The Bowman Blog

Bowman & Company LLP has an 84-year history of success, and we're still looking towards the future in everything we do; but the accomplishments we reach today, tomorrow, and beyond are only possible because of the legacy of many talented & dedicated professionals of the past. To quote Sir Isaac Newton, "if I have seen further, it is by standing on the shoulders of giants". By acknowledging and appreciating those that have shaped us into who we are today, we can realize the importance of giving to others. To honor the legacies of former Partners Lisa A. Donahue & Jack Dailey, Bowman & Company LLP has established scholarship funds for accounting students in the region. By partnering with the New Jersey Society of Certified Public Accountants (NJCPA) Scholarship Fund, Bowman hopes to change the lives of these young adults for the better.

On Friday, May 12th, accounting students from Lenape High School in Medford NJ visited Bowman & Company LLP's Voorhees office to learn about the accounting industry. Education is a critical component to continuing the accounting profession, and Bowman consistently makes a commitment to investing in local education. Even for students who aren't interested in being an accountant, we feel that learning about finance and money management helps prepare young adults for all types of careers & personal life decisions. Even with such important topics being discussed, our personnel can still make it entertaining!

On Thursday April 20th, Bowman Senior Manager Michael Thilker and the South Jersey Honor Flight program made headlines for another successful event for veterans of the US armed forces. The organized effort between South Jersey Honor Flight and Williamstown High School's students & faculty allowed 100 veterans to have an unforgettable experience. Multiple local media outlets, including ABC News (Channel 6) and CBS News (Channel 3), documented the heartwarming display of volunteerism & appreciation for their respective television audiences.

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?