Covid small business disaster story update

Posted Leave a commentPosted in Accounting, crisis management, Small Business

My list of Covid small business accounting horror stories is down to just three remaining open and unresolved: 1) A bank that extended a PPP loan application to 4 1/2 months and still counting; apparently due solely to lack of internal process control. I follow up with them every two to three days. All involved […]

IRS announced a “major milestone in tax administration”

Posted Leave a commentPosted in Accounting, IRS, Taxes

The Internal Revenue Service will now allow taxpayers to submit Form 1040-X electronically when they want to file an amended tax return through commercial software. This will significantly reduce costs and increase efficiency for taxpayers who want to amend a prior tax return to claim a credit or correct an error. The IRS calls this […]

Evolution of accounting support services

Posted Leave a commentPosted in Accounting, bookkeeping, Small Business

This message being delivered to post-tax season clients starting today: “My business, like yours and almost all other small businesses and nonprofit organizations, is moving through a period of rapid change in what is being called the “new normal”. In short, we need to ‘step up our game’, gain efficiencies through better use of technology, […]

Average New Jersey tax preparation fees in 2020

Posted Leave a commentPosted in Accounting, Self-employed, Small Business, Tax Planning, Taxes

These are the most recent published average industry prices for tax preparation services in the state of New Jersey as of the date of this blog post. These are not my rates, although I do pay attention to this type of published data when calculating my own pricing. Individual tax returns Most individuals who do […]

29 “Five Star” online reviews! Thank You!

Posted Leave a commentPosted in Accounting, Financial Planning, Small Business

I started a new small business accounting firm in Millville NJ this past January and got moving just before this shutdown craziness hit us. Tough timing for sure! I know it’s important for a new business to collect client endorsements but there’s been little time for that yet. Even so, I am grateful to have […]

Changes to Nonprofit Organizations

Posted Leave a commentPosted in Accounting, crisis management, Nonprofit

The coronavirus crisis is causing many nonprofit organizations to raise questions about strategic management positions and related compliance issues. Questions on these two issues below are common. Through online discussions, I found that many advisers are not aware of these specific details. This post includes a short discussion and a link for more information. Change […]

Status of Paycheck Protection Program application?

Posted Leave a commentPosted in Accounting, crisis management, Small Business

This comes from a real email exchange today: CLIENT: Subject: Re: status update on Payroll Protection Program Tony, I don’t believe I heard anything back from this? Has xxxxxx responded to our request?   ME: Correct. No response after initial confirmation of application more than two weeks ago. I did attempt to contact the officer who […]

Brilliant small business strategy for post-shutdown recovery

Posted Leave a commentPosted in Accounting

Early Sunday morning a few weeks ago I received a text and phone call1 asking me to form a new nonprofit group. I had a long history of forming and working with grassroots nonprofit groups in the seven years after super storm Sandy turned our world upside down. Sandy recovery projects led me to the […]

Change to client services agreement

Posted Leave a commentPosted in Accounting, Financial Planning, Small Business

This is a template for a new letter to be used beginning today: CHANGE TO CLIENT SERVICES AGREEMENT The past six weeks have been unlike anything I’ve experienced in the past 33 years of serving in the advisory profession. I responded by increasing my average daily client caseload from 3 to 5, increasing hours and […]

Small business roundup of crisis response news

Posted Leave a commentPosted in Accounting, crisis management, Small Business

The past day generated more financial news affecting U.S. small businesses than any previous day of this pandemic. While the learning curve is steep, typically 1-2 hours each day, the time requirement today and for the rest of this week will be substantially more. No doubt that after I speak with some small business clients […]