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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 many challenges. A recent report indicating a GDP growth of 1.6% in the first quarter of 2024 – well below the expected 2.5% – alongside predictions of a recession by mid-2024, indicates the urgency business owners face to safeguard their finances. This article showcases comprehensive strategies business owners like you can use to navigate challenging economic headwinds, ensuring operations remain stable and cash flow positive.

Understanding the Economic Context

The economic indicators are clear: with credit card delinquency rates rising and retail sales experiencing a downturn, businesses of all kinds are dealing with financial difficulties. Challenges like these often starkly highlight the fact that cast flow management is key in tough economic times. If you’ve been tightening your company’s purse strings, read on.

Critical Strategies for Cash Flow Management

1. Enhanced Cash Flow Monitoring

Establishing an effective cash flow monitoring system is the first step in safeguarding your business against economic fluctuations. This involves keeping a close eye on cash inflows and outflows, ensuring you always clearly understand your financial position. Accurate cash flow projections can help you anticipate future financial needs and adjust your strategies accordingly.

2. Operational Efficiency

Operational efficiency is more important than ever in times of economic uncertainty. Reevaluating your business operations to identify areas for improvement can lead to significant cost savings, helping you and your core employees thrive in what could have otherwise been difficult times. This might involve outsourcing non-core activities, reducing part-time staff during slower periods, and renegotiating vendor contracts to secure better terms. Such measures can reduce operational costs without compromising the quality of your products or services.

3. Leveraging Technology

Technology can be a powerful tool in streamlining business processes and improving efficiency. Modern accounting software, for example, can simplify the task of budgeting and cash flow forecasting, providing a comprehensive view of your financial health. Additionally, artificial intelligence (AI) platforms can help you save hours a day and potentially allow you to reduce staffing needs. Embracing technological advancements can help your business succeed, especially if your competitors are slow to adapt.

4. Debt Management and Financing Options

In challenging economic times, managing debt and exploring financing options becomes crucial. Refinancing existing high-interest debt can reduce financial burdens while securing lines of credit during financially stable periods can provide a safety net for future downturns. Alternatively, financing options such as invoice factoring can offer immediate cash flow relief, allowing you to access funds tied up in unpaid invoices.

5. Building a Cash Reserve

A cash reserve can act as a financial buffer, enabling your business to navigate unexpected downturns or seize growth opportunities without straining your cash flow. Balancing growth capital with working capital is challenging but essential for long-term sustainability. A financial planner or tax advisor can help you develop a savings plan that works for your company.

6. Inventory and Sales Management

Optimizing your inventory and focusing on high-demand products and services can enhance your sales and improve cash flow. Regularly reviewing your inventory to eliminate underperforming items can free up cash and reduce holding costs, allowing you to invest in more profitable areas.

7. Seeking Professional Advice

As we noted, seeking professional financial advice can be invaluable with the complexity of businesses’ economic challenges today. A financial advisor or accountant can provide personalized guidance tailored to your business’s specific needs and circumstances, helping you confidently navigate these uncertain times and future economic fluctuations.

What’s Ahead

As small to medium-sized business owners grapple with the possibility of a recession, adopting a strategic approach to cash flow management is more critical than ever. By enhancing cash flow monitoring, improving operational efficiency, leveraging technology, managing debt wisely, building a cash reserve, and optimizing inventory and sales, businesses can position themselves for resilience and growth no matter what is happening economically. Remember, the economy will always ebb and flow – all you can control is your preparedness!

The U.S. Department of Labor (DOL) announced on Jan. 9, 2024, the issuance of its final rule regarding whether a worker is an employee or an independent contractor under the federal Fair Labor Standards Act (FLSA). The new rule, which becomes effective March 11, 2024, rescinds the 2021 independent contractor rule issued under former President Donald Trump and replaces it with a six-factor test as outlined below. Additional factors may be relevant if they depend on whether the worker is economically dependent on the potential employer for work.

IMPORTANT: The rule does not adopt an “ABC” test and does not impact independent contractor classification under state laws utilizing the “ABC” test, such as California, Massachusetts, New Jersey, and others. The rule only revises the DOL’s guidance on how to analyze who is an employee or independent contractor under the FLSA. 

The DOL believes this new rule will provide greater clarity and consistency for businesses. However, it could potentially lead to an influx of litigation against certain businesses, particularly in the transportation and logistics industries, by attorneys seeking to have independent contractors reclassified as employees and awarded damages for overtime and deductions from pay, even if those workers prefer to be independent contractors.

The following is an overview of relevant factors associated with each of the new six-factor tests: 

1.    Opportunity for Profit or Loss Depending on Managerial Skill:

  • Whether the worker determines or can meaningfully negotiate the charge or pay for the work provided,
  • Whether the worker accepts or declines jobs or chooses the order and/or time in which the jobs are performed,
  • Whether the worker engages in marketing, advertising, or other efforts to expand their business or secure more work,
  • Whether the worker makes decisions to hire others, purchase materials and equipment, and/or rent space,
  • If a worker has no opportunity for a profit or loss, then this factor suggests that the worker is an employee. 

2.    Investment by the Worker and the Employer – This factor considers whether any investments by a worker are capital or entrepreneurial in nature. Costs to a worker of tools and equipment to perform a specific job, costs of workers’ labor, and costs that the potential employer imposes unilaterally on the worker are not evidence of capital or entrepreneurial investment and indicate employee status. Investments that are capital or entrepreneurial in nature and thus indicate independent contractor status generally support an independent business and serve a business-like function, such as increasing the worker’s ability to do different types of or more work, reducing costs, or extending market reach. Additionally, the worker’s investments should be considered on a relative basis to the potential employer’s investments in its overall business. The worker’s investments do not have to be equal to the potential employer’s investments and should not be compared only in terms of the dollar values of investments or the sizes of the worker and the potential employer. Instead, the focus should be on comparing the investments to determine whether the worker is making similar types of investments as the potential employer (even if on a smaller scale) to suggest that the worker is operating independently, which would indicate independent contractor status.

3.    Degree of Permanence of the Work Relationship – This factor weighs in favor of the worker being an employee when the work relationship is indefinite in duration, continuous, or exclusive of work for other employers. This factor weighs in favor of the worker being an independent contractor when the work relationship is definite in duration, non-exclusive, project-based, or sporadic based on the worker being in business for themself and marketing their services or labor to multiple entities. This may include regularly occurring fixed periods of work, although the seasonal or temporary nature of work by itself would not necessarily indicate independent contractor classification. Where a lack of permanence is due to operational characteristics that are unique or intrinsic to particular businesses or industries and the workers they employ, this factor is not necessarily indicative of independent contractor status unless the worker is exercising their own independent business initiative.

4.    Nature and Degree of Control – This factor considers the potential employer’s control, including reserved control, over the performance of the work and the economic aspects of the working relationship. Facts relevant to the potential employer’s control over the worker include whether the potential employer sets the worker’s schedule, supervises the performance of the work, or explicitly limits the worker’s ability to work for others.

5.    Extent to Which the Work Performed Is an Integral Part of the Employer’s Business – This factor considers whether the work performed is an integral part of the potential employer’s business. This factor does not depend on whether any individual worker in particular an integral part of the business is, but rather whether the function they perform is an integral part of the business. This factor weighs in favor of the worker being an employee when the work they perform is critical, necessary, or central to the potential employer’s principal business. This factor weighs in favor of the worker being an independent contractor when the work they perform is not critical, necessary, or central to the potential employer’s principal business.

6.    Skill and Initiative – This factor considers whether the worker uses specialized skills to perform the work and whether those skills contribute to business-like initiative. This factor indicates employee status where the worker does not use specialized skills in performing the work or where the worker is dependent on training from the potential employer to perform the work. Where the worker brings specialized skills to the work relationship, this fact is not itself indicative of independent contractor status because both employees and independent contractors may be skilled workers. It is the worker’s use of those specialized skills in connection with business-like initiative that indicates that the worker is an independent contractor. 

NOTE: The Department of Labor (DOL) and the Internal Revenue Service (IRS) use different criteria for determining whether a worker is an employee or independent contractor, and the criteria serve different purposes.

The DOLs criteria are primarily used for determining eligibility for wage and hourly protections under the Fair Labor Standards Act (FLSA), while the IRS’s 20-factor control test is used for tax purposes.

If you have additional questions, please contact this office for additional information and assistance.

In the realm of accounting firms, Bowman & Company CPA firm stands out for its workplace culture, earning back-to-back recognition from Accounting Today for being one of the top 50 midsize Best Firms to work for in 2022 and 2023. What distinguishes Bowman & Company is not just its expertise in financial management but its commitment to creating an environment where employees can thrive and feel appreciated. Collaboration is deeply ingrained in the firm’s culture, from partners to associates, fostering teamwork and camaraderie among staff. Bowman & Company also prioritizes employee development, offering training programs, mentorship, and opportunities for growth. Work-life balance is emphasized through flexible arrangements, allowing employees to excel professionally while maintaining personal well-being. Diversity and inclusion are core values, ensuring that every voice is heard and respected. Recognized by Accounting Today, Bowman & Company CPA firm stands as a testament to excellence in both accounting services and workplace culture.

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 made by businesses that either did not exist or lacked paid employees during the eligibility period (March 13, 2020, to December 31, 2021). This preemptive measure aims to identify ineligible claims before they are paid.

Dubious TV Promotions and Claim Withdrawal Process

A prior warning was issued on September 29th, cautioning business owners against aggressive TV marketing related to ERC claims. Subsequently, a November 9th article outlined a procedure for those who made ineligible claims to withdraw them and avoid potential issues with the IRS. The disallowance letters play a crucial role in preventing incorrect refunds from going to ERC promoters.

How These Letters Help Taxpayers

The disallowance letters serve a dual purpose:

  1. Help ineligible taxpayers avoid audits, repayment, penalties, and interest.
  2. Protect taxpayers by preventing incorrect refunds from reaching ERC promoters.

Enforcement Activities and Future Plans

These disallowance letters are part of the IRS’s broader enforcement activities, with plans for additional letters in the future. The IRS continues to caution taxpayers against aggressive maneuvers by marketers and scammers in the ERC space. However, those engaged in fraudulent activities may face potential criminal investigation and prosecution.

New Voluntary Disclosure Program

Additionally, the IRS launched a new Voluntary Disclosure Program on December 21st, 2023. The new disclosure program allows taxpayers who received ERC but did not qualify to repay only 80% of the credit they received without interest or penalties. Taxpayers must apply by March 22, 2024 to enter the program. To qualify for this program, the taxpayer must provide the IRS with names, addresses, and telephone numbers for the advisors who assisted with the ERC claims. If a taxpayer is unable to repay the 80% of the credit, they may be able to apply for an installment agreement however the taxpayer would be required to pay penalties and interest under the installment agreement.

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, introduces new reporting requirements for businesses in the United States, specifically focusing on beneficial ownership.

The CTA aims to combat illicit activities such as money laundering, tax fraud, and terrorism financing by increasing transparency in the ownership structures of companies. It requires corporations, limited liability companies (LLCs), and similar entities to report their beneficial owners to the Financial Crimes Enforcement Network (FinCEN).

What Is FinCEN? – The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury. Established in 1990, FinCEN’s primary role is to safeguard the financial system from illicit use, combat money laundering, and promote national security through the collection, analysis, and dissemination of financial intelligence.

FinCEN works closely with law enforcement agencies, intelligence agencies, financial institutions, and regulatory entities. It implements and enforces compliance with certain parts of the Bank Secrecy Act, including the requirement for financial institutions to report suspicious activities that might signify money laundering, tax evasion, or other financial crimes.

FinCEN also plays a crucial role in fighting terrorism by tracking and cutting off sources of funding for terrorist activities. It achieves this by analyzing financial transactions and sharing this information with domestic and international partners.

Companies Required to Report Beneficial Ownership Information (BOI) to FinCEN –

There are two types of reporting companies:
• Domestic reporting companies – corporations, limited liability companies, and any other entities created by the filing of a document with a secretary of state or any similar office in the United States. This includes single member LLCs.
• Foreign reporting companies – entities (including corporations and limited liability companies) formed under the law of a foreign country that have registered to do business in the United States by the filing of a document with a secretary of state or any similar office.

There are 23 types of entities that are exempt from the reporting requirements. See FinCEN Q&A C.2. Carefully review the qualifying criteria before concluding that your company is exempt.

Who is a Beneficial Owner – A beneficial owner, as defined by the CTA, is an individual who exercises substantial control over a company or owns or controls at least 25% of the ownership interests of that company. There can be multiple beneficial owners for a single company. The CTA excludes certain entities from this requirement, such as publicly traded companies, banks, credit unions, and certain regulated entities, among others.

The information to be reported includes each beneficial owner’s full legal name, date of birth, current residential or business street address, and a unique identifying number from an acceptable identification document, such as a passport or driver’s license. This information must be updated within a year of any change in beneficial ownership.
Non-compliance with the CTA can result in hefty fines and potential imprisonment. Therefore, it is crucial for businesses to understand their obligations under this new law and take the necessary steps to comply.

The CTA represents a significant shift in U.S. corporate law, and its impact will be far-reaching. While it aims to enhance corporate transparency and combat illicit activities, it also imposes new administrative burdens on small and medium-sized businesses.

Companies will need to devote resources to identify their beneficial owners, collect the required information, and report it to FinCEN. They will also need to ensure that this information is kept up to date, which could require ongoing monitoring and reporting efforts.

Moreover, the CTA raises privacy concerns. Although FinCEN is required to keep the reported information confidential, it can be disclosed in certain circumstances, such as in response to a request from law enforcement agencies.

Filing Due Dates

Existing Businesses -If your company already exists as of January 1, 2024, it must file its initial BOI report by January 1, 2025, which provides plenty of time to comply. But it is best not to procrastinate and risk penalties for not complying.

New Businesses – For a U.S. business newly created on or after January 1, 2024 and before January 1, 2025, as well as a foreign entity that becomes a foreign reporting company in that time frame, the BOI report is due 90 calendar days from the earlier of the date on which the business receives actual notice that its creation has become effective or the date on which a secretary of state or similar office first provides public notice that the company has been created or registered. The reporting deadline is reduced to 30 days for both U.S. and foreign entities created or registered on or after January 1, 2025.

In addition to information about the company and beneficial owners, these businesses must also report information about the “company applicant,” defined as(1)the individual who directly files the document that creates, or first registers, the reporting company and (2) the individual that is primarily responsible for directing or controlling the filing of the relevant document.

Penalties – If a person has reason to believe that a report filed with FinCEN contains inaccurate information and voluntarily submits a report correcting the information within 90 days of the deadline for the original report, then the CTA creates a safe harbor from penalty. However, should a person willfully fail to report complete or updated beneficial ownership information to FinCEN as required under the Reporting Rule, FinCEN will determine the appropriate enforcement response in consideration of its published enforcement factors. The willful failure to report complete or updated beneficial ownership information to FinCEN, or the willful provision of or attempt to provide false or fraudulent beneficial ownership information may result in civil penalties of up to $500 for each day that the violation continues, or criminal penalties including imprisonment for up to two years and/or a fine of up to $10,000. Senior officers of an entity that fails to file a required BOI report may be held accountable for that failure. So, this reporting requirement should not be taken lightly.

Updates – When the information an individual or reporting company reported to FinCEN changes, or when the individual or reporting company discovers that reported information is inaccurate, the individual or reporting company must update or correct the reported information, as applicable.

FinCEN Small Entity Compliance Guide – This 50-page guide includes interactive flowcharts, checklists, and other aids to help determine whether a company needs to file a BOI report with FinCEN, and if so, how to comply with the reporting requirements. This Guide will be updated periodically with new or revised information.

How Does a Company File a BOI Report? If your company is required to file a BOI report, you must do so electronically through FinCEN’s online secure filing system.

FinCEN will publish instructions and other technical guidance on how to complete the BOI report form.

Navigating the complexities of the CTA and its reporting requirements can be challenging. If you need assistance, contact your legal counsel.

The Corporate Transparency Act (CTA), which was enacted by Congress in 2021 as part of the Anti-Money Laundering Act of 2020, will establish a national database of Beneficial Ownership Information (BOI) to crack down on financial crimes such as money laundering, terrorist financing, or concealment of assets in the US through shell companies. Starting January 1, 2024, the majority of US small businesses, including any existing, amended, or new corporation, Limited Liability Company, will be subject to new reporting requirements under the CTA and must submit beneficial ownership information with the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) on their portal.

The act’s impact is sweeping and will affect nearly every US small business. Compliance will require reporting from any individual who is a “beneficial owner” (anyone having at least 25% ownership or control of the entity) or has “substantial control” of a company. There are many ways by which someone may fall into the category of beneficial owner and, therefore, be required to report. To prepare, companies should begin developing procedures to identify beneficial owners and track any changes in ownership to ensure compliance with reporting requirements.


Who is Required to File BOI Report?

Under the new reporting requirements, any domestic or foreign entity filing with a secretary of state must submit a beneficial ownership report in the FinCEN portal. This includes any corporation, limited liability company (LLC), or any entity created by the filing of a document with a secretary of state.

To comply with new requirements, reporting companies will need to identify themselves and anyone who is considered a”beneficial owner” (those having at least 25% ownership or control of the entity) or has substantial control of a company. Those with substantial control include, but may not be limited to:

  • Senior officers
  • Anyone with authority to appoint or remove any senior officers or a majority of the board of directors
  • Any individual with influence on important decisions made by the reporting company
  • Anyone with any form of substantial control over the reporting company, for example, a trustee of a trust

Once a reporting company has identified its beneficial owners, they must report the following information about each: name, birthdate, address, and a unique identifying number and issuing jurisdiction from an acceptable identification document (such as a state-issued ID or passport) along with an image of the document.

Timing of New Reporting Requirements

The rule will go into force on January 1, 2024. Under FinCEN’s recently proposed amendment to the reporting rule, companies founded or registered after January 1, 2024 will have 90 days after obtaining notice of their creation or registration to file their initial reports. Companies created or registered before January 1, 2024, will have one year (until January 1, 2025) to do so. After their initial filing, companies will have 30 days to report any changes to the information and must correct inaccurate information in previously filed reports within 30 days if they become aware of any inaccurate information in previous filings.

Reports will be submitted in FinCEN’s forthcoming portal, and there will be a fee of approximately $85 to submit an initial BOI report.

Penalties for Violating Reporting Requirements

Companies failing to report required or found to be providing false beneficial ownership information will be subject to harsh penalties, including civil penalties of up to $500 per day that a violation continues, fines of up to $10,000, and imprisonment for a period of up to two years.

To avoid these consequences, companies should prepare proactively by determining who qualifies for these disclosures and compiling information now. This process may be lengthy and complex. Please reach out to your advisors at Bowman & Company for more information or with any questions about how the CTA may affect you and your organization.

Sources:

https://www.forbes.com/sites/matthewerskine/2023/01/17/get-ready-for-the-corporate-transparency-act/?sh=7ea89a8651f7

https://www.fincen.gov/boi

On Wednesday, June 14, the Federal Reserve announced a pause in interest rate hikes for the first time since March 2022. The decision comes after promising economic indicators show that relief from historic inflation may be coming.  

Inflation Falls from Peak 

In a good sign for consumers, the Bureau of Labor Statistics announced on Tuesday that the Consumer Price Index rose more slowly than anticipated for the month of May. Meaning that while inflation is still persistent, the rate at which it is increasing is easing. The Consumer Price Index (CPI), a metric that measures the average change of prices paid by consumers for goods and services, was 4% for the year ending in May. 

Inflation has slowed for 11 consecutive months, and the CPI has dropped from its peak of 9.1% in June 2022. The CPI was more than doubled at this same time last year, at 8.6%. When looking at monthly change, prices increased by 0.1% from April to May, less than the 0.2% predicted by economists.  

Conclusion 

While these are welcome developments, the pause is largely regarded as a chance to assess the effects of the previous rate adjustments and determine whether they were enough to continue the downturn or if more intervention is required. Inflation remains well above the Fed’s goal of 2%, and the interest rate forecast for the year indicates that at least two more rate hikes are in store for 2023.  

With the future outlook uncertain, now may be the time to revisit your strategy to take advantage of current rates. Please get in touch with your advisor at FIRM with any questions or to discuss planning for your financial goals. 

Sources: 

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 recently announced historic bumps to contribution limits for HSAs, making planning for health savings more beneficial than ever!

What is an HSA?

Established in 2003 as part of the Medicare Prescription Drug, Improvement, and Modernization Act, Health Savings Accounts (HSAs) are a type of medical savings account with tax advantages. Individuals contribute pre-tax income to savings accounts that may be used to pay for qualified medical expenses. Funds in an HSA roll over from year to year, meaning it is possible to establish significant reserves for future medical costs while saving money by lowering your taxable income.

HSA funds can be used for a variety of qualified medical expenses, including office visits, dental care, eyeglasses, over-the-counter medications, and more. Funds may even be used for costs related to healthcare, like transportation expenses.

Who Qualifies for an HSA?

HSAs are available to those enrolled in High-Deductible Health Plans (HDHP). HDHPs are defined as a plan where the deductible is higher than the average, as determined by the IRS. For 2024 an HDHP includes any plan “with an annual deductible that is not less than $1,600 for self-only coverage or $3,200 for family coverage, and for which the annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) do not exceed $8,050 for self-only coverage or $16,100 for family coverage.”

In addition to being enrolled in an HDHP, you may not be enrolled in Medicare and must not be claimed as dependent on someone else’s tax return.

Contribution Limit Increases

For 2024 the IRS has raised the contribution limit for an individual to $4,150, an increase of $300 from the previous year, and $8,300 for family coverage, an increase of $550 from 2023.  These amounts represent the largest yearly adjustments since the accounts’ inception and reflect rising healthcare-related expenses due to ongoing inflation.

Conclusion

HSAs can provide advantages in both the short term, by lowering your taxable income, and in the long term, by helping establish a cushion for future medical expenses. Increased contribution limits make HSAs more beneficial than ever. If you have any questions about HSAs or tax-advantaged medical savings accounts, please contact your advisors at Bowman & Company. We are happy to help!

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 file with the Financial Crimes Enforcement Network (FinCEN).

Who will be affected?

The act’s impact is expected to be sweeping and will impact nearly every US small business. Compliance will require reporting from any individual who is a “beneficial owner” (anyone having at least 25% ownership or control of the entity) or has “substantial control” of a company. Those with substantial control include, but may not be limited to:

  • Senior officers
  • Anyone with authority to appoint or remove any senior officers or a majority of the board of directors
  • Any individual with influence on important decisions made by the reporting company
  • Anyone with any form of substantial control over the reporting company–for example, a trustee of a trust.

Who is exempt?

Beneficial owners of a company who are exempt from reporting requirements include:

  • Minors, though the child’s parent or guardian must report their information
  • Those acting as a nominee, intermediary, custodian, or agent on behalf of another
  • Any employee who is not a senior officer
  • An individual whose interest in an entity is only through a right of inheritance
  • Certain creditors.

Twenty-three different types of entities, already in well-regulated industries such as banks, are exempt entirely from this new reporting, a complete list of which can be found here. 

What will they have to do?

Those determined to be beneficial owners must report to FinCEN information, including full legal name, birthday, current home and business addresses, and a copy of an acceptable identification document, for example, a driver’s license or passport. These reports will be filed electronically through FinCEN online portal Beneficial Ownership Secure System (BOSS). Alterations to information must be updated within 30 days of the change.

What are the penalties?

Failure to comply can result in steep penalties, including a fine of $500 per day, up to $10,000, and up to two years in prison. Beneficial owners and senior officers of the reporting company may also be held responsible.

What should companies do now?

With the stated goal of improving transparency, the CTA is written broadly to encompass all parties with an ownership interest in a company. There are many ways by which someone may fall into the category of beneficial owner and therefore be required to report. To prepare, companies should begin determining who qualifies for these disclosures and start compiling information now. This process may be lengthy and complex. Please reach out to your advisors at Bowman for more information or with any questions about how the CTA may affect you and your organization.

Sources: