blog | Bowman & Company, LLP | Government Entities

Two Education Credits Help Taxpayers with College Costs

Posted by Bowman & Co on Oct 11, 2019 2:00:00 PM
Two Education Credits Help Taxpayers with College Costs

With school back in session, parents and students should look into tax credits that can help with the cost of higher education. They do this by reducing the amount of tax someone owes on their tax return. If the credit reduces tax to less than zero, the taxpayer may get a refund.

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

Stormwater Utilities – Dealing with the High Cost of Flood Management and Water Pollution Control

Posted by Maryann Holloway, CPA, RMA, PSA, Senior Manager on Sep 24, 2019 2:42:23 PM
Stormwater Utilities – Dealing with the High Cost of Flood Management and Water Pollution Control

In June, 2019, New Jersey Governor Murphy declared a state of emergency in the southern part of the state after Burlington, Camden and Gloucester Counties experienced severe weather conditions, including heavy rains and extreme flooding. Bodies of water such as the Rancocas Creek, Big Timber Creek, Pennsauken Creek, Cooper River and Crosswicks Creek were at or above flood stage.  Several roads in the tri-county area had to be closed and there was flooding at the PATCO stations in Camden County. 

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Topics: Government Entities

NJCPA Reminds to Check Tax Withholding Amid IRS Form W-4 Changes

Posted by Bowman & Co on Sep 5, 2019 11:00:00 AM
NJCPA Reminds to Check Tax Withholding Amid IRS Form W-4 Changes

The New Jersey Society of Certified Public Accountants (NJCPA) reminds taxpayers to review their current federal income tax withholding from their paychecks, particularly as the IRS is issuing a new Employee’s Withholding Allowance Certificate (Form W-4). The IRS issued a draft 2020 Form W-4 in May and expects to issue a final version in November.

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

Give Yourself a Mid-Year Financial Check Up

Posted by Bowman & Co on Aug 29, 2019 11:00:00 AM
Give Yourself a Mid-Year Financial Check Up

It may seem like we just rang in the New Year, but 2019 is already half over. You may have set some financial resolutions for the year or have some money goals you wanted to accomplish. By staying on top of your financial situation and reviewing where you stand at least twice a year, you’ll have a better handle on where your money is going. This means that you can refocus your saving and spending on what matters the most to you and understand places where you can cut back.

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

Improving Your Credit is a Smart Financial Goal

Posted by Bowman & Co on Aug 22, 2019 11:00:00 AM
Improving Your Credit is a Smart Financial Goal
All decisions have consequences. And one way that we feel the consequences of our financial decisions is through our credit score and credit report. While many people are likely familiar with the terms, how they are calculated and what can be done to improve them is not widely understood. However, small improvements in a credit score and a clean, accurate report can have a big impact on your ability to borrow money at a low interest rate. Here is a breakdown of what you should know about your credit score and credit report.
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Topics: Government Entities, Not-for-Profits, For-Profit Entities, Funeral Homes, Construction, Professional Services, Healthcare, Federal Services

New Jersey Local Governments Can Now Issue Their Report of Audit in Compliance with GASB 75

Posted by Bowman & Co on Aug 20, 2019 12:33:45 PM
New Jersey Local Governments Can Now Issue Their Report of Audit in Compliance with GASB 75

The delay is over. On July 15, 2019, the State of New Jersey State Health Benefits Program issued their report on Postemployment Benefits Other Than Pensions that every governmental entity in the State was waiting for.

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Topics: Government Entities

Common Questions about Kids and Taxes

Posted by Bowman & Co on Aug 16, 2019 11:00:00 AM
Common Questions about Kids and Taxes

Does your son or daughter work during the summer or school year? A part-time job can be a great way for your child to learn about financial responsibility. It can also teach a valuable lesson about owing taxes. In addition to explaining why the government takes money from kids' paychecks, parents may need to help their children file their taxes by April 15.

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

Are You In Compliance with Prompt Payment Laws? (Part 2)

Posted by Maryann Holloway, CPA, RMA, PSA, Senior Manager on Aug 15, 2019 10:00:00 AM
Are You In Compliance with Prompt Payment Laws? (Part 2)

In Part 1 of this series, the provisions of New Jersey Chapter Laws P.L. 2018, c. 127, a new law requiring prompt payment for goods and services under Local Public & Public School Contract Laws was discussed. I mentioned that this new law doesn’t change the existing law that governs the prompt payment requirements for improvements to real property and structures. With the new law effective in 2019, now is a good time to revisit the existing law which had been effective on September 1, 2006, Prompt Payment of Construction Contracts P.L. 2006, c. 96. The DLGS issued LFN 2006-21 to communicate the general provisions of the law.

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Topics: Government Entities

Are You in Compliance with Prompt Payment Laws? (Part 1)

Posted by Maryann Holloway, CPA, RMA, PSA, Senior Manager on Aug 12, 2019 4:29:34 PM
Are You in Compliance with Prompt Payment Laws? (Part 1)

When the Division of Local Government Services (DLGS), in the State of New Jersey Department of Community Affairs issued Local Finance Notice (LFN 2019-02), it probably sounded familiar to local government contracting units. This LFN, New Prompt Payment Requirement for Goods and Services: Local Public & Public School Contract Laws was issued in response to New Jersey Chapter Laws P.L. 2018, c. 127 and does not change the prompt payment requirements for improvements to real property and structures signed into law in 2006 and described in LFN 2006-21. Those requirements will be described in a separate article, Are You in Compliance with Prompt Payment Laws? (Part 2).

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Topics: Government Entities

Changing Jobs? What Will Become of Your 401(k) Balance?

Posted by Bowman & Co on Aug 9, 2019 11:00:00 AM
Changing Jobs? What Will Become of Your 401(k) Balance?

Most private sector employers, for better or worse, put you in the driver's seat when it comes to saving for retirement. If you're a genuinely savvy and diligent investor, you might prefer the flexibility of rolling over your accumulated retirement savings into an IRA. This choice assumes, however, that your next employer's 401(k) plan allows you to move money into it from another 401(k) plan. Most, but not all, do.

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