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We are pleased to announce that Shafiq Ahmadzai joined the Bowman team effective Tuesday September 3rd, 2024, as a Sr. Accountant in the Audit Department.  Shafiq brings over 4-years of experience in audit accounting leading audit procedures to ensure compliance with AICPA, PCAOB and GAGAS standards, conducting financial statement audits and producing detailed audit reports with actio...

We are pleased to announce that Aja Secheslingloff joined the Bowman team effective Tuesday September 3rd, 2024, as a Senior Accountant in the Audit Department.  Aja brings over 4-years of experience in audit and tax accounting where she gained experience inspecting 401k’s, 403b’s, completing financial statements, preparing taxes and reviewing financial statements.  Prior to join...

The Form 706, also known as the United States Estate (and Generation-Skipping Transfer) Tax Return, is a critical document in estate planning and tax management. One of its significant features is the portability election, which allows a surviving spouse to utilize their deceased spouse's unused estate tax exclusion amount. This article delves into the intricacies of the 706 portability election,...

Taxpayers are limited in the annual amount they can contribute to a Roth IRA. The maximum contribution for 2024 is $7,000 ($8,000 if age 50 or older), but the allowable 2024 contribution for joint-filing taxpayers phases out at an adjusted gross income (AGI) between $230,000 and $240,000 (or an AGI between $0 and $9,999 for married taxpayers filing separately). For unmarried taxpayers, the phase-...

Effective July 1, 2024, California Senate Bill 553 (SB 553) mandates that nearly all California employers implement a Workplace Violence Prevention Plan (WVPP). This requirement is a critical update for businesses, especially from an HR perspective, as it aims to enhance employee safety and reduce incidents of workplace violence. Who is Affected? Most employers in California must comply wit...

As you may recall, beginning with 2024, many companies are required to file Beneficial Ownership Information (BOI) reports with the Financial Crimes Enforcement Network (FinCEN).  FinCEN is a division of the U.S. Department of the Treasury.  This legislation was enacted in 2021 under the Federal Corporate Transparency Act.  While the intention is to help reduce financial crimes ...

We are proud to announce Michael Anselmo, CPA, joined Bowman and Company, LLP as a Senior Manager in the Tax Department on September 16th, 2024. Michael is a Certified Public Accountant with over 17- years of experience in public accounting.  Prior to joining Bowman, Michael was working as a Senior Tax Manager with a local Stockton, Ca Firm, Iacopi and Lenz Accounting. Michael b...

As our population ages, seniors increasingly become targets for a variety of scams. These fraudulent schemes can have devastating financial and emotional impacts on older adults, who may be more vulnerable due to factors such as isolation, cognitive decline, or simply a trusting nature. The Internal Revenue Service (IRS) has been proactive in issuing warnings and providing guidance to help protec...

Starting your own business is an exciting journey filled with opportunities and challenges. As a young entrepreneur, you have the energy, creativity, and drive to turn your ideas into reality. This comprehensive guide will walk you through the essential steps to launch your business successfully. By following this blueprint, you'll be well-prepared to navigate the complexities of entrepreneurship...

In recent years, tipping culture has seen significant changes, particularly with the rise of digital payment kiosks and self-checkout lanes. A CBS News article recently questioned, “Are tip requests getting out of hand?,” pointing out the shift from traditional tipping practices to new scenarios like tipping on to-go coffees and takeout orders. While the pandemic initially led to an increa...