BMSS Blog

IRS “Report Card” Warns of a Challenging 2022 Filing Season for Taxpayers and Tax Professionals

By Steven N. Smith, CPA, JD The 2022 filing season will likely be a frustrating experience for both taxpayers and tax professionals. Individual returns can be submitted to the IRS

Potential Tax Benefits of Distributions in Early 2022 for Trusts and Estates

By Dalton Bradshaw, CPA As the 2022 filing season quickly approaches, taxpayers may be considering options to reduce their upcoming tax liabilities. Due to the compressed tax brackets for trusts

BMSS Promotes Two Employees, Joyce Rinaldi, CPA and Amy Stapler, CPA, to Member

Joyce joined the Huntsville team in 2013 and is currently a Member in Client Accounting Solutions (CAS). Her specific expertise lies in providing virtual CFO solutions as well as assisting

New Identity Verification Process for IRS Online Account

If you have created an online account with the IRS and have not signed in recently, you will notice some changes the next time you access your account. The IRS

Business License Renewal Information

City of Birmingham Any person or entity desiring to conduct trade or provide services within the city limits of Birmingham is required to register with the City of Birmingham. The

Build Back Better Act’s Proposed Tax Changes on Indefinite Hold

A few days before Christmas, West Virginia Democratic Senator Joe Manchin announced on both Fox News Sunday and his website that he would not support the Build Back Better Act (BBBA), President

Important Information Regarding 2021 Personal Income Tax Returns

IRS Issuing Information Letters to Advance Child Tax Credit Recipients and Recipients of the Third Round of Economic Impact Payments On December 22, 2021, the IRS announced that it will

How to Repay Q4 Employee Retention Credit (ERC)

By Cooper Melvin, JD If you received an advance payment of the employee retention credit for the fourth calendar quarter of 2021, you might have to repay the amount received.

Taxation of Employees’ Personal Use of Company Vehicles Simplified by 2020 and 2021 IRS Regulations and Guidance

Under IRS general rules, all use of a company car is considered personal use unless the employee documents the business use of the car. Personal use of a company vehicle

Federal 941 Payroll Tax Lookback Procedures

IRS Notice 931, Deposit Requirements for Employment Taxes, lists requirements for depositing payroll taxes such as federal income, social security and Medicare taxes. If your company is currently paying Federal

BMSS’ 2021 Year-end Tax Planning Letter

2021 has been a year filled with recovery from the pandemic and economic hardships of 2020. As many of the tax breaks legislators provided during the pandemic come to an

Update on the Build Back Better Act

By Cooper Melvin, JD As discussed elsewhere in this Beyond the Bottom Line, the Infrastructure Investment and Jobs Act became law on Monday, November 15th. The other key component of

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