blog | Bowman & Company, LLP | Professional Services

Understanding and Preventing Employee Theft

Posted by Bowman & Co on Feb 27, 2020 11:00:00 AM
Understanding and Preventing Employee Theft

Employee theft in the workplace is a serious problem for employers: 75 percent of employees have stolen from their employer at least once, and businesses lose 5 percent of their annual revenue to employee fraud, theft and abuse. Employee theft is a crime that is costing U.S. businesses $50 billion annually, but even more shocking is that employers think they are immune from such a crime.

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

FAQs about Home Office Deductions

Posted by Bowman & Co on Feb 13, 2020 2:30:00 PM
FAQs about Home Office Deductions

In the past, home office deductions were available to a wide range of taxpayers, including certain employees who worked from home. But the Tax Cuts and Jobs Act (TCJA) has effectively eliminated home office deductions for employees through 2025. Fortunately, many self-employed individuals can still claim deductions — even if they don't itemize deductions on their tax returns.

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

Avoidable Faults in Company Retirement Plans

Posted by Megan Dovie, CPA, Manager on Feb 7, 2020 2:30:00 AM
Avoidable Faults in Company Retirement Plans

It is never a bad idea to review your retirement plan and how effectively it is working. Whether your plan needs an audit or not, you should review the common mistakes we often find and consider whether they might be a potential issue occurring in your employee retirement plans. 

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

Low Tax Rates Provide Opportunity to “Cash Out” with Dividends

Posted by Bowman & Co on Feb 6, 2020 2:30:00 PM
Low Tax Rates Provide Opportunity to “Cash Out” with Dividends

Under current tax law, the federal income tax rate for C corporations is a flat 21%. Under prior law, C corporations faced a graduated federal income tax-rate schedule with a maximum effective rate of 35%.

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

Further Consolidated Appropriations Act: What You Should Know Now

Posted by John R. Culbertson, Partner on Jan 31, 2020 9:00:00 AM
Further Consolidated Appropriations Act: What You Should Know Now

On December 20th, the Further Consolidated Appropriations Act was amended, extending tax provisions that were set to expire by the end of 2019. These provisions will now be effective through the upcoming fiscal year, ending September 30, 2020.

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

Late Retirement Plan Contributions and What to Do About Them

Posted by Megan Dovie, CPA, Manager on Jan 29, 2020 9:00:00 AM
Late Retirement Plan Contributions and What to Do About Them

One of the most common mistakes we see when auditing retirement plans is a lack of compliance with the handling of late employee contributions. Many plan sponsors are mistaken in thinking they are compliant with the Department of Labor (DOL) with regard to how often they are remitting their employee contribution deferrals. This has been a hot topic item for the DOL over the last several years; the big question is: how often should employee contribution deferrals be transmitted from the plan sponsor’s assets to third party administrators? Take note that this explanation applies only to employee contributions; employer contributions do not have a remittance time constraint against them.

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

US Department of Labor Is Expanding Employees Eligible for Overtime

Posted by Bowman & Co on Jan 20, 2020 10:00:00 AM
US Department of Labor Is Expanding Employees Eligible for Overtime

Effective January 1, 2020, all employees must earn at least $684 per week (or $35, 568 annually) before they can be exempt from overtime. The current threshold is $455 (or $23,660 annually).

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

Tips for Securing Internet of Things (IoT) Devices

Posted by Michael Thilker, CPA, CITP, Senior Manager on Jan 14, 2020 2:59:40 PM
Tips for Securing Internet of Things (IoT) Devices

Internet-connected devices or Internet of Things (IoT) devices are popular holiday gifts. Now that the holidays are over, our shiny new tablets, phones, smart TVs, watches, and toys are providing hours of entertainment. Before the boxes and instruction manuals are long gone, it is the perfect time to make sure they are secure! These devices usually require personal and/or financial information to complete setup, which includes sending that information over the internet. Without thinking about it, we put in a credit card number or create a password in our haste to play with our new toy or satisfy an impatient child. Security of this sensitive information now resides with the manufacturer or service provider who is charged with keeping it safe from a cyberattack. Attacks and breaches happen every day and are frequently in the news.

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

In Memoriam - Thomas P. Duffy: 1929 - 2020

Posted by Bowman & Co on Jan 10, 2020 2:37:11 PM
In Memoriam - Thomas P. Duffy: 1929 - 2020

Bowman & Company LLP extends its heartfelt condolences on the passing of our retired Partner, Thomas P. Duffy.

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

The SECURE Act: What You Should Know Now

Posted by Bowman & Co on Jan 10, 2020 9:00:00 AM
The SECURE Act: What You Should Know Now

President Donald Trump has signed into law the Setting Every Community Up for Retirement Enhancement or SECURE Act. The Act ushers in major changes to the way most Americans plan and save for retirement.

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