Author: Tony Novak
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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…
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Taxes for ministers: Summary of federal income tax planning issues
Planning the federal income tax treatment for ministers1 must consider several topics that are unique to ministers. Employee status A minister is considered an employee under the common law rules and yet payments for services as a minister are considered income from self employment pursuant to IRC §§ 1402(c ) and 3121(b)(8). This is the…
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Grateful for New Jersey Christmas trees
New Jersey is home to hundreds of small farms that grow Christmas trees. Most are small family-run business operations. Together, these farms cover 4,600 acres that produce 69,000 Christmas trees every year. Overall, this small but important industry generates about $3.5 million annual revenue each December. Most of these farms invite families to come out…
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Six things I can’t believe that you are not using yet
As we end the decade, I look around with amazement at the general lack of regard for online security. I don’t know if people don’t know the risks, underestimate the risks, object to the cost, simply don’t care, or possibly there is some other reason. I would have presumed that most people would have adopted…
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My small contribution to helping the world get back on track in 2020
Sometime early in this millenium I navigated to a path as a progressive environmental activist. I went from a young man in the Young Republicans Club with a background in animal science (now recognized as an environmentally unsustainable field), driving fast sports cars and boats to a mature guy focused on restorative aquaculture and renewable…
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South Jersey takes another political hit
For my entire adult life, I recall neighbors and politicians complaining that South Jersey does not get the political attention or support that we deserve, based on our population and financial contributions to New Jersey. One way of improving this, of course, is to build stronger “grass roots” political leaders to represent us in Trenton…
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Small Pennsylvania hospital story illustrates the need for reform
The worst of our healthcare system – and actually our entire economy – is illustrated in this news story of Ellwood City Hospital near Pittsburg, Pennsylvania. It is typical of smaller more rural hospital and health care facilities that historically relied on cash flow from wealthy nonprofit donors or government payments to keep its doors…