Author: Tony Novak
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Main Street Lending Isn’t Happening; What’s Next?
News Update Two days ago I published a Q&A format summary of the new Main Street Lending Program, a potentially huge program that was authorized by Congress as part of the Cares Act. My writing ended with an optimistic position that the program might eventually be leveraged to finance trillions of dollars of loans across…
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Main Street Lending Program Q&As
I’ve received a lot of questions about the new Main Street Lending Program. This post is meant to provide general non-technical information as a starting point in evaluating whether the program may work for your business. What is the Main Street Lending program? A program established by Congress run through the Federal Reserve offering loans…
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A Fresh Look at Electronic Fund Transfer Payments
In a perfect world, we should be able to “click and pay” anyone, anytime, securely, and at a reasonable fee. That would be true for businesses as well as individuals. The advancement of technology has enabled that process. However, the evolution of EFT processing in combination with other financial services has muddies the waters to…
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Preserving right of claim for 2016 tax returns
The hottest topic in tax planning right now is the protection of right to claim a refund for 2016. It’s likely a hot of hot air about nothing. Beginning on 2016 wealthy people paid additional taxes mandated by the Affordable Care Act. If the Affordable Care Act is deemed unconstitutional, then theoretically the taxes it…
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Average New Jersey tax preparation fees in 2020
THIS PAGE IS OUTDATED. FEES ARE SIGNIFICANTLY HIGHER NOW. SEE SOUTHJERSEY.CPA/PRICING FOR CURRENT PRICING These are the most recent published average industry prices for tax preparation services in the state of New Jersey as of the date of this blog post. These are not my rates, although I do pay attention to this type of…
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Unrealistic advice from IRS to gig workers
IRS says: “The gig economy, also called sharing or access economy, is activity where taxpayers earn income providing on-demand work, services or goods. Often, it’s through a digital platform like an app or website. While there are many types of sharing economy businesses, ride-sharing and home rentals are two of the most popular. Here are…
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PPP agent blues
More than two months ago on LinkedIn I posed a summary of the problem that Wells Fargo small business clients were locked out of the PPP program. I don’t know why so many small nonprofits use Wells Fargo, but they do. As an agent who handles transactions for several of these, it was perplexing. An…
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The fallacy of diversity and inclusion statements
I am pleased to work with a wide range of nonprofit organization managers 1. This includes the executives of churches, synagogues, environmental groups, professional and trade associations. One thing that almost all share is a focus on outreach and recruitment. It’s a core theme for most nonprofits, and I think it is fair to say…
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“More than a Vote” and the long road ahead to the next election
I serve as accountant or treasurer to several nonprofit organizations focused on education and registration of voters. We are more concerned about voter suppression and voter disenfranchisement now than in any earlier time in our lives. That’s why this excerpt published yesterday by writer Heather Cox Wilkinson jumped out at me. “Basketball superstar LeBron James…
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29 “Five Star” online reviews! Thank You!
I started a new small business accounting firm in Millville NJ this past January and got moving just before this shutdown craziness hit us. Tough timing for sure! I know it’s important for a new business to collect client endorsements but there’s been little time for that yet. Even so, I am grateful to have…