farmer. I had a sweet corn farm in the 1970s, my first business, at age 16-18. It started with about 3 of dad’s acres and peaked at about 8 rented acres. Dad had a John Deere 2010 model tractor…