blog | Bowman & Company, LLP | Construction

Guidance Issued on Payroll Tax Deferral

Posted by Bowman & Company LLP on Aug 31, 2020 11:29:57 AM
Guidance Issued on Payroll Tax Deferral

On Friday, the IRS released IR-2020-195, effectively providing employers guidance for the Presidential Memorandum (“Memorandum”) to defer certain employee Social Security tax withholding.

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

Beware of a 100% Personal Liability Penalty

Posted by Bowman & Company LLP on Aug 4, 2020 11:13:16 AM
Beware of a 100% Personal Liability Penalty

A "100% penalty" can be assessed against a responsible person when federal income tax and/or federal employment taxes are withheld from employee paychecks but aren't handed over to the government.

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

PPP Loans: What You Need to Know About the Latest Changes

Posted by Bowman & Company LLP on Jul 27, 2020 8:15:30 AM
PPP Loans: What You Need to Know About the Latest Changes

In June, legislative measures were enacted creating significant changes for small businesses wishing to participate in the Paycheck Protection Program (PPP).

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

New PPP Loan Forgiveness Applications Released

Posted by NJCPA on Jul 8, 2020 12:40:26 PM
New PPP Loan Forgiveness Applications Released

On June 17th, the U.S. Small Business Administration (SBA), in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, signed into law by President Trump on June 5, 2020.  

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

Prepare for a Post-COVID-19 Business Sea Change

Posted by Bowman & Company LLP on Jun 12, 2020 9:45:00 AM
Prepare for a Post-COVID-19 Business Sea Change

The United States-Mexico-Canada Agreement (USMCA) will take effect on July 1, 2020. President Trump has hailed the new North American trade treaty as a "colossal victory" for Americans. Whether the impact is worthy of superlatives will vary by industry sector and geography. Here's what U.S. business owners should know.

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Topics: Government Entities, For-Profit Entities, Construction, #COVID-19News

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

Reminder: Three New Tax Credits Are Available to Many Businesses Hit by COVID-19

Posted by NJCPA on Jun 5, 2020 12:01:55 PM
Reminder: Three New Tax Credits Are Available to Many Businesses Hit by COVID-19

The IRS today reminds employers affected by COVID-19 about three important new credits available to them.

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

Applications for NJEDA Small Business Emergency Assistance Loan Program to Open April 13

Posted by NJCPA on Apr 8, 2020 10:00:00 AM
Applications for NJEDA Small Business Emergency Assistance Loan Program to Open April 13

The New Jersey Economic Development Authority (NJEDA) will launch the application for its Small Business Emergency Assistance Loan Program on Monday, April 13, at 9 a.m. A link to the program application will be posted on the State’s COVID-19 Business Information Hub. To provide business owners the opportunity to prepare to apply for the loan, a PDF version of the application will be available on Monday, April 6. The loan program is part of a package of initiatives announced last week to support businesses and workers facing economic hardship due to the outbreak of the novel coronavirus COVID-19.

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