Author: Tony Novak
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Rant against desktop accounting
I’ve been critical of accountants and business managers who have not adapted to online hosted accounting platforms. Their logic in using local desktop-based accounting software programs just does not make sense to me because almost all the sources of accounting data are already hosted online and almost all the output of accounting data are already hosted online. Why…
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Effect of election on NJ small businesses
New Jersey is now the seventh state where Democrats control both the executive and legislative branches. What does that mean for us with small businesses here? This is more than just a local wall against trumpism. It directly translates to increased tension and a lack of coöperation between the federal and state government. The news…
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2 reasons to support the tax reform bill
I published a blog post titled “18 reasons to oppose the tax reform bill“. The reasons for opposition are overwhelming and compelling. Yet the tax reform bill is not all bad news. There are two positive points in the proposed law: The reform bill substantially lowers taxes on large international corporations. Most people agree that…
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Expanding a tax practice into small business employee benefits
https://youtu.be/LF9MRizQMbE There’s never been a better time to consider expanding your tax practice into the field of small business employee benefits. Few firms offer this service outside of the insurance and investment industries.
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My Friday client communications
Good communication is key to effective tax and financial planning! In today’s complex environment it is too easy to miss a communication and lose momentum. I try to review the status of all time-sensitive open issues weekly.
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Inspiration from ‘Lady with a Fan’
“That’s how it stands today. You decide if he was wise. The story teller makes no choice, soon you will not hear his voice. His job is to shed light, and not to master.” This lyric by Robert Hunter was posted on the cover of my personal blog cover page for part of the 1990s…
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First impressions of Tax Cuts and Jobs Act
FOR ME AND MY CLIENTS: I calculated my own taxes under the tax reform proposal and it’s not a tax cut for me. It’s a wash. I don’t see tax cuts for my middle income self-employed clients but I haven’t taken the time to do calculations yet. New Jersey clients will be hurt by the…
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Chaos, ignorance, propaganda and fraud rule the tax reform effort
“Wouldn’t it be great to Repeal the very unfair and unpopular Individual Mandate in ObamaCare and use those savings for further tax cuts…for the Middle Class. The House and Senate should consider ASAP as the process of final approval moves along. Push Biggest Tax Cuts EVER,” There is so much wrong with this latest statement…
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“Current events in compensation and benefits planning”
Twenty years ago I taught a CPE course in my 2nd floor office in suburban Narberth PA called “Current events in compensation and benefits planning”. It was approved for CPE credit by the PA Bar Association, the PACPA and the PA Insurance Department It was surprisingly popular and the 12 chairs in the conference room…
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Tax tip: Auto, travel, meals and entertainment
Self-employed individuals should probably be more concerned with tax compliance problems with auto, travel, meals and entertainment expenses than anything else. I’ve blogged about it before including here and here. This annotated article in PDF document format is worth a read: documentation-of-business-miles-lessons-from-a-recent-tax-court-case