blog | Bowman & Company, LLP | Not-for-Profits

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

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

Thanking Our Local Heroes

Posted by Bowman & Company LLP on Apr 27, 2020 9:16:01 AM
Thanking Our Local Heroes

Bowman & Company LLP would like to thank the health professionals, factory operators, grocery store workers, police officers, and all the other essential workers that are keeping our communities running during these extraordinary circumstances.

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Topics: Not-for-Profits, #BowmanGivesBack, #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

SOC for Cybersecurity:  Breaking Down the Report

Posted by Michael Thilker, CPA, CITP, Senior Manager on Apr 17, 2020 10:00:00 AM
SOC for Cybersecurity:  Breaking Down the Report

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

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

Understanding the Paycheck Protection Program

Posted by Bowman & Company LLP on Apr 16, 2020 10:18:39 AM
Understanding the Paycheck Protection Program

The COVID-19 pandemic has introduced a wide variety of constraints and complications for businesses across the nation and the globe. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed to help entities recuperate losses and weather through uncertain markets.

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Topics: Speaking Engagements, Not-for-Profits, For-Profit Entities, Construction, Professional Services, Healthcare, #COVID-19News

How Can an SOC Report be Crafted to Meet the Needs of My Organization?

Posted by Michael Thilker, CPA, CITP, Senior Manager on Apr 10, 2020 10:00:00 AM
How Can an SOC Report be Crafted to Meet the Needs of My Organization?

In the second blog of this series, ‘What is the ROI of a SOC Report?’,' the benefits of a SOC examination were discussed.  Now that you know the value of SOC examinations, we we will cover the process and duration of getting a SOC engagement.

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