Category: Small Business
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Reflecting on the 1099 filing season
IRS Form 1099 procedures are not overly complicated either in theory or in practice but are perhaps the most widely misunderstood topic in US taxation today. Reading online comments and suggestions and many stories of misapplication, it is clear that the government has much work ahead before it can effectively utilize business reporters’ information returns…
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Is a small business tax crisis looming?
I am increasingly concerned about the possibility of a small business crash ahead. The early warning sign is the difficulty I see in so many small business client in making their last year’s tax payments. This year, more than half of my small business clients than ever before cannot currently meet their 2021 sales tax,…
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Simple overview of tax options for LLCs
If you operate a business as a Limited Liability Company (LLC), the. you have some choice in how to have your business earnings taxed. There are protocols and restrictions that are not covered here in this post. This short post overviews the most common options, advantages and limitations of tax options available to LLCs. Sole…
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Sample accounting services engagement agreement 2022
In our practice, each client service agreement is unique and customized to the specific situation. It helps, however, to have a listing of the best practices based on past experience as the basis for our work agreement. This is a sample only, dated 1/18/2022. Thank you for choosing me to help you with your accounting…
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“My accountant disappeared”
Preface: For years industry observers have warned about the aging of existing CPA professionals, the growing portion that were working beyond intended retirement age, the mass exodus of middle level producers at larger firms, and the lack of younger accountants coming into the public accounting industry. Yet none of that predicted the accounting industry crisis…
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After the fact payroll and defined contribution plans: the late December rush to save taxes
The two hottest small business tax planning topics in these final days of any year are: after-the-fact payroll, and defined contribution employee benefits. What this means is that simply by dating and documenting actions taken before December 31, the business and business owner can lock in valuable tax benefits. While some corrective or mediating action may…
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Reflections on 2021 business
As we wind down this year, I can say unequivocally that I’ve learned more during this period than any other time of my life. Financial results – I had the lowest gross income of my 40 year career, yet made big progress in paying off all consumer debt, improving my credit score (that was dinged…
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The toughest year for tax planning
Year end tax saving work for small business owners often involves compensation and benefits planning. Compensation and benefits planning has been at the core of my solo practice for 25+ years, especially since my 1995 graduation from Villanova Law that has an excellent program for this area of practice in their MT program. But the…
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Millville CPA Announces $50,000 in Free Accounting Support to Community
Tony Novak CPA is pleased to announce exciting changes to nonprofit and micro-business accounting services for 2022. We all know that 2021 was a year that triggered us to reevaluate our internal business practices and adapt to cope with the new realities of the business world. This past year our firm was overwhelmed with the…
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ESG Reporting for small businesses
The purpose of this post is to overview the topic of ESG reporting for small businesses in simple, brief Q&A format. What is ‘ESG’? ESG stands for Environmental, Social and Governance. What is ‘ESG Reporting’? ESG Reporting is the preparation and communication of data about the organization’s environmental, social and governance actions, impact and plans.…