blog | Bowman & Company, LLP | #COVID-19News

The Funding Has Arrived – Now What? Internal Control Guidance Over Coronavirus State and Local Recovery Funds

Posted by Amy R. Neimeister, CPA, RMA, PSA on Oct 12, 2021 8:30:00 AM
The Funding Has Arrived – Now What? Internal Control Guidance Over Coronavirus State and Local Recovery Funds

Beginning in 2021, and continuing through 2024, various local government entities (LGEs) have been given the opportunity to receive funding from the Coronavirus Local Fiscal Recovery Fund. This relief fund was created by the American Rescue Plan Act of 2021 (ARP) in order help local governments mitigate the financial impacts of the COVID-19 pandemic. This funding was intended to help LGEs strengthen COVID-19 response efforts, replace lost revenue, provide stability for residents and local businesses, and ensure the systemic equality of public health resources and economic opportunities.

With such grant funding comes the responsibility to ensure that the LGE is spending the funds appropriately. Local governments that receive relief will need to adhere to the U.S. Department of Treasury’s funding objectives. Implementing proper internal controls over the grant funds is vital, as spending federal monies without such controls puts LGEs at risk of losing or having to return funds to the federal government. The table below illustrates examples of strong internal control policies and procedures that LGEs should consider implementing before spending the grant funds:

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Topics: Government Entities, Federal Services, #COVID-19News

Understanding The Coronavirus State and Local Fiscal Recovery Funds

Posted by Maryann Holloway, CPA, RMA, PSA, Senior Manager on Aug 31, 2021 8:00:00 AM
Understanding The Coronavirus State and Local Fiscal Recovery Funds

If you are a member of the governing body or management of a New Jersey municipal or county government (local government), chances are you are overwhelmed by the amount of information issued by the State of New Jersey and the Federal Government for the Coronavirus Local Fiscal Recovery Fund (LFRF) provided by the American Rescue Plan Act of 2021 (ARP). In this article, we present an overview of the resources available to recipients of the LFRF. At Bowman & Company LLP, we review the material as it is issued and can be a resource to you as you navigate compliance with the funding.

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Topics: Government Entities, Federal Services, #COVID-19News

Deadline Coming: Follow Up on Your PPP Loans

Posted by Bowman & Company LLP on Aug 16, 2021 9:38:46 AM
Deadline Coming: Follow Up on Your PPP Loans

Payroll Protection Plan (PPP) loans were a lifeline for many small business owners during the worst of the pandemic-driven economic slowdown. In total, the Small Business Administration (SBA) approved nearly 12 million PPP loans, averaging $67,000.

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Topics: Government Entities, Not-for-Profits, For-Profit Entities, Funeral Homes, Construction, Professional Services, #COVID-19News

What Small Business Need to Know About the $1.8 Trillion American Families Plan

Posted by Bowman & Company LLP on Aug 3, 2021 8:29:25 AM
What Small Business Need to Know About the $1.8 Trillion American Families Plan

Bowman Manager Tommy Kleinhans joined Paul Martin to help individuals and organizations understand the proposed American Families Plan. This episode is a part of Paul Martin’s Crucial Conversations podcast, where he partners with industry experts to help small businesses and healthcare clinics navigate the challenges of changing regulations, industry trends, and stakeholder needs.

MRMA 066 - Crucial Conversations with Tommy Kleinhans 001.001
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Topics: Speaking Engagements, Not-for-Profits, For-Profit Entities, Events, Healthcare, #COVID-19News

$500 Tax Rebate Available for Eligible New Jersey Residents

Posted by Bowman & Company LLP on Jul 8, 2021 12:56:52 PM
$500 Tax Rebate Available for Eligible New Jersey Residents

The $46.4 billion New Jersey state budget signed by Gov. Phil Murphy on Tuesday, June 29th, will provide a $500 tax rebate for over 760,000 New Jersey families. This credit will be given to households earning up to $150,000 with at least one dependent child and individuals earning below $75,000 with at least one dependent child.

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Topics: #COVID-19News

1040 Tax Filing & Payment Deadlines You Need to Know

Posted by AICPA on Apr 1, 2021 11:50:49 AM
1040 Tax Filing & Payment Deadlines You Need to Know

On March 17, the Internal Revenue Service (IRS) announced the deadline for individuals to file federal taxes would be extended from April 15 to May 17, 2021 (Notice 2021-21). This week, the IRS issued additional guidance on its postponement of the tax deadline for individuals. Like the news release before it, this most recent notice does not extend the April 15 due date for estimated tax payments. To ensure our clients do not miss the deadline for estimated tax payments, we encourage the early submission and preparation of tax returns.

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Topics: Government Entities, Not-for-Profits, For-Profit Entities, Funeral Homes, Construction, Professional Services, Healthcare, Federal Services, #COVID-19News

Tax Day for Individuals Has Been Postponed to May 17th

Posted by AICPA on Mar 18, 2021 1:29:09 PM
Tax Day for Individuals Has Been Postponed to May 17th

The IRS announced on Wednesday that it is postponing the deadline for all individual tax returns. Returns otherwise due April 15 will not have to be filed until May 17 this year. The IRS says it will issue formal guidance in the near future.

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Topics: Professional Services, #COVID-19News

American Rescue Plan Act: Breaking Down the Latest Relief Bill

Posted by AICPA on Mar 12, 2021 9:31:11 AM
American Rescue Plan Act: Breaking Down the Latest Relief Bill

Yesterday, President Joe Biden signed the American Rescue Plan Act into law. This legislation, also known as H.R. 1319, was first passed by the House on February 27. The Senate made several amendments and passed its version of the bill on March 6. The bill then came back to the House for a final vote on Wednesday and was subsequently signed into effect on March 11.

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Topics: Government Entities, Not-for-Profits, For-Profit Entities, Funeral Homes, Construction, Professional Services, Healthcare, Federal Services, #COVID-19News

House Gives Final Approval to $1.9 Trillion Pandemic Aid Bill

Posted by Bowman & Company LLP on Mar 11, 2021 1:51:17 PM
House Gives Final Approval to $1.9 Trillion Pandemic Aid Bill

The House of Representatives voted 220–211 Wednesday to approve the Senate version of a $1.9 trillion coronavirus relief bill, which President Joe Biden is expected to sign into law.

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Topics: Government Entities, Not-for-Profits, For-Profit Entities, Funeral Homes, Construction, Professional Services, Healthcare, #COVID-19News

IRS Issues Employee Retention Credit Guidance

Posted by AICPA on Mar 4, 2021 2:03:59 PM
IRS Issues Employee Retention Credit Guidance

In Notice 2021-20, the IRS issued detailed guidance for employers claiming the employee retention credit for calendar quarters in 2020. The credit was created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L 116-136, and amended by the Consolidated Appropriations Act, 2021, P.L 116-260. The IRS says the guidance in the notice is similar to the information it posted in FAQs last year, but the notice clarifies and describes retroactive changes under the new law that apply to 2020, primarily relating to expanded eligibility for the credit for taxpayers who took Paycheck Protection Program (PPP) loans. The AICPA requested authoritative guidance on the 2020 and 2021 employee retention credits from the IRS in a comment letter sent on Feb. 25.

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Topics: Government Entities, Not-for-Profits, Press Releases, For-Profit Entities, Funeral Homes, Construction, Healthcare, #COVID-19News