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BMSS Hosts Virtual Keep Corona Calm 5K and 1-Mile Fun Run
More than 250 BMSS employees and family members laced up their running shoes on Saturday, May 2 to rally together, while remaining at least six-feet apart, in the BMSS Presents:
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Another Opportunity to Receive PPP Funding is Now Available
The Paycheck Protection Program loan portal reopened at 9:30 a.m. CST today, April 27. If you have already worked with a lender but were not approved before the first allocation
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Provisions Affecting Retirement Plan Distributions and Loans in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
The recently enacted Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes several provisions affecting retirement plan distributions and loans related to the COVID-19 virus that are discussed below. Distributions: Eligible individuals
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Important Update on the Loan Forgiveness Phase of the PPP
If you are participating in the Paycheck Protection Program (PPP) and have received your funding, it is likely you have questions about the second phase of the program – loan
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Good News for PPP Loan Recipients Regarding Deferral of Payroll Taxes
The IRS released FAQs on Sec 2302 of the CARES Act, Delay of Payment of Employer Payroll Taxes. This provision generally provides that employers may defer the deposit and payment
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Important Notice Regarding Legal Implications for Clients Who Have Applied for Loans from the PPP
The accounting, tax and general business implications of COVID-19 is a rapidly evolving situation. BMSS will provide an update and/or revised information as it becomes known to us and we
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IRS Issues Additional Relief Measures
Late Thursday afternoon (April 9), the IRS issued News Release 2020-66, in which they announced that Notice 2020-23 extends additional key tax deadlines for individuals and businesses. The notice, which
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IRS & ADOR Operations – Beyond the Postponement of Payments and Filing until July 15
Much attention has already been given to the postponement from April 15 to July 15 of certain payments of tax and filings. The Internal Revenue Service (IRS) announced this postponement in Notice
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Most Recent Update on the Paycheck Protection Program
Almost one week ago, the Paycheck Protection Program (PPP) created under the CARES Act was launched by the Small Business Administration and banks across the country. The rollout of this
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Update on SBA Paycheck Protection Program for Individuals & Business Owners
Last night, the SBA released FAQs on the Paycheck Protection Program (PPP). These FAQs are linked here for your reference. Below are some highlights showing clarifications organized by question number
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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
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Department of Treasury Releases the Paycheck Protection Program Application
The Department of Treasury just released the Paycheck Protection Program (PPP) application and supplemental information on their website. This program is designed to assist small businesses in keeping their employees
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