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How to Plan for a PPP Audit

Posted by Bowman & Company LLP on Jun 8, 2020 10:15:00 AM
How to Plan for a PPP Audit

The Small Business Administrator Jovita Carranza and U.S. Treasury Secretary Steven Mnuchin recently announced that recipients of Paycheck Protection Program (PPP) loans of $2 million or more should expect an audit if they apply for loan forgiveness. Here are some tips to position your small business or not-for-profit organization to receive the maximum allowable forgiveness, as well as to prepare for the subsequent government audit.

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

The Dedicated Workforce Behind it All

Posted by Bowman & Company LLP on May 8, 2020 12:29:45 PM
The Dedicated Workforce Behind it All

No one could have predicted how greatly our lives would change in 2020. Living rooms have turned into classrooms, cubicles have been replaced by dining tables, and family pets have evolved into our closest coworkers. This pandemic has transformed almost every aspect of normality for most Americans. However, at Bowman one thing has remained the same: the grit and endurance of our workforce.

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Thanking Our Local Heroes

Posted by Bowman & Company LLP on Apr 27, 2020 9:16:01 AM
Thanking Our Local Heroes

Bowman & Company LLP would like to thank the health professionals, factory operators, grocery store workers, police officers, and all the other essential workers that are keeping our communities running during these extraordinary circumstances.

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Topics: Not-for-Profits, #BowmanGivesBack, #COVID-19News

Understanding the Paycheck Protection Program

Posted by Bowman & Company LLP on Apr 16, 2020 10:18:39 AM
Understanding the Paycheck Protection Program

The COVID-19 pandemic has introduced a wide variety of constraints and complications for businesses across the nation and the globe. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed to help entities recuperate losses and weather through uncertain markets.

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

Breaking Down the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act")

Posted by Bowman & Company LLP on Mar 30, 2020 3:18:30 PM
Breaking Down the Coronavirus Aid, Relief, and Economic Security Act (

The coronavirus (COVID-19) pandemic has already had widespread effects on the U.S. economy. Demand for many goods and services has stalled, unemployment claims have reached record highs, and many academic institutions and businesses are operating online — if at all. Life has changed dramatically across the country.

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

Designating a Trust as an IRA Beneficiary

Posted by Bowman & Company LLP on Mar 19, 2020 11:00:00 AM
Designating a Trust as an IRA Beneficiary

Since an individual retirement account (IRA) can often represent a large percentage of an individual’s assets, an essential question that many clients face is who to name as the beneficiary of their IRA accounts. There are a number of reasons why a client may wish to consider naming a trust as the beneficiary, rather than an out­right distribution to an individual. This ensures that the assets in the account remain available and the account’s investment earnings continue to accumulate tax free while they are in the account. Nonetheless, careful attention must be taken to ensure that these assets receive the appropriate tax treatment and are protected from creditors, including future ex-spouses.

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

Should You Pay Down Your Home Mortgage Early?

Posted by Bowman & Company LLP on Mar 12, 2020 11:00:00 AM
Should You Pay Down Your Home Mortgage Early?

If you routinely have extra cash on hand after paying off your monthly bills, you might want to consider paying down your home mortgage balance faster than is required under your loan agreement. This can be a powerful way to invest surplus cash. But it's not right for everyone.

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

Considering a Business Relocation?

Posted by Bowman & Company LLP on Mar 5, 2020 11:00:00 AM
Considering a Business Relocation?

When the wind is at your back, you can afford to endure a relatively high cost structure and intangible negatives associated with where you operate your business. However, good times don't last forever and the idea of relocating your company to a more favorable environment shouldn't be dismissed out of hand. Plus, you might want to make a move for purely personal reasons, like being closer to family or enjoying a better climate.

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Understanding and Preventing Employee Theft

Posted by Bowman & Company LLP on Feb 27, 2020 11:00:00 AM
Understanding and Preventing Employee Theft

Employee theft in the workplace is a serious problem for employers: 75 percent of employees have stolen from their employer at least once, and businesses lose 5 percent of their annual revenue to employee fraud, theft and abuse. Employee theft is a crime that is costing U.S. businesses $50 billion annually, but even more shocking is that employers think they are immune from such a crime.

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

FAQs about Home Office Deductions

Posted by Bowman & Company LLP on Feb 13, 2020 2:30:00 PM
FAQs about Home Office Deductions

In the past, home office deductions were available to a wide range of taxpayers, including certain employees who worked from home. But the Tax Cuts and Jobs Act (TCJA) has effectively eliminated home office deductions for employees through 2025. Fortunately, many self-employed individuals can still claim deductions — even if they don't itemize deductions on their tax returns.

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