Author: Tony Novak
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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…
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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…