Search results for: “engagement”
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Crisis measures in 2022 accounting practice
I was unprepared for the rapid changes in the private practice accounting field that quickly escalated to the largest backlog of work we’ve ever seen. A scan of peer feedback indicates that we are not alone; other private firms report the same current struggle. 2020 and 2021 were difficult but manageable for our practice. 2022…
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Sample Work Plan for tax preparation
This is the beginning of another tax season and I notice already that some independent preparers are struggling with the increasingly messy topic of client communications. As part of my coaching certification program I am now working with more tax accountants on helping them build their business. So this topic came up a few times…
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Audits are expensive, even for small charities!
Update for 2022: Our State of New Jersey recently raised the minimum size requirement for nonprofit audits to $1,000,000 gross receipts. These bullet point comments are meant to introduce the topic of costs associated with financial statement audits of small charities. Financial statement audits are not the only type of audit undertaken by small charities…
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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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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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Management disfunction of a nonprofit organization: what it means to the external accountant
Two years ago I was the external accountant in a nonprofit organization (a church) with an internal conflict between the President and the Treasurer. My engagement specified that I was to report to the Treasurer. Yet the President had the power to end my contract. The predictable outcome was for either party to blame the…
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Updated professional payroll services agreement (New Jersey)
I am adding two new small New Jersey organization payroll services this week so it was appropriate to review and update my generic payroll service agreement. This confirms that I offered to establish and administer payroll services for xxxxxxxxxxx. Payroll service includes the following: Timing: The service will start within 1 to 2 business…
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NJ election campaign committee no fee banking services
Purpose This page is meant for candidates for political office who elect to use my no fee services as a volunteer campaign committee treasurer. This is not meant for candidates who pay for services. (If you are paying for campaign banking services then you can design banking services however you want). The service is designed to…
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Taxation of accounting services
Some states are likely to propose taxing professional services including accounting services. Proposed legislation to tax professional services will likely be introduced later this year in California, Connecticut, Illinois, Kansas, Maryland, Pennsylvania, Rhode Island, Virginia, and Washington. The probability that these proposals will become law is unclear. Other states including Colorado, Minnesota, Nebraska, Oklahoma, Texas,…
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Four keys to successfully suing your accountant
We sometimes hear about cases where a lack of application of professional standards by an accountant causes problems. Sometimes things do not go as was hoped, just like any other business. If you believe that your accountant is legally responsible, consider these practical points. First, there must be substantial actual damage. In many cases, damage…