Author: Tony Novak
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Shared concerns over small business survival
I had a long conversation with a stranger at dinner last night. Actually it was at the bar at McCormick and Schmick’s in Atlantic City. He was a farmer and business owner near Harrisburg who sold the farm when he retired. He now lives in Myrtle Beach, South Carolina. We discussed the difficulty of running a…
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The new state health insurance mandates – why this is the most important financial planning issue today
So far three states – New Jersey, Massachusetts and Vermont – have passed laws that add a health insurance mandate with tax penalty for not having coverage. The new laws kick in when the federal insurance mandate law expires in 2019. Other states are considering similar laws. Some things are not clear yet: – what…
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Make small business payroll service pay for itself
Recently I published a series of short blog posts on the topic of payroll processing for small businesses. In summary, I’ve suggested that today’s automated payroll services are a fantastic value but that coördination and oversight by a small business compensation professional helps avoid problems and penalties that stem from miscommunication. I’ve suggested that the…
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What small employers need to know about New Jersey’s sick leave law
Update June 21: My friends at Workplace offered to extend an invitation to those in the Philadelphia region to a seminar at Tavistock Country Club in Haddonfield NJ on Wednesday July 18th at 8am. Find more information at this Facebook event or register online here. New Jersey just passed a sick leave law that affects…
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Ignoring tax and insurance law is a big deal
The announcement today by Jeff Sessions that the U.S Justice Department will not defend parts of federal tax and insurance law related to health insurance is a big deal but not only for the reasons that most news reports (like this report from Reuters on the bizarre legal logic that the law is unconstitutional) are focusing…
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Checklist and tips on international tax issues
Taxpayers with financial interests both inside and outside the U.S. face the greatest risk of compliance complications with the Internal Revenue Service. We’ve known that collection of taxes on assets and income outside the U.S. has been a major focus of IRS over the past decade. Now the service is taking that effort a step…
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Bigger isn’t better when it comes to tax advice
Small law firms and accounting firms sometimes feel ‘pushed out’ when it comes to a client’s largest transactions like the sale of a business or estate property. That’s usually not a good thing. “reliance on a promoter takes the good faith out of good-faith reliance.” – Tax Court Justice Holmes There’s a powerfully clear and simple…
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The battle to cut federal income taxes
Many of my clients are facing higher federal income taxes this year as a result of the so-called “Tax Cuts and Jobs Act” that was passed by a slim minority of Republican lawmakers without the benefit of professional review that normally accompanies important fiscal social policy issues. While the law cuts taxes for most people,…
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Avoid IRS penalties with assertive strategies
Many of the penalties that IRS asserts on individual taxpayers and small businesses can be avoided with the right strategic response. Some or the penalty waiver procedures are straightforward, while some are not. Yet the strategies are not always apparent and sometimes even seasoned tax professionals are surprised by the favorable results. Tax penalties that…
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Tax planning checklist for attorneys
The purpose of tax planning is to reduce tax liability by taking measures that cost less than the benefits received. The tax planning process typically begins with an analysis of the taxes paid now or in the last period, then moves to a pro-forma calculation of taxes in the current and future periods. It is always…