Author: Tony Novak
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3 Small Business Accounting Predictions for 2018
1) The best accounting talent will work remotely. 2) Automation and artificial intelligence will continue to take over bookkeeping functions. 3) Multi-factor authentication will become mainstream for financial and accounting data. (these concepts adopted from an article in CPApracticeadvisor)
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Legislative History as Tax Authority: an Obsolete Concept?
Early in my professional tax career I learned about the concept of legislative history as tax authority. In fact a large part of any legal education is learning to evaluate evidence based on its qualitative characteristics, statutory consideration or local rules. In tax law this hierarchy of authority becomes the logical and legally supportable basis that…
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Terminology of Federal Income Taxes
Lately we’ve heard plenty of discussion about tax law. It seems especially common right now when tax terms have come up multiple times in casual conversation this past week at coffee, family dinner and email from a client. In some cases the terms are misused or misunderstood. Like many types of discussion, meaningful communication depends…
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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…