Author: Tony Novak
-
An experiment in password security
Back in 2012 I published a few educational articles reviewing and promoting the use of password management software. The message in short: we should all be using separate, randomly generated passwords for each our online accounts that are not written or recorded in non-secure online locations and are changed periodically. One of these articles is still…
-
Sample small matters, financial planning and tax services engagement agreement
This is a sample high-value agreement for ‘piecemeal’ or small matter individual and small business financial, accounting and tax services performed outside of an agreement for comprehensive or ongoing services. The agreement incorporates cost-saving technologies and procedures to save time and money while maintaining a high level of professional service (revised April 4, 2019). Contents:…
-
Fast Facts about the US economy
A few rich politicians are touting the “miracle economy” and unfortunately this propaganda is effective in fooling some people. Here is the real story for average Americans: REAL EARNINGS ARE GOING DOWN FOR MOST PEOPLE. We earn less than we used to when measured as purchasing power. We’ve had the greatest drop in real wages…
-
Reasons for an employer to improve employee benefits
Most of my employee benefit comments focus on effects to the employee. This post briefly lists some of the advantages to the employer. Shows that the employer is ‘in tune’ with employees’ lives. Helps to attract and retain good employees. Employees making decisions on employment offers often overweight the importance of employee benefit issues vs.…
-
Responding to false tax and accounting advice
I ran across a social media post tonight that was blatantly false. What’s the big deal? We see that every day, right? This specific post on LinkedIn bothered me because the topic was IRS taxes. The post provides entirely incorrect information that a non-professional reader would not likely recognize as false. The author lists advanced…
-
Passport threatened by IRS?
Have you received notice from the IRS that your passport will be revoked? Was you passport application declined because of unpaid taxes? Take action immediately to address a crisis soon affecting almost a half million Americans. The best approach is to use an experienced professional representative to negotiate a solution. Don’t wait; act quickly to…
-
20 Simple and Inexpensive Things You Can Do to Improve Your Firm’s Employee Benefit Plan
There are likely plenty of easy ways to make your employee benefit plan dollars go further: Host an occasional, informal and voluntary on-site meeting where employees can ask an independent adviser questions about their benefits. Host occasional, informal and voluntary on-site educational programs so employees understand the link between benefit plans, taxes and their overall…
-
Do not despair
I took comfort in John McCain’s final message this week. I do tend to despair in seeing that our lives, our finances, our whole planet are in far worse shape than ever before while some of those around us don’t even recognize the problem. Many of the people who continue to enable government to destroy…
-
New way to pay student loans – tax free!
I’ve been practicing in the employee benefits field for 37 years and I can’t remember being as surprised as I was reading IRS Private Letter Ruling 201833012 released on last Friday. Never before has there been any tax advantage to student loan payments (typically made to an outside financial company) through connection with an employer plan.…
-
The most important tax tip of the year
Take advantage of the most generous part of the Tax Cuts and Jobs Act, known as Section 199A by; 1) Exploring whether your business CAN benefit, and 2) Settling protocol to make sure that your business DOES qualify based on the 184 pages of proposed regulations just released this month. The important thing is to…