Tony Novak CPA

Author: Tony Novak

  • Taxation of accounting services

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    Tony Novak
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    Some states are likely to propose taxing professional services including accounting services. Proposed legislation to tax professional services will likely be introduced later this year in California, Connecticut, Illinois, Kansas, Maryland, Pennsylvania, Rhode Island, Virginia, and Washington. The probability that these proposals will become law is unclear. Other states including Colorado, Minnesota, Nebraska, Oklahoma, Texas,…

  • Unlicensed tax preparers

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    Tony Novak
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    Key points of unlicensed tax preparers: There are about 500,000 unlicensed tax preparers in the U.S. IRS is concerned about fraud and incompetence among tax preparers. There is no implication that all unlicensed preparers are problematic. We need these unlicensed tax preparers in our economy. Other tax preparers – attorneys, CPAs and EAs – are…

  • Tax provisions of the infrastructure bill

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    Tony Novak
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    Why are we discussing this? The infrastructure bill passed the Senate this month with a strong majority support but is not yet law. What tax provisions are included? Cryptocurrency broker reporting is the hot topic. The bill also includes a longer tax filing extension after disasters. (This is important because we expect to see more natural…

  • Four keys to successfully suing your accountant

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    Tony Novak
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    We sometimes hear about cases where a lack of application of professional standards by an accountant causes problems. Sometimes things do not go as was hoped, just like any other business. If you believe that your accountant is legally responsible, consider these practical points. First, there must be substantial actual damage. In many cases, damage…

  • The bitcoin conversation

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    Tony Novak
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    Text message from Facebook friend: “Quick question: what are your thoughts on bitcoin? My sons keep telling me I need to get into. My accountant at present advises not. I only ask as I know you are a fountain of knowledge in the accounting world and just wanted to learn your opinion. Thanks!” Me: “What…

  • Charity focus: Conflict of Interest and Compensation of Board Members

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    Tony Novak
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    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…

  • Update on PPP loan forgiveness

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    Tony Novak
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    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…

  • States That Don’t Allow Credit Card Surcharges

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    Tony Novak
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    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…

  • My request for local representation as SBA reconvenes the Council on Underserved Communities

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    Tony Novak
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    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…

  • Updated engagement agreement for 3rd quarter 2021

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    Tony Novak
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    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…