Tony Novak CPA

Category: Small Business

  • Marijuana tax accounting

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    Tax accounting for the growing marijuana industry is a hot topic. Federal Internal Revenue Code Section 280E says marijuana-dealing taxpayers get no deduction for many business expenses. This means that tax planning is more important than for other businesses.

  • What I’m learning (or not) from my marketing consultants

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    https://onedrive.live.com/redir?resid=2EAF4C902F5A1DB1!156446&authkey=!AK8uUjt_OIAyIJk&ithint=video%2cMOV I had a series of unrelated calls with marketing professionals this week and I noticed some trends in the discussion. There are a lot of things I should do differently to support my business goals. Marketing professionals are skilled they are at turning the conversation away from return on investment to the point of making…

  • Warning to New Jersey registered charities

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    New Jersey registered charities may wish to double-check their listing in the online NJ Charities Registration web page. Recently the NJ Charities registration Section purged their online directory list and removed any organizations if any prior years’ CRI filing was not received. They continued to accept subsequent annual filings and apparently did not provide notice to…

  • Updated tax services engagement agreement

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    This past month I’ve work hard to balance what appears to me to be a shift in fundamental client demands surrounding tax services with the legal requirements for income tax return preparers. The background of the issue is covered in more detail in this previous blog post. While I work primarily as an adviser, I must…

  • How to deduct 98% of your cell phone bill

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    A few months ago during tax season I wrote about how changing wireless phone billing practices are having an impact on income tax preparation practices. But I did not realize the extent of that change – and how it directly applied to me – until now. I concluded that I can legitimately deduct 98% of…

  • Puerto Rico debt crisis

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    We saw the approaching Puerto Rico debt crisis more than 30 years ago. This is my story of how I worked on the project at Merrill Lynch in 1983.

  • Scams on Craigslist

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    The topic of Craigslist advertising has come in different discussions over the past few months. A marketing consultant suggested that I need to do it for our marina business. One accountant even suggested last week that he was getting work through Craigslist. I am skeptical since almost all of my past Craigslist experience involves scammers in one…

  • Small businesses may be falling behind in tax compliance

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    tonynova
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    I noticed four trends among small business owners this past tax season: Asking for professional help too late. Clients ask for help or advice with taxes after year end but they have not maintained the appropriate bookkeeping records and compliance filings throughout the year. I found, for example, that plenty that did not track or prepare…

  • QuickBooks desktop error

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    Accountingweb.com carries a useful article today about one of the most common QuickBooks errors; one that drove me crazy when I used the desktop version of the software. However, the article skips over the most significant point, I think, in that this error is not an issue with the hosted version of QuickBooks. Regardless of…

  • What do Pennsylvanians think?

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    The exit polls taken by NBC News and reported by Wall Street Journal and others at today’s primary election may be the most comprehensive and insightful data we’ve seen in a long time. Some of the published results about what my Pennsylvania neighbors think is remarkable. Here are three exit poll results that caught my attention: 41% of…