Author: Tony Novak
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Tax review for single retired woman in Florida
A friend asked me to review the tax return of a single retired relative living in Florida. The simple question was why were here taxes so much more in 2017 than in 2016? She offered to pay for the review but I insisted on doing it as a no fee/no obligation courtesy. I might have…
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Sample accounting services engagement agreement
This page is outdated. A more recent version is available: Sample accounting services engagement agreement 2021 Contents: A) Communications B) Work Process C) Fees D) After End of Agreement E) Miscellaneous Provisions Thank you for choosing me to help you with your accounting. My goal is to minimize the time, stress and cost of the accounting…
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Sample tax preparation and filing services engagement agreement
This page is outdated. A more recent version is available: Sample accounting services engagement agreement 2021
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Good news for high income savers
IRS added support for the popular tax shelter strategy known as “back door IRA” this week. The explanation is contained in this Forbes article. https://www.forbes.com/sites/jeffreylevine/2018/07/13/irs-unlocks-the-door-for-high-income-savers/amp/
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How to cope with the tax travel ban
The IRS is rapidly expanding one of the largest federal tax crackdowns of our lifetime. The tax travel ban program intends to deny or revoke the passports of more than half million people who, the IRS claims, owe more than $50,000 taxes. The strategy is allowed by law and the intent is apparently to prevent…
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How to know if you are subject to the tax travel ban
Last week I wrote about the shocking expansion of the tax travel ban now potentially affecting up to half a million people in the United States. How do you know if you are among them? The IRS is now sending letter CP508C to notify affected taxpayers who, IRS says, owe more than $50,000 in taxes. It is…
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Travel Ban Because of Taxes
The Internal Revenue Service has acted quickly this year to work with the U.S. State Department to revoke or deny renewal of passports of almost a half million people who are alleged to owe taxes to the US government. This often affects people who run international businesses (whose earnings will decline without a passport) or even…
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Downe Township government said to merge
Update May 2019: The sources of this report of merger turned out to be inaccurate, at least so far in terms of it’s imminent timing. There are no other known sources of verification of this report. The township leadership continues to work toward sustainability and there are some signs of progress. A recent briefing from…
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US Treasury to introduce IRS “sucker cards”
U.S. Treasury Secretary Steven Mnuchin announced that “Next week we will be unveiling the new 1040 and it will be a postcard as we promised.” After decades of moving Americans to a computerized online tax filing system the IRS is now reversing course and going back to promoting a physical post card based filing system…
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An overview of tax-free investments
Over the past few days I’ve spent time communicating with other financial writers online and skimming published articles on the topic of tax-free investments. In a world where most topics, especially most investment topics, are covered redundantly, it is surprising to learn that this topic has holes in media coverage and that much of the…