blog | Bowman & Company, LLP | Professional Services

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

Applications for NJEDA Small Business Emergency Assistance Loan Program to Open April 13

Posted by NJCPA on Apr 8, 2020 10:00:00 AM
Applications for NJEDA Small Business Emergency Assistance Loan Program to Open April 13

The New Jersey Economic Development Authority (NJEDA) will launch the application for its Small Business Emergency Assistance Loan Program on Monday, April 13, at 9 a.m. A link to the program application will be posted on the State’s COVID-19 Business Information Hub. To provide business owners the opportunity to prepare to apply for the loan, a PDF version of the application will be available on Monday, April 6. The loan program is part of a package of initiatives announced last week to support businesses and workers facing economic hardship due to the outbreak of the novel coronavirus COVID-19.

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Topics: Government Entities, Not-for-Profits, For-Profit Entities, Funeral Homes, Construction, Professional Services, Healthcare, Federal Services, #COVID-19News

What is the ROI of a SOC Report?

Posted by Michael Thilker, CPA, CITP, Senior Manager on Apr 3, 2020 10:00:00 AM
What is the ROI of a SOC Report?

The first blog in this series ‘What is the ROI of a SOC report?’  asked the question: When your company suffers a cyber-attack, do you know what to do?

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

Breaking Down the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act")

Posted by Bowman & Company LLP on Mar 30, 2020 3:18:30 PM
Breaking Down the Coronavirus Aid, Relief, and Economic Security Act (

The coronavirus (COVID-19) pandemic has already had widespread effects on the U.S. economy. Demand for many goods and services has stalled, unemployment claims have reached record highs, and many academic institutions and businesses are operating online — if at all. Life has changed dramatically across the country.

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Topics: Government Entities, Not-for-Profits, For-Profit Entities, #BowmanGivesBack, Funeral Homes, Construction, Professional Services, Healthcare, Federal Services, #COVID-19News

How Can My Organization Benefit from SOC 2 vs. SOC for Cybersecurity?

Posted by Michael Thilker, CPA, CITP, Senior Manager on Mar 27, 2020 10:00:00 AM
How Can My Organization Benefit from SOC 2 vs. SOC for Cybersecurity?

With every passing day, more headlines emerge about cyberattacks compromising a seemingly endless array of entities. This problem seems as though it is only getting worse as individuals, corporations, and governments find themselves increasingly vulnerable to sophisticated attacks on their data and resources. The paradigm is changing from ‘if’ an entity will suffer an attack, to ‘when’ will the attack happen?

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

Designating a Trust as an IRA Beneficiary

Posted by Bowman & Company LLP on Mar 19, 2020 11:00:00 AM
Designating a Trust as an IRA Beneficiary

Since an individual retirement account (IRA) can often represent a large percentage of an individual’s assets, an essential question that many clients face is who to name as the beneficiary of their IRA accounts. There are a number of reasons why a client may wish to consider naming a trust as the beneficiary, rather than an out­right distribution to an individual. This ensures that the assets in the account remain available and the account’s investment earnings continue to accumulate tax free while they are in the account. Nonetheless, careful attention must be taken to ensure that these assets receive the appropriate tax treatment and are protected from creditors, including future ex-spouses.

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

Should You Pay Down Your Home Mortgage Early?

Posted by Bowman & Company LLP on Mar 12, 2020 11:00:00 AM
Should You Pay Down Your Home Mortgage Early?

If you routinely have extra cash on hand after paying off your monthly bills, you might want to consider paying down your home mortgage balance faster than is required under your loan agreement. This can be a powerful way to invest surplus cash. But it's not right for everyone.

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

Understanding and Preventing Employee Theft

Posted by Bowman & Company LLP 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 & Company LLP 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