blog | Bowman & Company, LLP | Not-for-Profits

Pennsylvania Governor Tom Wolf Signs PPP Loan Forgiveness Measure

Posted by PICPA on Feb 10, 2021 11:50:35 AM
Pennsylvania Governor Tom Wolf Signs PPP Loan Forgiveness Measure

The PICPA won a major legislative victory when state lawmakers added a provision addressing Paycheck Protection Program (PPP) loan forgiveness to legislation providing COVID-19 relief to Pennsylvania small businesses. Senate Bill 109 was approved unanimously by the state House and Senate and signed by Gov. Tom Wolf. It is now Act 1 of 2021.

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Topics: Government Entities, Not-for-Profits, For-Profit Entities, Funeral Homes, Construction, Professional Services, Federal Services

New Jersey Follows Federal Lead on Taxability of PPP Loans

Posted by NJCPA on Feb 10, 2021 10:08:40 AM
New Jersey Follows Federal Lead on Taxability of PPP Loans

Yesterday, New Jersey Governor Phil Murphy and  State Treasurer Elizabeth Maher Muoio announced that New Jersey will follow the federal government's lead in making PPP loans tax exempt at the state level and allowing recipients to deduct business expenses that were paid with the loan proceeds.

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

PPP Application Forms Will Be Released Today

Posted by AICPA on Jan 11, 2021 11:16:39 AM
PPP Application Forms Will Be Released Today

The US Small Business Administration and Treasury released borrower loan application forms Friday night for the rebooted Paycheck Protection Program (PPP), which will launch today, January 11, 2021. The application will Initially be available for select lenders and borrowers before a broader opening takes place a few days later.

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

Many Tax Provisions Appear in Year-End Coronavirus Relief Bill

Posted by AICPA on Dec 29, 2020 4:09:27 PM
Many Tax Provisions Appear in Year-End Coronavirus Relief Bill

The omnibus spending and coronavirus relief bill passed by Congress includes many tax provisions, including the extension of various expiring provisions, extensions and expansions of certain earlier pandemic tax relief provisions, and much more. The Consolidated Appropriations Act, 2021, H.R. 133, passed both houses of Congress on Dec. 21, and President Donald Trump signed the bill into law on Dec. 27.

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

2021 Brings Changes to New Jersey's Minimum Wage

Posted by Bowman & Company LLP on Dec 17, 2020 9:00:00 AM
2021 Brings Changes to New Jersey's Minimum Wage

In accordance with New Jersey Bill A-15, the turn of the year will bring significant wage increases across all industries. Effective January 1, 2021, New Jersey’s general minimum wage will increase to $12 per hour.

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Topics: Government Entities, Not-for-Profits, For-Profit Entities, Construction, Professional Services, Healthcare

Communication Breakdowns in the Digital Front

Posted by Michael J. Thilker, CPA, CITP & Danielle A. Cloud on Dec 3, 2020 8:45:27 AM
Communication Breakdowns in the Digital Front

After months of coping with the world changing at a rapid pace, discussions with coworkers, clients, and other professionals, the consensus seems to be the same issue: Staying productive and focused.

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

SALT 'Workaround' Approved by IRS

Posted by NJCPA on Nov 10, 2020 11:09:13 AM
SALT 'Workaround' Approved by IRS

The IRS today issued Notice 2020-75, which announces rules to be included in forthcoming proposed regulations. Specifically, the proposed regulations will clarify that state and local income taxes imposed on and paid by a partnership or S corporation on its income are allowed as a deduction by the partnership or S corporation in computing its non-separately stated taxable income or loss for the taxable year of payment, and therefore are not subject to the state and local tax deduction limitation for partners and shareholders who itemize deductions.

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

New Relief Available for NJ Small Businesses Impacted By COVID-19

Posted by Bowman & Company LLP on Oct 26, 2020 7:30:00 AM
New Relief Available for NJ Small Businesses Impacted By COVID-19

New Jersey Governor Phil Murphy has announced that an additional $100 million of federal Coronavirus Aid, Relief, and Economic Security (CARES) Act funding will be allocated to assist in the recovery of individuals and small businesses affected by the coronavirus pandemic. This funding comes amid continued restrictions on restaurants and other vital entities.

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

Guidance Issued on Payroll Tax Deferral

Posted by Bowman & Company LLP on Aug 31, 2020 11:29:57 AM
Guidance Issued on Payroll Tax Deferral

On Friday, the IRS released IR-2020-195, effectively providing employers guidance for the Presidential Memorandum (“Memorandum”) to defer certain employee Social Security tax withholding.

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

Beware of a 100% Personal Liability Penalty

Posted by Bowman & Company LLP on Aug 4, 2020 11:13:16 AM
Beware of a 100% Personal Liability Penalty

A "100% penalty" can be assessed against a responsible person when federal income tax and/or federal employment taxes are withheld from employee paychecks but aren't handed over to the government.

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