blog | Bowman & Company, LLP | For-Profit Entities

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

CARES Act Provides 4 Possible Reasons to File an Amended Return

Posted by Bowman & Company LLP on Jun 15, 2020 9:48:00 AM
CARES Act Provides 4 Possible Reasons to File an Amended Return

The $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act delivers good news to individuals and businesses, including valuable tax-relief measures. Some of that tax relief is retroactive. These provisions can affect 2018 and 2019 returns that have already been filed. One retroactive provision can, in some cases, go all the way back to 2013. Some taxpayers that file amended returns may receive a tax refund from prior years.

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

Working from Home? Make the Most of the Opportunity

Posted by Bowman & Company LLP on Jun 10, 2020 12:27:54 PM
Working from Home? Make the Most of the Opportunity

Have you been working from home to comply with the social distancing measures related to the novel coronavirus (COVID-19) pandemic? Or perhaps your employer has closed the office and is requiring you to work from home.

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

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

SOC 2:  Breaking Down the Report

Posted by Michael Thilker, CPA, CITP, Senior Manager on Apr 24, 2020 10:00:00 AM
SOC 2:  Breaking Down the Report

In the previous blogs of this series, several aspects of SOC examinations were explored.  This portion will include an in depth look at the contents of a SOC 2 report.

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Topics: Not-for-Profits, For-Profit Entities, Professional Services, Healthcare, SOC Suite