Author: Tony Novak
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The ‘dumbing down’ of the accounting industry
I’ve become more concerned with the ‘dumbing down’ of sectors of the accounting industry. Hardly a day goes by when I’m not solicited with advertisements about how to become a millionaire running an accounting practice without any accounting skills. Likewise my online group for tax advisers and planners is swamped with requests from people who…
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The Tax Organizer Fallacy
This is the time of the year when tax preparers sent their clients “Tax Organizers” with a note saying this is necessary to properly prepare your tax return. The Tax Organizer presumably makes the tax preparation process go more smoothly and minimizes omissions. The organizer is a multi-page document that can take hours to complete.…
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2018 New Years’ Resolutions
Resolutions are not goals, wishes or plans. They are, as the name implies, issues that have been resolved as of this time , thereby implying some prior period of lack of resolution. This is the case with my resolutions. RESOLVED: I will focus my support on increasing support for decency through law firms, nonprofit organizations…
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Pre-planning goals for 2018
These questions come from Inc. at https://www.inc.com/robin-camarote/31-questions-to-ask-yourself-before-setting-next-years-goals.html in an article titled “31 Questions to Ask Yourself Before Setting Next Year’s Goals“. Inc. says “Asking ourselves reflective questions can jump-start our learning. When we’re more aware of our interests and desires, we can create goals that align with what we want — not what we think we’re…
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Reviewing my Vision Statement for 2017
At the beginning of each month and year I write out a “Vision for ___”. I normally don’t make these public but a business adviser challenged m to review this with an accountability partner. I don’t have an accountability partner so I summarized the work here. (I’m sure that a new accountability partner should be…
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All taxes are political: Where we stand today with tax reform fallout
Here’s an update in bullet point format: Strong public opposition – It is clear from multiple sources now that the majority of Americans are opposed to the new tax law on the basis that it borrows from our future through massive deficit spending immediately. When the temporary tax cut expires our taxes are expected to…
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Accounting firm of the future
The small business accountant of the future will not provide bookkeeping services but will help business owners set up their bookkeeping to operate mostly automatically. The small business accountant of the future will not prepare tax returns but will ensure that tax reporting is completed and submitted automatically. THE FUTURE IS NOW for small firms…
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Tax Simplification
We have read about tax simplification and post card tax returns for many months, but that is not the reality with the new tax law known as the Tax Cut and Jobs Act. Our federal income tax law and income tax calculation process is more complicated than ever before. The new tax law keeps almost…
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What the new tax law means to me
As we pick apart the new federal tax bill that is about to become law, this post summarizes the most significant portions that affect my own federal income tax return. The post is published incomplete and will be updated as more information becomes clear. But apparently the law will increase my taxes by about $2,000…