blog | Bowman & Company, LLP

How can Small BUsiness Owners Reduce Social Security and Medicare Taxes?

Posted by Bowman & Co on May 17, 2019 3:45:00 PM
How can Small BUsiness Owners Reduce Social Security and Medicare Taxes?

If your small business is unincorporated, you may be fed up with paying the federal self-employment (SE) tax. This tax is how the federal government collects Social Security and Medicare taxes from self-employed individuals. However, you may be able to lower your exposure to these taxes if you structure your business as a subchapter S corporation for federal tax purposes. Here are the details on how this tax-saving strategy can work.

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Topics: Government Entities, For-Profit Entities, Funeral Homes, Construction, Professional Services, Healthcare, Federal Services

Bowman is Proud to Support Our Friends at United Way with Our Annual Campaign

Posted by Bowman & Co on May 16, 2019 10:00:00 AM
Bowman is Proud to Support Our Friends at United Way with Our Annual Campaign

Bowman & Company is excited to begin our 2019 United Way campaign. We are proud of our strong partnership with United Way and of our commitment to giving back to the communities in which we live and work. We look forward to having another successful campaign!

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Topics: Not-for-Profits, Events, #BowmanGivesBack

Records Retention Guidelines to Remember During Spring Cleaning

Posted by Bowman & Co on May 3, 2019 11:00:00 AM
Records Retention Guidelines to Remember During Spring Cleaning

Warm weather and rainy days bring the urge to purge. But before you clean your file cabinets or declutter your computer files, it's important to review these guidelines.

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

Bowman Sounds the Alarm for Fire Safety

Posted by Bowman & Co on Apr 30, 2019 3:49:01 PM
Bowman Sounds the Alarm for Fire Safety

Members of Bowman & Company LLP joined with the American Red Cross to Sound the Alarm on Saturday April 27th in the City of Camden.  In coordination with Mayor Francisco Moran’s Team Up! Clean Up! Campaign, Bowman volunteers worked to bring fire safety to neighborhood homes.  Several smoke alarms were installed and residents educated on fire safety matters.  Bowman participants included the Firm’s Managing Partner Michael Cesaro, Vice Chair of the Southwestern Chapter of the American Red Cross, Evan Palmer, Ken Drewes and Bill Reilly. 

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Topics: Not-for-Profits, Events, #BowmanGivesBack

If Adopted, Overtime Pay Rules May Expand to More Employees

Posted by Bowman & Co on Apr 12, 2019 11:00:00 AM
If Adopted, Overtime Pay Rules May Expand to More Employees

Today (and since 2004) salaried employees who earn at least $455 per week aren't eligible for overtime pay under the Fair Labor Standards Act, if their job duties are executive, administrative or professional (EAP) in nature. That's true no matter how many hours these employees work in a week.
Under proposed regulations, the limit would rise to $679 in 2020. So, salaried employees earning up to around $35,308 annually would be overtime-eligible even if they fall into those EAP job roles as defined by the Department of Labor (DOL).

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

The IRS Expands the Penalty Waiver for Underpaying Income Tax

Posted by Bowman & Co on Apr 5, 2019 10:00:00 AM
The IRS Expands the Penalty Waiver for Underpaying Income Tax

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)

The IRS is now lowering to 80% the threshold required to qualify for this relief. Under the relief originally announced January 16, 2019, the threshold was 85%. The usual percentage threshold is 90% to avoid a penalty.

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

6 Common Mistakes When Taxpayers Prepare Their Own Tax Returns

Posted by Bowman & Co on Mar 29, 2019 11:00:00 AM
6 Common Mistakes When Taxpayers Prepare Their Own Tax Returns

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 2018 through 2025, unless Congress extends them.

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

I-9 Audits Are On The Rise: Be Prepared

Posted by Bowman & Co on Mar 22, 2019 11:00:00 AM
I-9 Audits Are On The Rise: Be Prepared

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 increase the number of I-9 audits in an effort to create a culture of compliance among employers," it stated upon releasing audit statistics. To accommodate the increase, HSI is beefing up its army of auditors.

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

Time To Revisit Your Mobile Security Policy

Posted by Michael Thilker, CPA, CITP, Manager on Mar 21, 2019 2:00:00 PM
Time To Revisit Your Mobile Security Policy

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 encounter, and how to solve them:

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

IRS Urges Taxpayers to Check Their Tax Withholding Early in 2019 to Avoid Problems Next Year

Posted by Bowman & Co on Mar 19, 2019 10:00:00 AM
IRS Urges Taxpayers to Check Their Tax Withholding Early in 2019 to Avoid Problems Next Year

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.

Doing a Paycheck Checkup can help taxpayers avoid having too little or too much tax withheld from their paychecks. The IRS reminds taxpayers that they can generally control the size of their refund by adjusting their tax withholding.

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