blog | Bowman & Company, LLP | Construction

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

Are You Ready for REAL ID in NJ and PA?

Posted by Robert E. Biddle Jr., Principal on Feb 25, 2019 9:28:31 AM
Are You Ready for REAL ID in NJ and PA?

In New Jersey and Pennsylvania, you may soon need a new form of ID, called REAL ID, to board a flight. While the new IDs will be available starting in March, anyone boarding a domestic commercial flight without a passport or military ID will need to have one starting October 1, 2020.

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

2018 Income Tax Withholdings: Too Much, Too Little or Just Right?

Posted by Bowman & Co on Feb 8, 2019 2:00:00 PM
2018 Income Tax Withholdings: Too Much, Too Little or Just Right?

Did you withhold enough money from your regular paychecks in 2018? If you withheld too little — or, didn't pay enough estimated taxes if you're self-employed — you could have an unpleasant surprise when you file your 2018 return.

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

4 Tax Issues to Consider in Retirement

Posted by Bowman & Co on Jan 29, 2019 1:29:00 PM
4 Tax Issues to Consider in Retirement
What do you imagine when you think about retirement? A less stressful life? Time for family, new hobbies and maybe some travel? Taxes? That’s right, even in retirement, many people will still have to pay taxes. 
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Topics: Government Entities, Not-for-Profits, For-Profit Entities, Funeral Homes, Construction, Professional Services

2018 Tax Payments Fall Short? You May Be Eligible for Penalty Relief

Posted by Bowman & Co on Jan 25, 2019 11:00:00 AM
2018 Tax Payments Fall Short? You May Be Eligible for Penalty Relief

The IRS announced that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.

The IRS is generally waiving the penalty for any taxpayer who paid at least 85% of their total tax liability during the year through federal income tax withholding, quarterly estimated tax payments or a combination of the two. The usual percentage threshold is 90% to avoid a penalty. (IRS Notice 2019-11)

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