Blog

Corporate Transparency Act Establishes Expanded Reporting Requirements May 2, 2023

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 financial crimes such as money laundering or concealment of assets in the US through shell companies. Starting January 1, 2024, any existing, amended, or new corporation, Limited Liability Company, or other entity must...

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It’s Not Too Late for an IRA Contribution March 24, 2023

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. IRA contributions for the prior year can be made after the close of the year if made by the return’s original filing due date for the year. Thus IRA contributions for 2022 can made by April 18, 2023. Normally the due d...

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Don't Ignore Household Employee Payroll Tax Rules March 10, 2023

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 ignoring. Either situation can come back to bite you. When the worker is your employee, your liability includes both withholding and paying payroll taxes as well as issuing a W-2 after the close of the year. Sure, it i...

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UPDATE: IRS Increases Tax Filing Extension for California Storm Victims February 28, 2023

On Friday, February 24th, the Internal Revenue Service (IRS) announced an additional extension to tax filing deadlines for Californians impacted by recent historic storms. The new deadline for filing will be Oct. 16, 2023. The extension allows taxpayers living in affected counties additional time to file their 2022 tax returns and pay any associated income taxes without penalty. This replaces the...

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Haven't Filed Tax Returns for Multiple Years? Here's What You Need to Do Next February 24, 2023

You'd be hard-pressed to find someone who actually enjoys the process of filing taxes. Having said that, it's absolutely something that you're supposed to do like clockwork every single year. Of course, there is a myriad of different reasons why you may have fallen behind. You could be going through something of a major life transition and simply were unable to meet the filing deadline. Maybe ...

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Are You Worried You Won't Have Enough Money Saved for Retirement? February 17, 2023

All of us dream of one day being able to retire - to finally be able to relax and enjoy the lifestyle we worked so hard for. However, you'll need a significant amount of money to do it, which is where a lot of Americans begin to worry. Saving for retirement is a constant fear for many out there, especially during periods when the economy is hurting. The good news is that not everyone needs to ...

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Are You an S Corporation Stockholder? Are You Taking Reasonable Compensation in the Form of Wages? February 10, 2023

S corporation compensation requirements are often misunderstood and abused by owner-shareholders. An S corporation is a type of business structure in which the business does not pay income tax at the corporate level and instead distributes (passes through) the income, gains, losses, and deductions to the shareholders for inclusion on their income tax returns. If there are gains, these distributio...

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Be On the Outlook for Tax Reporting Forms February 3, 2023

With tax season upon us, documents reporting income, sales and other items needed for your 2022 tax return should have arrived or will be arriving soon. Be on the lookout for them and be careful not to accidently discard any. Here are some of the common tax forms you need to be watching for depending upon your particular circumstances.  Form W-2 - If you were employed in 2022, you wi...

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What You Need to Know About Converting an S Corp to a C Corp January 27, 2023

The type of business that you're running has major implications in virtually all areas of your operations, especially when it comes to federal taxes. An S Corporation (or S Corp for short) is one that passes corporate income, losses, deductions, and credits to its shareholders. A C Corporation (or C Corp for short) is one where the owners are taxed separately from the business itself. Having s...

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Nathalie Merhaut
Bowman & Company Welcomes New Manager January 23, 2023

Bowman & Company is thrilled to welcome Nathalie Merhaut, CPA, to the team. Nathalie joins the firm as a Manager, working remotely from her home office in Arizona. Nathalie brings over 10 years of experience in public accounting. She specializes in tax work and has significant experience working with high net-worth individuals, partnerships, C Corps, S Corps, and estates. Nathalie also...

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