Author: Tony Novak
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4 new concerns for small business owners
(The short Facebook Live presentation of this topic is published at https://fb.watch/2Y8-AzhgVE/ ). Here’s where we are in the small business world today based on brand new developments in the past month. It does not inspire confidence for a smooth start to 2021: 1) SBA’s special priority small business PPP application acceptance processing period begins…
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Forecast: Cryptocurrency ownership reporting will be required
This blog post is based on a presumption and projection of a proposed rule that may be modified delayed or cancelled. In other words this is a warning of ‘worst case’ impact on us based on the latest available information, Until now an owner of virtual currency had no obligation to disclose those holdings to…
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How to resolve a tax dispute
About one in four of us will receive notification from a tax collection authority about a missing payment or dispute in the amount of taxes due. Most of these are “mismatch” issues where the information that the tax authority has does not match the information on the tax returns that you filed. The mismatch may…
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Goodbye to the decade of disillusion
I am happy to say goodbye to the decade that lowered my expectations of the future of humanity. I had allowed past events to create the illusion that we were advancing beyond ignorance as the standard of society. Ten years ago I believed that more information would inevitably lead to enlightenment. That proved wrong. We…
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2021 plans
I won’t be saying “Happy New Year” today but I will be sharing my plans to make it a better year ahead. Hoping you do the same. There is strength in community. My plans to make 2021 a better year:1) Focus on improving the level of my personal communications that will lead to deeper relationships…
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Are small Paypal or Venmo payments reported to IRS?
Paypal and Venmo are clear in explaining their legal requirement to report to the IRS amounts over $20,000 or 200 transactions. But what about amounts under $20,000 and less than 200 transactions? The common questions are: “What if I don’t remember? How will the IRS even know?”. The key issue is that business taxpayers who…
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Big tax change for small businesses
The IRS reminds employers that starting in tax year 2020, payers must complete the new Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee. This is likely the biggest change that affects a large number of small businesses this year. Generally, payers must file Form 1099-NEC by January 31.…
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Simple bookkeeping systems for sole proprietors
In general, I try to have a coaching conversation with new clients and prospective clients about the reasonable time and cost allocation for bookkeeping in relation to other business factors. We hope to see this allocation consistent with others who are successful within a business niche and, if a significant difference exists, look more closely…