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BMSS Member, Steven N. Smith, Retires After 28 Years with the Firm
BMSS Advisors & CPAs would like to recognize all of the efforts and contributions that Steve gave to BMSS over the past 28 years. Steve joined BMSS in 1994 and
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Update on Post-Death Distributions from Inherited IRAs and Retirement Plans
By Ashley G. White, JD, CPA The SECURE Act of 2019 was signed into law late in 2019 and largely overhauled the existing rules regarding taking mandatory distributions from retirement
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RxDC Report Due December 27, 2022
Rebecca Tipton, SHRM-SCP The RxDC, or Prescription Drug Data Collection, Report is a new ERISA requirement under the Consolidation Appropriations Act of 2021 designed to bring more transparency to healthcare
Read More Steven N. Smith Appointed to the Alabama State Board of Public Accountancy
BOARD MEMBER SPOTLIGHT: STEVEN N. SMITH The Alabama State Board of Public Accountancy welcomes its newest Board member, Steven N. Smith of BMSS, LLC. Mr. Smith was appointed by Governor
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2023 Social Security Wage Base Update
As we approach the end of the year, it is important to remain aware of changes that may affect your payroll software. One of the changes will be to the
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BMSS’ 2022 Year-End Tax Planning Letter
As 2022 comes to a close, all eyes are on the midterm elections and potential year-end tax legislation and, as always, it is important to stay informed. Year-end tax planning
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Federal 941 Payroll Tax Lookback Procedures
Do you pay Federal 941 payroll taxes on a monthly deposit schedule? If so, it may wise to perform an annual checkup to find out if you are required to
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How Does Your Compensation Look Under the Microscope and Why Should You Care?
Written by Rebecca Tipton, SHRM-SCP With the end of the year quickly approaching, many companies are in the middle of budget planning, which is the perfect time to conduct a
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Alabama Retirees to See Tax Cut in 2023
Written by Drew Nicol, CPA Earlier this year, Governor Kay Ivey signed HB162 into law which exempts the first $6,000 of retirement income received by individuals aged 65 and older
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Your Alabama Tax License Renewal is Due December 31, 2022
Beginning November 1, 2020, taxpayers are required to renew their State of Alabama Tax License annually. 2022 License Renewal Due Date: 12/31/2022 The My Alabama Taxes (MAT) website provides the
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Biden’s Student Loan Forgiveness Program
Written by Dalton Bradshaw, CPA Since the 1980s, the cost of a college education has continued to increase exponentially, nearly tripling, even after factoring for inflation. The continual cost increase
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Preparing for W-2 and 1099 Season
The holidays are around the corner, and before we know it, January 2023 will be here! Let’s take a look at what we can do now to make the preparation
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