BMSS News

LIFO Election – Is It Right for Your Business?

Written by Ryan Carter, CPA LIFO Reserve Over the past two years, we have all felt the impact of the current market inflation. From our personal lives to the businesses

Understanding Your Buy-Sell Agreement – Part 2

Written by Dalton Hopper, CVA, CFE Recently, we kicked off a series discussing buy-sell agreements and what business owners and business advisors should know when it comes to valuation. In

BMSS Legacy Continues the Tradition of Community Service

BMSS Advisors & CPAs employees continue the tradition of serving the communities in which they live and work with a spring BMSS Serve Day on Thursday, May 12th. In Birmingham,

Newly Released Proposed Regulations Regarding Post-Death Distributions from Inherited IRAs and Retirement Plans

Written by Ashley G. White, JD, CPA The SECURE Act (the “Act”) became law effective January 1, 2020, and made significant changes to the rules regarding required minimum distributions (RMDs)

Understanding Your Buy-Sell Agreement – Part 1

Written by Dalton Hopper, CFE, CVA We are starting a short series on how business owners and their advisors can prepare an exit strategy by understanding their buy-sell agreement. Our

Package of Tax Provisions?

With the prospects of a comprehensive U.S. tax legislative package unlikely, one possible path for Congress is the consideration of smaller, more targeted pieces of legislation. One possibility of such targeted

Significant Amendment to the Alabama Accountability Act

Written by Steve Smith, JD, CPA On April 14th, Governor Ivey signed Senate Bill 261 (SB261) into law, raising the current cap on contributions under the Alabama Accountability Act (AAA).

Fraud in the Workplace, Can You Spot the Warning Signs?

Written by Dalton Hopper, CFE, CVA Recently, the American Institute of Certified Public Accountants (AICPA) FLS Fraud Task Force released its Eye on Fraud. This publication discusses some of the

Tax Considerations for Private Equity Funds and Investors

Written by Jeff Bilsky and Verenda Graham. The federal income tax rules that apply to private equity funds and investors have been the subject of much debate, mainly due to

2022 Alabama Unemployment Tax Rate Notices

What’s happening? The Alabama Department of Revenue has started releasing 2022 Tax Rate Notices. Alabama no longer mails paper copies of these notices, so employers who are subject to Alabama

Book and Tax Implications of Earnouts

One of the many challenges in any deal negotiation is for the buyer and seller to reach an agreement on the purchase price. This is especially true during times of

The White House Submits Its 2023 $5.8 Trillion Budget Proposal

On Monday, March 28, 2022, President Biden submitted his budget proposal to Congress for the 2023 fiscal year. The budget would reduce the national deficit by approximately $1 trillion over

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