Author: Tony Novak
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Tax tip: Avoid Late Filing Penalties
I had a few cases lately where small business organizations filed late tax returns and were then surprised by the size of the IRS late filing penalty. The penalty applies to regular for-profit, nonprofit and charitable organizations. The penalty is assessed even if the organization had no net income. The late filing penalty is applied…
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‘Tuna tail’ public opinion after tax reform?
The president’s most recent public approval rating according to the latest NBC/Wall Street Journal poll: I noticed that the graph looks like a fish. Looking ahead, we will see the impact of the tax reform proposal reflected in the next public opinion poll. If this tax reform proposal is as unpopular as I think it will be…
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What we are looking for in tax reform
In a few days we will see the first draft of Republican tax reform legislation. Because of so much in-fighting, shifting strategies and secrecy within Republican party leadership we really do not know what is included in the bill. Below are compiled comments I’ve heard, mostly in online discussion with other accountants and a few…
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A note on populism and civility
For more than 30 years I’ve been an active consumer advocate for health care reform. My message has been the same over the years. We are on an unsustainable path that is increasingly hurting ordinary Americans. The solutions are available but we lack the leadership to implement them. Over my career I’ve helped more than…
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5 Years Since Sandy
In each of the five years since Sandy I’ve given interviews and written about the story of the recovery of Money Island, New Jersey. Now, finally, at five years the story is taking a turn. I have an interview today and plan to spend some time on a blog post tonight. Here’s a little history…
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Preparer Tax Identification Number (PTIN) Update
The IRS requires that anyone who prepares or assists in preparing federal tax returns for compensation must have a valid Preparer Tax Identification Number (PTIN) before preparing returns. This allows the government to track tax returns by preparer and, in my opinion, has resulted in the decrease of fraudulent or abusive tax returns. In prior…
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The market for health insurance advice (revisited)
Yesterday a peer in a closed online business discussion group asked me about the viability of health insurance advice and this triggered a recount of my prior experience in this field and a reexamination of my conclusion on the topic. There is actually quite a history behind my conclusion that health insurance advice is not…
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The most powerful speech of the 21st century
George W. Bush delivered this speech on Oct. 19, 2017 at the at the “Spirit of Liberty: At Home, In The World” event hosted by the George W. Bush Institute in New York City. It is simply the best speech from a national leader that I’ve heard in my adult lifetime. He addresses how to…
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The ultimate cost of opposing corruption
In the spring of 2016 the world learned about the “Panama Papers”, more than a million leaked documents from powerful law firm Mossack Fonseca that showed money laundering and corruption of hundreds of the wealthiest families in the world. The leak report titled “The Revolution Will Be Digitised” exposed the ways that financial corruption is…
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2017-2018 tax services agreement
From time to time it becomes necessary to update my service agreement. This is a revised generic tax services agreement proposed for next tax season. Dear : Thank you for choosing me to help you with your taxes. My goal is to give a stress-free tax filing experience. Clear communication plays an important part…