• Starting a professional coaching practice?

    Starting a professional coaching practice?

    Congratulations on your decision to launch a professional coaching practice. You may have a few questions about the mechanics of your new business. We’ve compiled some common questions and would be happy to discuss the options in each.

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  • Nationwide accounting fee shock

    Accountants across the nation are announcing 2023 price increases to clients this week, based on what we read in professional online discussion groups. These rate increases follow recent year increases that often approached 20%. This year the increases are more substantial: typically 20% to 50% according to what some of my peers report online. The increases being discussed by firms as small as sole practitioner bookkeepers to as large as regional CPA firms. The primary driver of price increase appears to be work overload rather than a push to boost income. The majority of new client inquiries I receive say

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  • Congratulations on your new nonprofit! What’s next?

    Congratulations on the formation and approval of your nonprofit organization and best wishes for success ahead! However, approval was the easy part. Now the ongoing requirements of managing a nonprofit organization is more demanding. I compiled these observations from watching dozens of new nonprofit organizations throughout the country move from their initial launch through early operational stage. Core concepts in management of a nonprofit organization are highlighted below. This article is meant as a brief introduction of nine next steps you are likely to consider. 1) Basic Governance All nonprofit organizations should have a solid Financial Procedures Policy and a Conflict of Interest

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  • New Jersey real estate tax update

    NJ real estate taxes are among the highest in the nation, and our local South Jersey neighborhoods hold some notorious statistical distinctions in real estate tax levels that I’ve written about in the past. This year the Anchor program replaces the NJ Homestead Benefit program. The new program is significantly different from the old tax relief program. The number of New Jerseyans now eligible for the new Anchor program is three times the number that were eligible for the Homestead Benefit. Although the application process is presumably designed to be straightforward, I already see at least one or two possibly

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  • Labor Day reflection

    New Jersey was one of the first states to recognize Labor Day in 1887. U.S. Congress made it a federal holiday seven years later in 1894 after the majority of states already observed the holiday. The head of a labor union based in New Jersey is given credit for starting the national holiday. Our state’s long progressive history of leading the support for workers rights is one reason I chose to live here. Locally, I am pleased to be among the earlier group of small business employer who supported livable wages, even when this was quite unpopular with our local

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  • Simple NJ estate settlement

    If you have the responsibility to settle a small NJ estate of a deceased relative or close relationship, the odds are that you haven’t performed this task before. The process can be baffling. While leaning on the professional help from an experienced CPA is an ideal solution, not everyone can afford the cost of this help. In this case, it might be necessary to do it yourself. This article is intended to list the basic steps for administering a simple estate in New Jersey assuming that there is no real estate involved and no complications with heirs of creditors. Follow

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  • Service changes for fiscal reporting year 2023

    The recent economic shock felt by many small businesses and their CPAs has pushed small private professional accounting practices like mine to the point of extinction. Yet I am committed to this ‘old fashioned’ high quality business model and estimate that I have about 15 years remaining in my work career to keep this service moving smoothly. So, to cope with these new economic demands, the following changes are adopted effective immediately to serve you better: For all: A no additional cost strategic planning discussion is offered to open discussion on vision, mission, goals, strategies and contingency planning. That’s the area

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  • Pricing of tax services

    In most cases the cost of tax return preparation and filing is included in the regular negotiated fees bundled with other services. However, sometimes tax services are offered outside of a regular service agreement. This list is meant to provide an estimate of individual tax return pricing. Pricing for businesses, estates, and nonprofit organizations are estimated individually. This rate schedule applies at the time is it published, not for future time periods. Extension $80Form 1040 individual tax return series $480Form 1041 estate tax return $480Power of Attorney $480Form 1099-R $55 per accountForm W2 $55 per employerSchedule A $240+Schedule C $120-$480

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  • Letter to a young Enrolled Agent on the topic of tax fraud

    I wrote this comment to an enrolled agent struggling with a client committing tax fraud who described herself as naïve about the human behavior behind it. “XXXXXXX, this is a general comment and not in any way meant as a negative personal thing. I would suspect that anyone putting the massive time and effort to earn an Enrolled Agent designation would have plenty of time to think about taxes and their role in society, the range psychological positions, and how we wish to conduct our own lives and tax businesses. Yes, tax fraud is rampant. It always has been and

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  • Top 8 tax myths

    Top 8 tax myths 2022: Paying taxes is voluntary. Students don’t need to pay taxes. If I can’t pay my taxes I could go to prison. An LLC helps convert personal expenses to business expenses. Estate tax isn’t a big deal and doesn’t affect many people. I don’t have to report income if I did not receive a Form 1099. American companies pay a high rate of tax compared to other countries. Cryptocurrency transactions don’t need to be reported.

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