Author: Tony Novak
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A note on Artificial Intelligence 2023
What we refer to as ‘artificial intelligence’, or ‘AI’, in use or emerging now in our daily lives is really just a bunch of bots scraping, speeding up, and repackaging the work of humans. It has the potential to increase efficiency but also to interfere with negative impact when we do not recognize the potential…
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Misinformation effect
I notice that an increasing part of my daily efforts are focused on addressing different types of media misinformation and that my primary work role with clients and others has shifted as a result of this societal drift. I conclude that addressing the flood of media misinformation will require cultural change in learning more about:…
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Corporate Transparency Act
Not yet on our small business radar:On January 1, 2024 the sharp filing requirements with steep fines for filing omissions kick in for many small businesses under the Corporate Transparency Act. Most professionals serving small businesses are not yet aware. Those of us what are aware do not have advance planning recommendations or work plans…
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My comment on revised Statements on Standards for Tax Services
The AICPA proposed revisions to its Statements on Standards for Tax Services. Tax practitioners are asked to provide comments on the proposed SSTS changes. I submitted a comment regarding the disclosure on the use of estimates when a taxpayer is ill. *** The current standard on the use of estimates under unusual circumstances 2.4.1 says…
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What if it’s not true?
In what we refer to as the “information age“, the value of information is recognized and rewarded as a key economic driver. But what about misinformation? Do we adequately recognize and admonish this opposite driving force? I recently resolved to support organizations in updating their acceptable behavior policies to address misinformation. As usual, it is…
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Personal reflection Sunday 11/13/2022:
For almost 30 years I focused my business activist efforts on addressing the widening gap in education, income, and wealth in my communities. I thought that I could be part of a thousand points of light as a columnist, educator, and adviser. It was a complete failure if we judge by the net result. For…
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Working with noncompliant businesses
These are the three steps I use to address noncompliant businesses:1. Risk assessment – The first step must be risk assessment and strategy formation.2. Work plan – There must be a plan to address the risk.3. Trigger point – There must be a point at which lack of progress or a slide deeper into risk…
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Six reasons why inflation is good
Inflation pushes us to make smarter decisions and often increases our real net worth. It seems like Republicans are stoking fear that inflation is our worst enemy. I notice misinformation and misunderstandings daily. I’m old enough to have lived through two cycles of major inflation and can credit these with much of my financial success.…
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My blessed and winding career in 7 tweets
My blessed, winding and interesting career in 7 tweets: 1- On 2/1/1997, the investment banking firm Drexel Burnham Lambert took out a two page advertisement in The Wall Street Journal listing the names of every one of its thousands of employees. My name was included. I enjoyed life flying from home Ocean City to NYC…
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My 10th nonprofit resignation and my effort to address published misinformation
I’ve kept count. This month marks the 10th nonprofit board, most of them small charities, where I’ve resigned due to inadequate internal management controls. That does not mean that there was fraud or noncompliance at the ten organizations. While we recognize that fraud occurs in nonprofits at a shocking rate – some sources say 40%…