blog | Bowman & Company, LLP | Federal Services

IRS Announces Changes for Personal Use of Employer-Provided Vehicles

Posted by Bowman & Co on May 24, 2019 2:00:00 PM
IRS Announces Changes for Personal Use of Employer-Provided Vehicles

The free use of a company car is one of the best perks an employee may receive as part of a compensation package. But the benefit to the employee isn't completely "free" under current tax law. Essentially, personal use of a company car is treated as a taxable noncash fringe benefit, subject to income tax obligations.

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

Picking the Right Retirement Plan (Part Two: Getting Employees Onboard)

Posted by Megan Dovie, CPA, Manager on May 24, 2019 11:30:00 AM
Picking the Right Retirement Plan (Part Two: Getting Employees Onboard)

Welcome to Part 2 of our series on retirement planning for your employees. Part 1 discussed the different types of retirement plans you can offer to your employees. This month we will look at when your employees become eligible and how to get them signed up for your plan.

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

Are You Categorizing your Employees and Contractors Correctly?

Posted by Maryann Holloway, CPA, RMA, PSA, Senior Manager on May 23, 2019 2:00:00 PM
Are You Categorizing your Employees and Contractors Correctly?

If you employ people in the state of New Jersey, one of your responsibilities is to contribute toward your employees’ unemployment compensation and state disability benefits funds under N.J.S.A. 43:21‐7. If you employ people as independent contractors, and report their earnings via Form 1099, you may think they are not employees and therefore, you do not have to contribute toward their unemployment and disability. You may very well be wrong.

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

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

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