blog | Bowman & Company, LLP | Professional Services (2)

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.

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More

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

PPP Loans: What You Need to Know About the Latest Changes

Posted by Bowman & Company LLP on Jul 27, 2020 8:15:30 AM
PPP Loans: What You Need to Know About the Latest Changes

In June, legislative measures were enacted creating significant changes for small businesses wishing to participate in the Paycheck Protection Program (PPP).

Read More

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

New PPP Loan Forgiveness Applications Released

Posted by NJCPA on Jul 8, 2020 12:40:26 PM
New PPP Loan Forgiveness Applications Released

On June 17th, the U.S. Small Business Administration (SBA), in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, signed into law by President Trump on June 5, 2020.  

Read More

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

Working from Home? Make the Most of the Opportunity

Posted by Bowman & Company LLP on Jun 10, 2020 12:27:54 PM
Working from Home? Make the Most of the Opportunity

Have you been working from home to comply with the social distancing measures related to the novel coronavirus (COVID-19) pandemic? Or perhaps your employer has closed the office and is requiring you to work from home.

Read More

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