The Bowman Blog

We are saddened to inform you that our managing partner, Jarred Corn, passed away unexpectedly on March 24, 2023.

Even if you are not invested in cryptocurrency or understand the technology behind it, you may have noticed a growing number of crypto companies advertising in entertainment & media in the past few years. The presence of crypto in the modern economy grows with each day that passes. From digital currencies such as Bitcoin to Non-Fungible Tokens (NFTs), people are looking to diversify investments digitally. Ever since cryptocurrency emerged into the public consciousness, regulation of the industry has been playing "catch-up" to the fast-paced, volatile nature of the industry. The IRS has recently indicated in a chief counsel advice memorandum that that a taxpayer must submit a qualified appraisal to substantiate the fair market value (FMV) of donated cryptocurrency exceeding $5,000 and may not rely on the value listed on a cryptocurrency exchange.

Right before the beginning of the Pandemic, most people started to hear about "REAL ID" for the first time. However, the US Government started planning this initiative over 17 years ago in 2005. Some government agencies had already began enforcing it for personnel by 2014, but the target date for nation-wide enforcement was originally set for 2020. The rollout was understandably delayed by the COVID-19 pandemic to 2021; and then extended again to 2023, and then finally to 2025. With all of these setbacks, many people are confused on the current status of REAL ID. So, where do things stand now as of March 2023? This blog will walk you through all things related to REAL ID and the New Jersey Motor Vehicle Commission (NJ MVC).

Today is the beginning of Women's History Month 2023. Women have a tremendous impact in the field of accounting, as they currently represent 62% of professionals in the industry. This figure is the culmination of 124 years of progress, determination, and achievement since the first woman to ever become a certified public accountant in 1899. Today, Bowman would like to highlight some achievements of women in our industry today, as well as the trailblazers that made today possible.

If you've passed our Voorhees office in the evening recently, you may have noticed a slight change in decoration. All month, there have been red lights illuminating the sides of the building. While the color red in February is a symbol of Valentine's Day, it also represents American Heart Month. This year marks the 57th nationally recognized Heart Month, since it was officially proclaimed by Lyndon B. Johnson in 1964. At Bowman, we take education on health seriously, and we want our community to know the facts on heart health as well!

It isn't just the rising cost of consumer goods that has made life difficult for Americans recently; Housing prices, monthly rent costs, and all costs associated with property have been steadily increasing. In a recent attempt to weather the storm of inflation, the state of New Jersey has introduced a new tax rebate program. The ANCHOR tax relief program (Affordable NJ Communities for Homeowners and Renters) will apply to the primary residence of New Jersey homeowners and should arrive in the form of direct deposit.

Today marks the beginning of black history month for 2023. All over our cultural landscape, you can see headlines for African Americans accomplishing great things; In business, Rosalind Brewer (Walgreens CEO), Rashida Jones (MSNBC President), Cynt Marshall (Dallas Mavericks CEO), Mellody Hobson (Starbucks Chair of BOD), Marvin Ellison (Lowes President & CEO), and many more have all recently earned important roles in shaping the country's economy. Angela Bassett, Brian Tyree Henry, Tems & Rihanna have been nominated for Oscars in 2023 and represent the talent and diversity of the entertainment industry. While many African American individuals are setting "firsts" in their respective fields and companies, this begs the question: who was the first African American CPA?

If there's one way to honor the memory of Dr. Martin Luther King, Jr, it's through acts of service. On MLK Day this year, Bowman & Company LLP employees dedicated their time towards a cause that affects many people in our area: food insecurity. By partnering with Cathedral Kitchen, we were able to provide and serve food to hundreds of individuals in the area.

Everyone has a different idea of what the holidays are supposed to look like. We all have traditions and customs that make this time of year special. No matter what holiday you celebrate or who you share your time with, there's a way for everyone to enjoy the holiday season. One thing that we all have in common, however, is the opportunity to share. We share food around the dinner table, presents, stories with our loved ones, our time & service, and anything else we might find value in. Being in a position to give to others is a privilege, and is a rewarding aspect of life that Bowman encourages. That's why this year, Bowman has partnered with multiple organizations to better our community.

Bowman & Company LLP believes that we have responsibilities to our community stakeholders. The education of students in South Jersey, and those entering the accounting profession in general, is of great importance to us. That is why many Bowman employees are actively involved in mentorship programs with local colleges. By helping accounting students succeed in their studies, we seek to continue and encourage the tradition of producing great talent in the region; sharing our knowledge and experience is the only way to usher in an optimistic future for the profession. In late October, four Bowman Employees (and Rowan Alumni) attended a reception hosted by the Rowan University Accounting Mentorship Program. Pictured front/center is Senior Manager Maryann Holloway along with other attendees.