blog | Bowman & Company, LLP

The Effect of Tax Reform on Choice of Entity Considerations

Posted by Harry P. Wills III, CPA, CGMA, Partner on Jun 19, 2018 10:00:00 AM

Since tax reform reduced corporate tax rate to 21 percent from 35 percent, it is time for all pass-through entities, including partnerships and S corporations, to evaluate the choice of entity. Planning to convert from a pass-through entity to a C corporation requires thoughtful consideration, analysis, and planning.

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Topics: For-Profit Entities, Funeral Homes, Construction

Supreme Court Sides with Employers on Arbitration Agreements

Posted by Bowman & Co on Jun 15, 2018 10:00:00 AM

The Supreme Court often agrees to rule on questions upon which individual appeals courts have reached different conclusions, to create a uniform national legal standard.

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How Pennsylvania has Enhanced its Research and Development Tax Credit Program

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

As part of its “Government that Works” program, the Pennsylvania Department of Revenue (DOR) recently introduced a new online-based application process for taxpayers who apply for the state’s Research and Development (R&D) tax credit. Per DOR’s Electronic Filing Notice, all Pennsylvania R&D tax credit applications must be submitted through the new online platform, which will be accessible June 21, 2018, through the filing deadline of September 15, 2018. Both taxpayers and tax practitioners will be able to access the system, and the application process will require users to create a DOR-specific electronic signature and log-in name.

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Topics: Government Entities, For-Profit Entities, Funeral Homes, Construction

6 Cool Ways to Save Taxes during the Hot Summer Months

Posted by Bowman & Co on Jun 8, 2018 11:00:00 AM

The Tax Cuts and Jobs Act (TCJA) may have put a crimp in some of your summer plans by eliminating or scaling back certain tax breaks. But individuals and small business owners still have plenty of opportunities to save taxes. Here are six ideas to consider this summer.

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Topics: Government Entities, For-Profit Entities, Funeral Homes, Construction

Additional R&D Credit Safe Harbor Guidance Released

Posted by Bowman & Co on Jun 7, 2018 11:00:00 AM

On May 14, 2018, the IRS’s Large Business & International (LB&I) Division released guidance intended to aid examiners in determining qualified research expenses (QREs) claimed as part of the Internal Revenue Code Section 41 Credit for Increasing Research Activities (research credit), under a safe harbor provided by an LB&I Directive released last September (Directive). The safe harbor allows taxpayers to claim an adjusted amount of their GAAP ASC 730 research and development (R&D) expenses (ADJ ASC 730) as unchallenged QREs so long as its requirements are followed.

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Topics: Government Entities, For-Profit Entities, Construction

Know the Rules Before Checking Employee Medical Records

Posted by Bowman & Co on Jun 1, 2018 2:00:00 PM

When employees request time off under the Family and Medical Leave Act (FMLA), employers need to tread carefully.

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

Bowman Partner John Culbertson Named to South Jersey Biz's 20 under 40

Posted by Bowman & Co on May 31, 2018 3:20:16 PM

We are pleased to announce that our Partner, John Culbertson, was selected as one of the on-the-rise professionals in this year's South Jersey Biz "20 Under 40".

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Topics: Press Releases, Events, Construction

IRS Offers Tips about Receiving Tips

Posted by Bowman & Co on May 29, 2018 10:30:00 AM
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Topics: For-Profit Entities

New Study Reveals Costs, Means, and Ways to Stop Fraud

Posted by Bowman & Co on May 25, 2018 11:00:00 AM

Would you leave the front door unlocked to your business or not-for-profit organization? Of course not. That would give thieves easy access to your assets. Yet a surprising number of organizations don't have strong antifraud controls in place to protect against dishonest people inside their organizations. And theft from insiders — also referred to as "occupational fraud" — can be costly.

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

What Do You Do if the New Tax Law Impaired Your Nonprofit's Ability To Fundraise?

Posted by Glen J. Walton, CPA, Partner on May 23, 2018 11:30:00 AM

The newly signed tax law, which will affect taxpayers starting this year, has everyone talking. If you are in a management position of a nonprofit, the law contains news that will more than likely affect your organization’s fundraising.  You will want to know about these changes to the tax laws and the ramifications they will have on your organization, which may lead you to make changes in your fundraising efforts. Let’s take a look at the changes and strategies to help mitigate any potential negative effects:

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Topics: Not-for-Profits