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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.
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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
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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
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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
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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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Your Alabama Tax License Renewal is Due December 31, 2021
Beginning November 1, 2020, taxpayers are required to renew their State of Alabama Tax License on an annual basis. 2022 License Renewal Due Date: 12/31/2021 The My Alabama Taxes (MAT)
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Are You Taxed As a Partnership? Matters for You to Consider
For our clients and friends operating as business entities taxed as partnerships, we want to bring a few matters for your attention, including: IRS launches large partnership audits, Periodic reviews
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BMSS Member Mark Underhill Named BBJ 2021 Top 40 Under 40
BMSS Member Mark Underhill, CPA, CMAA, CVGA has been named a 2021 Top 40 Under 40 by the Birmingham Business Journal. This illustrious list honors up-and-coming stars of the Magic
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Infrastructure Bill Update
Written by Cooper Melvin, J.D. In a previous Beyond the Bottom Line, we introduced a summary of the Reconciliation Bill. Earlier this week, there were proposed changes to the bill
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Alabama Qualified Dispositions in Trust (QDIT) Act
By: Dalton Bradshaw, CPA When considering asset protection from creditors, most individuals and advisors immediately think of assets being hidden away in foreign accounts by the world’s ultra-wealthy. However, legislatures
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Business Personal Property Tax Reminder
It’s time for Business Personal Property Tax Returns! Keep an eye on your mail for the 2022 tax year return from your county, and your OPPAL pin for online filing.
Read More Your Alabama Unclaimed Property Report is Due November 1, 2021
If your company or organization holds unclaimed property with situs in Alabama, you must file an annual report with the State of Alabama Treasurer’s Office. This report covers property that is
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