blog | Bowman & Company, LLP | Federal Services

Financial Tips for Newly Married Couples

Posted by Bowman & Co on Jul 16, 2019 10:35:00 AM
Financial Tips for Newly Married Couples

In the United States, June marks the start of a peak wedding season that runs through the early fall. All across the country happy couples are discussing their seating charts, selecting a song for their first dance and planning their honeymoons. But there is one conversation that they cannot afford to forget – how they will manage their finances once they become legally married. As the big day approaches, here are some tips to make sure money issues don’t get in the way of happily ever after.

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

Three Tips to Save Money on Your Summer Vacation

Posted by Bowman & Co on Jul 12, 2019 11:00:00 AM
Three Tips to Save Money on Your Summer Vacation

For many Americans, taking a family vacation is an relatives across the state, friends across the country or even flying to some far-off region, more than two-thirds of Americans report that they plan to take a vacation this summer. And they’re budgeting $2,373 on average for their vacation travel. That’s a lot of money! Here are some tips to help you and your family save money on your vacation this summer.annual tradition. Whether it’s visiting

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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 Three: Loans, Hardships, and Your Responsibilities)

Posted by Megan Dovie, CPA, Manager on May 28, 2019 10:30:00 AM
Picking the Right Retirement Plan (Part Three: Loans, Hardships, and Your Responsibilities)

Welcome to Part 3 of our series on retirement planning for your employees. Part 1 discussed the different types of retirement plans you can offer to your employees. Part 2 discussed the different types of eligibility requirements you can have in place for your plan and when your employees can begin to participate. This month we will briefly explore loans, hardships, timeliness of employee contribution transmittals, and what your responsibilities are if you have to terminate a plan.

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