blog | Bowman & Company, LLP | Government Entities

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

Retired Bowman Partner Honored by AICPA

Posted by Bowman & Co on Jul 29, 2019 4:15:26 PM
Retired Bowman Partner Honored by AICPA

We are proud to announce that retired Bowman & Company LLP Partner John "Jack" F. Dailey Jr., CPA, was presented with the American Institute of Certified Public Accountants' (AICPA's) Special Recognition Award for his influence, commitment, and length of service to the CPA profession.

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

Alert: You Need to Restate Your 403(b) Plan Before March 31, 2020

Posted by Michelle Gasiorowski, CPA, Senior Manager on Jun 17, 2019 10:18:32 AM
Alert: You Need to Restate Your 403(b) Plan Before March 31, 2020

If you have a 403(b) plan for your employees, you will have until March 31, 2020 to restate your plan, as per the IRS.

The IRS provided guidance related to the restatement of 403(b) plans. The agency began issuing approval letters to document providers for all 403(b) plans in early spring 2017. Once they have been issued, employers will be required to restate their 403(b) plans using pre-approved language.

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Topics: Government Entities, Not-for-Profits