Author: Tony Novak
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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…
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Step by step: Lawyers’ trust accounting in QuickBooks Online
Remote accounting and compliance support is available for ongoing or occasionally as needed. Use the “Let’s Talk” button to plan time to share your concerns. The procedure for setting up a lawyer’s trust account in QuickBooks Online (QBO) is similar to other versions of QuickBooks or other brand accounting software. But since QBO is the…
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KPMG tax reform – initial observations
The latest tax reform analysis boiled down to a neat 165 page summary: https://home.kpmg.com/content/dam/kpmg/us/pdf/2017/12/tnf-conference-agreement-dec18-2017.pdf
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When business expenses are not deductible
A general principle of tax accounting is that we deduct ordinary and necessary business expenses from our gross income before reporting the net taxable income. However, this is not always the case. In some cases it is necessary to modify your tax accounting to comply with specific tax laws – even sometimes when the tax…
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Good for CPAs, Bad for RIAs
As great as this tax bill is for CPAs who offer tax planning services, it is just as bad for investment advisers. Here’s why: RIAs do not benefit from the 20% deduction of pass-through entity income. RIAs tend to have high state, local and property taxes. Limiting this deduction, along with elimination of the personal…
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Remodelers/Developers Wanted in Money Island NJ
I’ve been working on the redevelopment of Money Island New Jersey as a working waterfront aquaculture-based community. The overall community redevelopment plan is posted here. Throughout this process that includes some properties I own, I have also been authorized to represent some of the other principles in this community in planning various other aspects of this…