The IRS announced that it is providing expanded penalty relief to certain individuals whose 2018 federal income tax withholding and estimated payments fell short of their total tax liability for the year. (Notice 2019-25)…
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6 Common Mistakes When Taxpayers Prepare Their Own Tax Returns
by Bowman & Company LLP | Mar 29, 2019 | Construction, For-Profit Entities, Funeral Homes, Government Entities, Not-for-Profits, Professional Services
Tax filing season kicked off as scheduled on January 28. But tax returns for 2018 may require extra time to file and process due to confusion over the sweeping tax law changes under the Tax Cuts and Jobs Act (TCJA). Most the TCJA provisions that affect individuals are effective for…
I-9 Audits Are On The Rise: Be Prepared
by Bowman & Company LLP | Mar 22, 2019 | Construction, For-Profit Entities, Funeral Homes, Government Entities, Not-for-Profits, Professional Services
Audits of I-9 records quadrupled in 2018 over the prior year (the federal fiscal year). That means nearly 6,000 employers were audited, which led to several dozen civil and criminal convictions. The agency involved — Homeland Security Investigations (HSI) — is carrying out its commitment to…
Time To Revisit Your Mobile Security Policy
by Bowman & Company LLP | Mar 21, 2019 | Construction, For-Profit Entities, Funeral Homes, Government Entities, Not-for-Profits, Professional Services
Do your employees use smart phones for their jobs? Are they processing payments, looking up information, and contacting customers online? If so, you need to up your security game, and make sure that your security architecture includes your employees’ smart phones. Here are some issues you could…
IRS Urges Taxpayers to Check Their Tax Withholding Early in 2019 to Avoid Problems Next Year
by Bowman & Company LLP | Mar 19, 2019 | Construction, For-Profit Entities, Funeral Homes, Government Entities, Not-for-Profits, Professional Services
The IRS today renewed its effort to encourage taxpayers to review their tax withholding using the IRS Withholding Calculator and make any needed adjustments early in 2019…
2018 Income Tax Withholdings: Too Much, Too Little or Just Right?
by Bowman & Company LLP | Feb 8, 2019 | Construction, For-Profit Entities, Funeral Homes, Government Entities, Professional Services
Did you withhold enough money from your regular paychecks in 2018? If you withheld too little — or, didn’t pay enough estimated taxes if you’re self-employed — you could have an unpleasant surprise when you file your 2018 return…
4 Tax Issues to Consider in Retirement
by Bowman & Company LLP | Jan 29, 2019 | Construction, For-Profit Entities, Funeral Homes, Government Entities, Not-for-Profits, Professional Services
What do you imagine when you think about retirement? A less stressful life? Time for family, new hobbies and maybe some travel? Taxes? That’s right, even in retirement, many people will still have to pay taxes…
2018 Tax Payments Fall Short? You May Be Eligible for Penalty Relief
by Bowman & Company LLP | Jan 25, 2019 | Construction, For-Profit Entities, Funeral Homes, Government Entities, Not-for-Profits, Professional Services
The IRS announced that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year…
Tax Reform and Your 2018 Tax Return
by Bowman & Company LLP | Jan 24, 2019 | Construction, For-Profit Entities, Funeral Homes, Not-for-Profits, Professional Services
Do you know where things stand with your 2018 taxes? For many taxpayers, the first time they will see the overall impact of some significant provisions of the Tax Cuts and Jobs Act will be in their 2018 tax return. Do you know how the new laws will affect your tax situation and what tax planning…
10 New Year’s Resolutions to Improve Your Personal Financial Position
by Bowman & Company LLP | Jan 11, 2019 | Construction, For-Profit Entities, Funeral Homes, Government Entities, Not-for-Profits, Professional Services
Have you ever kept a New Year’s resolution for the entire year? Every January, millions of Americans make promises to eat less, exercise more and save for the future. But most resolutions are forgotten by spring. However, there are ten promises that relate to your financial health that you…