Category: Uncategorized
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In defense of CFPB
The Consumer Finance Protection Bureau is the one single agency of federal government with the exclusive goal of protecting me and you. After spending 30+ years in a role as a consumer finance advocate, I feel a strong affinity to this young like-minded government agency. The CFPB was created as part of the Dodd-Frank Wall…
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Small businesses should look out for ACA tax penalty notices
The IRS will begin sending out health insurance penalty notices to employers within the next month to companies who did not comply with Affordable Care Act requirements. If your small business gets one, the first thing to do is check it over carefully. Since this is a first time penalty, there are likely to be…
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Expanding a tax practice into small business employee benefits
https://youtu.be/LF9MRizQMbE There’s never been a better time to consider expanding your tax practice into the field of small business employee benefits. Few firms offer this service outside of the insurance and investment industries.
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Tax tip: Auto, travel, meals and entertainment
Self-employed individuals should probably be more concerned with tax compliance problems with auto, travel, meals and entertainment expenses than anything else. I’ve blogged about it before including here and here. This annotated article in PDF document format is worth a read: documentation-of-business-miles-lessons-from-a-recent-tax-court-case
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‘Tuna tail’ public opinion after tax reform?
The president’s most recent public approval rating according to the latest NBC/Wall Street Journal poll: I noticed that the graph looks like a fish. Looking ahead, we will see the impact of the tax reform proposal reflected in the next public opinion poll. If this tax reform proposal is as unpopular as I think it will be…
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Graham-Cassidy impact on small business benefits planning
I spent much of the past week lobbying against the Graham-Cassidy bill on moral grounds. Yesterday I took time to consider the tax planning impact. Today I am considering the impact this bill, if passed, would have on small business employee benefits practices. I conclude that the impact would be immediate and dramatic. These are…
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Hurricane preparedness at Money Island
We’ve been in this position before and we hope that we get a little smarter each time. This is what my hurricane planning checklist looks like now: Buy storm supplies early; at least a week before they are needed: plywood, rope, cable, duct tape. Order extra fuel asap. Cancel all appointments 3 days before the…
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Online bill pay tip
If you use bill pay services that send an electronic or mailed check payment then always use the “account number” field to identify the payment. Since small business vendors typically do not use account number I type in my client’s business name so that the check is easily identified in bold print at the top…
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States tackle health insurance stabilization
After the federal government failed to provide leadership on stabilizing health insurance markets, some states are taking bold moves to tackle the problems. In short, these efforts look promising. It seems at least possible that states could male progress without federal government leadership. The common thread is that states need to deviate from established rules…
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New Jersey commercial fishing
It's become more important for me to gain an understanding of our commercial fishing industry and it's businesses in light of my new business venture . I've spent more time in the past learning about Chesapeake Bay businesses than those closer to home. I spent a little time today visiting and chatting.