Gift and Estate Tax Primer
The tax code places limits on the amounts that individuals can gift to others (as money or property) without paying taxes. This is meant to keep an individual from using gifts to a
Weather the Storm: How Small Businesses Can Thrive in a Tough Economy Flow
The current American economy is characterized by inflation, rising credit card debt, and the looming threat of a recession. As a result, small to medium-sized business owners face
Recent Developments in Employee Retention Credits (ERC) and Disallowance of ERC Claims
Initial ERC Claim Disallowance Letters Issued The IRS has taken a proactive stance by sending out disallowance letters to more than 20,000 businesses. These letters target claims m
Business Beneficial Ownership Reporting
In the ever-evolving landscape of business regulations, the Corporate Transparency Act (CTA), passed as part of the National Defense Authorization Act for Fiscal Year 2021, introdu
Employee Retention Credit Paused Amid Growing Fraud Concerns
The Internal Revenue Service (IRS) has announced a moratorium on new claims related to the pandemic-era Employee Retention Credit (ERC, also known as Employee Retention Tax Credit)
Bowman & Company Expands International Offerings through Alliott Global Solutions
Bowman & Company is excited to share that Alliott Global Alliance (AGA) recently announced a new series of offerings—AGA Global Solutions, which are “designed to suppo
IRS Announces Record High Bumps to HSA Contribution Limits
If you’ve been thinking about ways to save on medical expenses, now may be the perfect time to open a Health Savings Account (HSA). Thanks to persistent inflation, the IRS recent
Corporate Transparency Act Establishes Expanded Reporting Requirements
The Corporate Transparency Act (CTA), which was enacted by Congress in 2021, will establish a national database of Beneficial Ownership Information (BOI) to crack down on
It’s Not Too Late for an IRA Contribution
Most of the time an expense that may be tax deductible needs to be paid by the end of the year for which the expense will be claimed. However, there is an exception to that rule. I
Don’t Ignore Household Employee Payroll Tax Rules
If you hire a domestic worker to provide services in or around your home, you probably have a tax liability that you don’t know about – or one that you do know about but are ig