Author: Tony Novak
-
At one month, panic is setting in as we learn what government shutdown really means
The federal government shutdown is affecting an increasing number of my small business and individual clients in ways we never expected or anticipated. All indications are that these problems will get worse before the situation gets better. I am scheduling calls this week to address contingency and emergency plans with those most affected. I don’t…
-
How to refer me for income tax services
At this time of year I often receive questions like: “Do you handle individual taxes?“ “How much would it cost?“ “How do I get more information to get started?“ “Do I have to come to your office?“ YES, we welcome new individual tax clients and we make…
-
Last minute 1099 preparation
At this time of year (the last 10 days of January) it is typically too late for small businesses to order the required paper forms to prepare and mail Form 1099s to avoid penalties by the January 31 deadline set by IRS. This triggers questions about whether I can do it as a stand-alone last…
-
Blogging that doesn’t work
Accountant blogging doesn’t bring new clients but is useful for other reasons. We often read that business blogs are supposed to help with business marketing. They can build brand identity, familiarity, goodwill, and confidence. My marketing adviser calls this the “know, like, trust factor”. But read more and you’ll learn that technical advice blogs provided…
-
Pass through income exclusion for rental properties
If you own investment real estate, maybe your taxes will be lower, or maybe not. One of the most uncertain issues of 2018 tax reporting was clarified today by IRS Notice 2019-7. This notice provides a safe harbor for determination of when a rental property is a business that qualifies for the 20% exclusion from…
-
2019 in employee benefits: by the numbers
These are the numbers we commonly use in planning this year’s tax free employee benefits: 401(k) pre-tax contribution limits = $19,000 401(k) catch-up contribution limit = $6,000 IRA contribution limits = $6,000 Annual Health Savings Account contribution limit for individuals = $3,500 Health Savings Account contribution limit for family coverage = $7,000 High Deductible Health…
-
Strategic Marketing Plan 2019
This is a first draft: it is not complete. The purpose is to collect information necessary to create a marketing calendar. I suppose that many of us in business are doing some strategic marketing work this month. For me that means working with adviser Sebastian Meine to make up a marketing calendar. The idea is…
-
Tax fraud case with the highest implications
A high profile multi-million dollar international tax fraud case (Unites States vs. Natalia Veselnitskaya 18 CRIM 904) took a dark turn last week then a sealed indictment by federal prosecutors was revealed to the public. To be clear, this tax fraud case does not involve anyone in U.S. government. Yet this case brought special attention because…
-
Bill.com Expert Certification
Bill.com is a market-leading software that automates tedious tasks, gets you paid faster electronically, and integrates with your accounting software to fit your workflow. I started using it last year and passed the expert certification program today. For a demonstration of how this technology can save time and money for your firm throughout the year and…
-
Tax services fees in 2019 (for 2018 tax returns)
In 2020 ( for 2019 tax returns) I adopted a new business model that includes income tax return preparation as one of a bundle of services designed to streamline your compliance requirements and improve overall financial performance. Pricing is based on a monthly fee rather than a transactional fee, starting at $100 for individuals and…