Accounting & Auditing

Implementing New Accounting Standards: Are You Prepared?

In today’s ever evolving world of accounting guidance and regulatory compliance, it’s more important than ever to stay on top of what standards have been issued by the Financial Accounting

Five FAQs about Embedded Leases

#1: What is an Embedded Agreement? According to ASC 842, a contract contains a lease if, “the contract conveys the right to control the use of identified property, plant, or equipment

Setting New Year’s Resolutions: Is Your Business Ready for 2023?

As we kick off a new calendar year, now is the time that people tend to evaluate the past year, scrutinize where they are now and set goals for the

BMSS’ Year-End Tax Planning Letter

2020 has been a year filled with challenges and adversity like no other and has affected each and every one of us. The coronavirus global pandemic has resulted in economic

Important Update on the Paycheck Protection Program

In the latest effort to help small businesses and individuals, the CARES Act was announced last week. This past Wednesday, the Treasury Department provided the application with a subsequent revision

BMSS Welcomes Nationally Acclaimed Accounting Expert and Speaker, Michael Brand, CPA, CGMA to the Firm

BMSS, LLC is proud to welcome nationally acclaimed, accounting industry expert and speaker, Michael Brand, to the firm as its newest member. A resident of Athens, AL, Brand received his

GASB Simplifies Accounting for Capitalized Interest

By Susan Friend, CPA The Governmental Accounting Standards Board (GASB) Statement No. 89 (Statement), Accounting for Interest Cost Incurred before the End of a Construction Period, which is effective for