blog | Bowman & Company, LLP

Is Social Media Activity Putting You at Risk?

Posted by Bowman & Co on Jan 12, 2018 11:00:00 AM

 

Winter can be a busy time for travel. Snowbirds try to escape the cold. Grandparents long to visit loved ones in distant cities. Jetsetters want to ring in the New Year in a memorable locale.

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

How to Structure the Sale of your Funeral Home

Posted by Nicholas Colanzi on Jan 5, 2018 11:00:00 AM

You’ve put in many years in your funeral home helping families through their most difficult times. Now it’s time for you to sell your business and retire. The common question is should you sell only your business assets or your ownership interest of the business entity itself (in most cases, the sale of your "stock")? As a general rule, sellers prefer stock sales, while buyers prefer asset sales. Examining the differences between the two methods will help explain why this is true.

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Topics: For-Profit Entities, Funeral Homes

New Not-for-Profit Revenue Recognition Standards are On the Way

Posted by Shauna J. Thomas, CPA, PSA on Jan 3, 2018 4:25:56 PM

Many not for profit (NFP) organizations will become subject to the new revenue recognition standard. NFPs will need to meet these new requirements for annual reporting periods beginning after December 15, 2018 and interim reporting periods beginning after December 15, 2019. Prior to implementation, NFPs must assess their contracts to determine which contracts, if any, the new standard will be applicable for.  Only those contracts that are between the NFP and a customer for the provision of goods and services will be effected. Possible contracts include, but are not limited to, memberships, subscriptions, products and services, royalty agreements, sponsorships, conferences, tuition, advertising, licensing, along with federal and state grant contracts. It is important to note contributions do not apply under the new revenue recognition standard because contributions are both voluntary and nonreciprocal.

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Topics: Not-for-Profits

Tax Alert: NJ Veterans are Entitled to an Additional $3K Exemption This Year

Posted by John R. Culbertson, Partner on Dec 22, 2017 11:32:43 AM

 

The State of New Jersey has recently announced an additional $3,000 exemption for the 2017 tax year to veterans who have been honorably discharged or released under honorable circumstances from the military by December 31, 2017.  This exemption is available to New Jersey residents and non-residents who are required to file a New Jersey income tax return.  Up to two exemptions can be claimed if both taxpayer and spouse meet criteria.

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

Bowman Volunteers at Bancroft Flicker Center

Posted by Bowman & Co on Dec 12, 2017 2:00:00 PM

On October 18, 2017 Several Bowman employees, Colin, Courtney, Sarah, Mike and Megan geared up and painted two rooms at the Bancroft's Flicker Center.

Those that participated now and in the past events have enjoyed themselves and have found the experience extremely rewarding.

 

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Topics: Events, #BowmanGivesBack

IRS Increases Annual Gift Tax Exclusion for 2018

Posted by Bowman & Co on Dec 8, 2017 11:00:00 AM

The IRS has announced that the annual gift tax exclusion is increasing next year due to inflation. After five years of being stuck at $14,000, the exclusion will be $15,000 per recipient for 2018 — its highest point ever.

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

Partner Glen Walton Speaks at Rowan University

Posted by Bowman & Co on Dec 5, 2017 2:00:00 PM

On October 18, 2017, Glen Walton, CPA and Partner of Bowman & Company spoke on the topic of Non-Profit Accounting at the Rowan University.

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Topics: Events

The Future of your Funeral Home - Types of Valuation

Posted by Nicholas Colanzi on Nov 30, 2017 11:00:00 AM

When it is time to sell your funeral home, of course you want to make as much money on the sale as you can. To do that, you need to be sure your business is properly valued. There are three commonly used approaches for valuating a funeral home. We will discuss each here in detail.

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Topics: For-Profit Entities, Funeral Homes

Bowman participates in the GCSSEF Run/Walk for Autism

Posted by Bowman & Co on Nov 28, 2017 2:00:00 AM

On October 7, 2017, Stefanie DeSantis, CPA, RMA, PSA, CGMA, Senior Manager of Bowman & Company LLP participated in the Gloucester County Autism Walk/Run in support of the Gloucester County Special Services Education Foundation (GCSSEF).  The purpose of the GCSSEF Autism walk is to raise funds and awareness for their programs (Respite Care, Social Skills, & More) supporting children and families in the Gloucester County Special Services School District.  The even took place at the Riverwinds in West Deptford, NJ. 

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Topics: Events, #BowmanGivesBack

Consider a Phased Retirement Program for Your Employees

Posted by Bowman & Co on Nov 24, 2017 11:00:00 AM
Most employers believe their employees expect to work past age 65. A recent survey by the Transamerica Center for Retirement Studies states that one reason for staying on the job longer is that so many older workers experience a shortfall of retirement savings. Another is that many employees don't want to go cold turkey on the social interaction, stimulation, and sense of accomplishment they get from work. 

More than 80% of surveyed employers say they support the idea of employees working past 65. But only about a third of them allow staff members to downshift from full- to part-time status ― also known as "phased retirement." This may change as employers recognize the need to keep experienced workers on board longer. 

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Topics: Not-for-Profits, For-Profit Entities, Funeral Homes, Construction