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Category: IRS

October 2, 2022October 2, 2022IRS, Taxes

We need better information on tax collection trends

Anecdotal observations: My own anecdotal experience and online comments from other tax professionals indicates that tax audits and collection activity have increased […]

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June 1, 2022June 1, 2022Accounting, IRS, Nonprofit

New nonprofit formations under scrutiny

The nonprofit formation process is under scrutiny. This week’s Kiplinger Tax Letter devoted attention to the topic. It referred to an unnamed […]

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May 31, 2022May 31, 2022IRS, Tax Planning, Taxes

Noncash charitable donations

A snapshot of #tax issues related to large non-cash charitable deductions: – Taxpayers can avoid paying income tax on up to half […]

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March 2, 2022IRS, Nonprofit

Should a small charity file 990N or 99EZ? It might depend on your goals

An accountant’s general rule is to provide as little information on a required filing as the law requires. But the opposite may […]

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February 23, 2022crisis management, IRS, Taxes

How to report PPP loan forgiveness on your 1040 tax return

IRS included little specific guidance on the reporting of tax-exempt income from the forgiveness of a PPP loan. Generic instructions are included […]

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February 20, 2022February 20, 2022Accounting, IRS, Taxes

How to handle tax law complexity

Yesterday a business owner made a comment in conversation fearful of the complexity of tax laws and his perception that compliance regulations […]

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January 24, 2022January 24, 2022IRS, Taxes

IRS Free File service is expanded

IRS is expanding its promotion of free electronic filing this year. Eight providers are participating in the IRS’s Free File program: 1040Now, […]

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December 20, 2021December 20, 2021Accounting, Investment, IRS

How bad tax advice tripped millions of investors

“Good tax advice may appear to be expensive, but it’s not as costly as blowing up your IRA” -WSJ What’s the easiest […]

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November 13, 2021November 13, 2021IRS, Taxes

Disowning the IRS disaster

This week I created a form letter email to set the background expectations before scheduling a talk with a current or prospective […]

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October 17, 2021IRS, Tax Planning

41 Federal Tax Changes for 2021

Many of us are playing ‘catch up’ on tax planning for 2021 and that means a greater risk of paying more than […]

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Tony Novak CPA, MBA, MT

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This Web site is independently owned and operated by Tony Novak operating under the trademarks “Freedom Benefits”, “OnlineAdviser” and “OnlineNavigator”. Opinions expressed are the sole responsibility of the author and do not represent the opinion of any other person, company or entity mentioned. Tony Novak is not a representative, agent, broker, producer or navigator for any securities broker dealer firm, federal or state health insurance marketplace or qualified health plan carrier and has no financial position in any stocks mentioned. Novak may act as and be compensated as an accountant, agent, adviser, writer, consultant, marketer, reviewer, endorser, producer, lead generator or referrer to the companies listed on this site or other commercial companies and non-governmental insurance exchanges. Information is from sources believed to be reliable but cannot be guaranteed. Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues or a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties.

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