Author: Tony Novak
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3 IRS tax forms that you may need in 2020
Most of us file taxes electronically without any need for paper forms. However, paper forms are allowed in most cases and may be useful. Here are three downloadable and printable IRS forms from cpapracticeadvisor that may be useful now: 2019 Form 1040 for individual income tax filing 2019 Form W2 for reporting wages paid 2020…
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Big tax savings for New Jersey small businesses
Today New Jersey Governor Phil Murphy signed into law the Pass-Through Business Alternative Income Tax Act. This new law allows flow-through businesses in New Jersey to elect to pay income taxes at the entity level instead of at the personal income tax level. Since there is no limit on deductions on the federal level for…
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Update on Gig Workers
The evolving saga of “employee vs contractor”, from the small business employer’s perspective, means that you should revisit the conversation for business planning purposes now. Background In case you’ve been so engrossed with other headlines that you haven’t read any business news: the world of independent contractors, so-called “gig workers” is facing rapid and dramatic…
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TurboTax is great! but…
The most common question I get this time of year is “Hey Tony, I was wondering how much you charge to do taxes? I usually use TurboTax but …”. In the ‘old days’ at my former firm I used to just politely decline these requests without offering explanation. But over time I realized that I’m…
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I don’t know politics
Lately a lot of people seem to want to talk with me about politics. That’s probably because I am the accountant or treasurer for politicians and politically-connected nonprofit organizations. I am polite when this occurs but really I don’t know anything about the topic and have nothing to contribute to the conversation. I try to…
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Worker classification status; proposed change in New Jersey
This is how the so-called ‘ABC’ codification test may change for determining proper classification of independent contractors in New Jersey. Under current law, a worker can be classified as an independent contractor if: A. Such individual has been and will continue to be free from control or direction over the performance of such service, both…
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Report foreign gifts received over $100,000
Clients with international financial transactions, specifically those with family overseas, need to keep this in mind. To keep it simple, we could focus on three points: Gifts received from a foreign source over $100,000 require disclosure to IRS even if not taxable. There is a specific procedure for reporting omitted reports from past years. The…
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Fast paced change brings 2020 opportunities to small businesses
After some tweeking (thanks to my peers for the crowd-sourced feedback!) this is the version of the email message that will be used this week: Dear _ : This past year brought more changes for small business owners than any other year in the past generation. This means new opportunities to save money but also…
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New strategy for serving nonprofits in 2020: the $1,000 benchmark
In 2020 I will coach smaller nonprofit projects to organize without formal standards and use a $1,000 fee payment as the arbitrary benchmark at which it makes sense for me to get involved. I made a strategic error in the early years of my accounting business and am taking steps now to correct it. When…
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I will not be silent on Trump fraud and cruelty in South Jersey
“What hurts the victim most is not the cruelty of the oppressor, but the silence of the bystander” – Elie Wiesel I personally saw the cruelty, greed and crimes of Donald Trump ruin families who were my neighbors in the Atlantic City area more than two decades ago. As president of a nearby chapter of…