Author: Tony Novak
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The toughest year for tax planning
Year end tax saving work for small business owners often involves compensation and benefits planning. Compensation and benefits planning has been at the core of my solo practice for 25+ years, especially since my 1995 graduation from Villanova Law that has an excellent program for this area of practice in their MT program. But the…
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Millville CPA Announces $50,000 in Free Accounting Support to Community
Tony Novak CPA is pleased to announce exciting changes to nonprofit and micro-business accounting services for 2022. We all know that 2021 was a year that triggered us to reevaluate our internal business practices and adapt to cope with the new realities of the business world. This past year our firm was overwhelmed with the…
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Pricing variation of tax preparers based on community size
The National Association of Tax Professionals (NATP) found that the national average hourly rate charged by tax preparers varied greatly by the size of the community where they worked. Those in rural areas charge much less than those in mid-sized towns and cities. This trend was revealed in NATP’s annual member survey. Of course, I…
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Due dilligence and compliance checklist of nonprofit organizations
When associating with a nonprofit organization an accountant, attorney, prospective board member, partner of major business associate should perform a due diligence check of the organization. Additionally, management should undertake a periodic review occasionally just to check to ensure that the organization’s records are up to date. This checklist is prepared to help make that…
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Management disfunction of a nonprofit organization: what it means to the external accountant
Two years ago I was the external accountant in a nonprofit organization (a church) with an internal conflict between the President and the Treasurer. My engagement specified that I was to report to the Treasurer. Yet the President had the power to end my contract. The predictable outcome was for either party to blame the…
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ESG Reporting for small businesses
The purpose of this post is to overview the topic of ESG reporting for small businesses in simple, brief Q&A format. What is ‘ESG’? ESG stands for Environmental, Social and Governance. What is ‘ESG Reporting’? ESG Reporting is the preparation and communication of data about the organization’s environmental, social and governance actions, impact and plans.…
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Pandemic reopening update
The mess we’ve created in society’s response to this pandemic re-opening hit me hard yesterday. My wife was required to attend a training for managers charged with overseeing their office reopening. Apparently she will be in charge of approving the scheduling plans of her staff that largely want to continue to work from home vs…
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Evolution of my small business communication systems
About a month ago I launched a project to update my basic business communication systems. I took my time and looked at options and was surprised how complicated it was to accomplish these basic tasks. The goals were: Simplify and improve voice telephone quality integrate SMS and MMX texting for desktop use and automatic inclusion…
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Disowning the IRS disaster
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…
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Business tax problem resolution
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…