Category: Financial Planning
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Average salary of non-public CPAs and billing rate of public practice CPAs
Two surprising statistics from “Accounting Today”: – Average salary of a managerial CPA in private industry was $139,338 in 2011. – The average billing rate for a small business CPA is $165 per hour. Apparently this includes everyone from entry level associates to partners. I suspect that both figures would be lower in South Jersey and higher in…
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MassMutual sets the pace for retirement plan services
Congratulations to my brother, John Novak, who has been a leader at MassMutual Retirement Services for many years. Since long before we were born, MassMutual has been one of the top financial companies to consider for a wide range of business and personal financial services. Apparently even more people are realizing this over the past two years as so…
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A review of Section 529 Qualified Tuition Plans for 2012
I was rusty on Section 529 Qualified Tuition Plans so these research notes were gathered to help answer questions. Most of what I know was written more than 10 years ago prior to the much publicized 2010 review of these plans by the Department of Treasury. The IRS Web site addresses most questions. A few…
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What do planners and accountants expect from each other?
This topic is important to me as I revisit the issue of finding referral partners to trade tax and auditing work for planning work. Article abstract from “The Planner Connection”: One surprising finding in a survey of CPAs across the country was that advisers have several common misconceptions about CPAs that may create unnecessary problems or…
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Tony Novak Certified Public Accountant designation
The State of Delaware approved my Certified Public Accountant certification on May 15, 2012. The details are posted at the link below. After working on this since 2004 (before my auto injury) I consider this a major mile mark. The certificate is not a license to practice public accountancy in Delaware (or any other state)…
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Finances in the Older Patient With Cognitive Impairment, February 16, 2011, Widera et al. 305 (7): 698 — JAMA
Here is another report, this one from the Journal of the American Medical Association (JAMA), that physicians are primary contacts in financial decision-making of cognitively impaired patients; presumably those who have not made adequate prior arrangements with a trusted financial adviser. Research of families with special needs children reported the same conclusion. Physicians are too often the…
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Issuer requirements for equity crowdfunding
Companies planning an equity crowdfunding offer must make a filing with the SEC and provide to potential and existing investors and the intermediary: the name, legal status, physical address, and website address of the issuer; the names of the directors and officers and any persons occupying a similar status or performing a similar function, and each…
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start of estate planning research project
Today I launch a rew research project on the failure of the estate planning industry to impact middle America. For the first time, a video journal will be published of my progress. Launch of estate planning research project http://youtu.be/uWYHnHxPlZc
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New tax law limiting out-of-pocket medical expense deduction makes new planning strategies necessary
Beginning next year, tax deductions for out-of-pocket medical expenses will become more difficult than ever before for individuals. The current limit allows a deduction for expenses exceeding 7.5% of income. The new threshold for 2013 is 10% of income. Fewer individuals will qualify and those that do will find more of their expenses will be not…