The Bowman & Company tradition of Fun Friday 2017 was celebrated on April 7.  The theme for this year’s festivities, a child’s birthday party, was inspired by the recent birth of Cedric to  Shin (Sr. Accountant)  and Jerry Liu. The games had to be moved inside due to weather, but enthusiasm for the yearly event was definitely not dampened by the weather.

The first activity was creating a birthday card for Cedric. Staff taped, stickered and colored in order to produce the most creative card in the through the first activity.0I7A0118

Next up were the competitions: a classic game of Pin the Tail on the Donkey and a yo-yo contest.  A cadre of judges made sure blindfolds were on and that contestants were appropriately spun around (translate completely dizzy) before pointing them toward the donkey.  Should you ever need an accountant with yo-yo skills, you can be assured Bowman has them!

Dan Phelps shows us all how to pin the tail on the donkey.

What would a party be without entertainment? Bowman spared no expense to supply employees to deliver jokes, play air guitar and a put on a dancing exhibition.  Team Blue had some awesome dance moves!

Team Blue had some awesome dance moves!

While the judges debated scores for each team, a lunch from Chick-fil-A was enjoyed by all. When the points were tallied (and all the penalty points deducted) the “official” winner was declared to be the Team Yellow, consisting of Yoni, Colleen, Dan, Susan and Nick.

Team Yellow were declared the "winners" of Fun Friday 2017.

This 13th year of competition brought a well-deserved and much appreciated break to the staff who are all back in their offices focusing on getting to this year’s tax deadline. Pretty sure we heard “wait til next year!” as everyone headed back to work after a very Fun Friday!

Selfie time!

We  were privileged to celebrate Pam Pichi’s 14,600 days of employment (40 years) at Bowman & Company last Friday night. Pam refers to Bowman as her “forever work home”, and we’re truly thankful it has been!  The partners and staff shared stories and examples of what makes Pam the invaluable lynch pin at Bowman.  The pics of the younger staff raising their hands were those who weren’t even born when Pam began working at Bowman – about half the room of 50+ employees.

Thank you Pam for not only all you do (and have done), but for the kindness and professionalism you exhibit in everything you do. This firm is made better by your presence!

In an effort to assist individual taxpayers in getting timely information to help them prepare their tax returns, Congress has enactdreamstime_xs_29543309ed legislation which accelerates the due dates of certain tax forms.  Starting this year, businesses which file Form 1099-MISC to report nonemployee compensation will need to send those 1099s to both the recipients AND the IRS by January 31, 2017.  Late filers could face penalties ranging from $50 to $530 per 1099.

In another significant change, partnerships which formerly were required to file tax returns by April 15 have had their filing due date moved up to March 15.  The change is intended to allow partners a full month to have their K-1s to file their individual tax returns by April 15.

Bowman is prepared to help our business clients meet these accelerated due dates!  Our client service teams are working hard to ensure that all of our clients meet their obligations without filing extensions except when absolutely necessary.   If you need help in meeting your filing obligations, please contact us for assistance.

For businesses or investors that acquire, construct, or substantially improve depreciable real estate, cost segregation studies can provide significant financial benefits. These studies apply engineering and cost accounting principles to identify costs that can be reallocated to asset classes with shorter depreciable lives. A cost segregation study can also enhance the benefits of bonus depreciation and Sec. 179 expensing.

Generally, commercial buildings are depreciable over 39 years, while residential rental buildings are depreciable over 27.5 years. A cost segregation study identifies building components — such as equipment, machinery, fixtures, and land improvements — that dreamstime_xs_42247694are eligible for accelerated depreciation, typically over five, seven, or 15 years. The result:

  • Accelerated depreciation deductions,
  • An immediate reduction in tax liability, and
  • Improved cash flow.

Keep in mind that a cost segregation study doesn’t increase your depreciation deductions, it merely accelerates them. After year two, your deduction amounts will gradually decline and eventually drop below the straight-line depreciation level. But the tax and cash-flow benefits of accelerated depreciation in the early years can be substantial.

An Added Bonus

In addition to accelerating depreciation, a cost segregation study can enhance the benefits of bonus depreciation or Sec. 179 expensing. Bonus depreciation allows you to immediately deduct 50 percent of the cost of qualifying assets, including certain depreciable assets with a recovery period of 20 years or less and certain leasehold and other improvements to nonresidential buildings. Sec. 179 of the tax code allows you to immediately deduct the entire cost of qualifying equipment or other fixed assets up to specified thresholds.

By identifying property that qualifies for these tax breaks, a cost segregation study can boost your deductions and generate substantial present value tax savings. Note that bonus depreciation is scheduled to be phased out, beginning in 2018.

Is It Right for You?

It doesn’t pay to conduct a cost segregation study if you pay little or no income tax or if you plan to sell the building within the next five years or so. But in most other situations, the benefits of a study should far outweigh its costs.

Even if you acquired, constructed, or substantially improved a building in a previous year, it still may be possible to reap the benefits of a cost segregation study. Using a “look-back” study, you can claim missed depreciation from previous years by filing Form 3115 — Application for Change in Accounting Method — and taking a one-time “catch-up” deduction on your tax return for this year.

Join with us, clean out a closet and help keep someone warm this winter! We are collecting new and gently-used coats for those who are in need during this chilly season of the year. We have high expectations and hope you’ll help us meet our goal of filling (at least) this donation box; as you can see, the donation box isn’t even close to filled so we have plenty of room to add YOUR donation.

The coat drive is being done in cooperation with Quick’s Glass Service and Stockton Auto Glass in Stockton. Coats can be dropped by our office at 10100 Trinity Parkway, Suite 310 before December 16.  If you have a large donation and need help getting it brought in, give us a call at 473-1040 so we can help.

All coats will be donated through St. Mary’s Dining Room.coat-drive

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One of the hallmarks of Bowman & Company is its’ participation and leadership in the Central Valley. That’s why receiving the Community Foundation of San Joaquin’s Community Partner Award was such an honor.

The award, given at an annual dinner hosted by the Community Foundation of San Joaquin (CFOSJ), recognized both the firm’s work in accounting, auditing and consulting services as well as our philanthropic participation in the community.

Specifically named in the resolution was the firm’s sponsorship of, and participation in, the Community Philanthropy Summit, an annual event to provide leadership, promote a culture of giving and creating resources that address the needs of our community.  Daryl Petrick, CPA and Partner, was recognized for his contributions as a member of the Summit Steering Committee.

Congratulations to the Bowman & Company team on receiving this award!

 

 

top 100 2011   2016_Best-of-the-Best_WEB

The newsletter of the accounting profession, INSIDE Public Accounting (IPA), has announced that a Stockton CPA firm, Bowman & Company, LLP, has received two national designations. They have been recognized as one of 2016 Best of the Best Accounting Firms, and ranked amongst the nation’s 300 largest accounting firms.

“Bowman & Company is honored to be listed among the nation’s best accounting firms,” said Daryl Petrick, partner.  “We have worked hard to develop a talented team of professionals who are responsive to the needs of our clients.  When you’re working with clients who are as accomplished as ours, we think it’s important to build an organization of great people who are as loyal and talented as they are professional.”

The Best of the Best recognition honors 50 CPA firms across the country for their overall superior financial and operational performance on more than 70 criteria.  The right combination of planning, strategy and execution distinguish the Best of the Best firms from amongst more than 540 firms. IPA consider a wide variety of metrics to evaluate who is a Best of the Best firm.  Bowman has achieved this distinction in both 2015 and 2016.

Bowman is also ranked in the nation’s 300 largest accounting firms again in 2016.  The IPA 300 is well known as one of the most thorough, complete and accurate sets of rankings and trends in the profession.  The rankings and accompanying analysis create a comprehensive picture of the state of the accounting profession today.

Bowman & Company has been serving a diverse group of clients over its long history, which began in 1949.  The firm has seven partners and employs 35 accountants and support staff.  Acknowledged as experts in a number of fields, many of their clients have long histories with the firm.  They work with family-owned businesses, high net worth individuals, agricultural interests, wineries, vineyard owners, real estate owners, affordable housing developers, construction contractors, nonprofit organizations and employee benefit plans.