Author: Tony Novak
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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…
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NJ nonprofits face new filing challenges
In New Jersey nonprofit organizations must now file their annual reports online. The new online system is not working currently, according to a report today by a member of the NJCPA. A number of problematic issues were discussed at the Nonprofit Interest Group Meeting of the New Jersey Society of Certified Public Accountants today.
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How Facebook’s IRS tax case applies to us
Facebook’s multi-billion dollar tax case in the news today has implications for us ordinary tax-paying citizens. Two take-home lessons: If you rely solely on the Taxpayer Bill of Rights without other statutory authority, then this adds a level of procedural risk to your dispute. We do routinely rely on these procedures and expectations of ‘fair play’…
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HRA for spouse of business owner?
(This inform is not updated to reflect 2019 proposed regulations so should be presumed to be partially obsolete). Can a business with only one employee – the spouse of the sole proprietor – be eligible for a Health Reimbursement Arrangement? I can not give that assurance but at least one popular tax speaker says that…
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How to use an IRS filing as a marketing tool for growing nonprofits
I am happy to discuss how some local nonprofit organizations use their annual IRS information filing in conjunction with strategic marketing plans to grow their support.
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Receivables management for accountants and attorneys
In my first meeting with Philadelphia’s David Rubin in early 2017, he made me realize that my vision of accounts receivables management was shortsighted. His professional approach opened my eyes to the availability of a better way to manage this necessary task! I really did not know this service was available and didn’t imagine it…
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Addressing lawyer wellness
Lawyers in solo practice or in small firms often face high levels of stress. That stress comes from multiple sources and this dilemma isn’t easy to diagnose or address. The observed high incidence of depression – reported in more than one in four lawyers – and substance abuse are evidence of the problem. Positive forces…