Category: Small Business

My request for local representation as SBA reconvenes the Council on Underserved Communities

Posted Tony NovakPosted in Leadership, New Jersey, Small Business

Purpose: This post is created to provide more information surrounding my application to serve on the Small Business Administration’s Council on Underserved Communities in July 2021. Background: About the SBA Council on Underserved Communities: https://www.sba.gov/node/15667 Press release of SBA announcement (June 22, 2021) to reconvene the Council: https://www.sba.gov/article/2021/jun/22/sba-reconvenes-council-underserved-communities My story: I started my career in […]

Small business accounting updates

Posted Tony NovakPosted in Accounting, bookkeeping, Payroll, Small Business

Advancing technology continues to change our small business accounting systems at an ever increasing rate of change. Here are two major recent items: PAYMENT SYSTEMS: Last year I set a goal of moving all payment systems to EFT ((Electronic Funds Transfer) and away from paper checks by postal mail. There are many advantages: improved speed, […]

Tax accounting for PPP loans in small S corporations

Posted Tony NovakPosted in Small Business, Taxes

Income PPP loans are not taxable income but of course must be recorded in the company’s bookkeeping. The question is how to record these transactions for correct tax treatment. Their isn’t just one ‘correct’ way to do this but actually several options listed by AICPA under IAS20. (My information comes from third party coverage in […]

Pros and cons of an S-corporation vs. a single member LLC

Posted Tony NovakPosted in Small Business, Tax Planning

An S-corporation and a single member LLC taxed as a “disregarded entity” share many things in common. The post focuses on some of the differences. What’s the best reason to consider S-corporation over single person LLC? Liability: Many people would say that it limits the owner’s legal liability. But that’s not supported by actual case […]

4 new concerns for small business owners

Posted Tony NovakPosted in Accounting, crisis management, Small Business

(The short Facebook Live presentation of this topic is published at https://fb.watch/2Y8-AzhgVE/ ).  Here’s where we are in the small business world today based on brand new developments in the past month. It does not inspire confidence for a smooth start to 2021: 1) SBA’s special priority small business PPP application acceptance processing period begins […]

My most popular blog posts are trending toward advisory topics

Posted Tony NovakPosted in Accounting, Small Business, Social Media, Writing

Over more than three decades I’ve published over 2,500 pieces of writing on topics related to small businesses. Most of them are compiled here on this web site. Now we call them blog posts. When I started we called them ‘columns’ or ‘articles’ in paper format. Some were republished in electronic format, others were not. […]