When the Paycheck Protection Program (PPP) was introduced as part of the CARES Act in March, the law provided that any loan forgiveness would not be included in taxable income.
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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
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Dear BMSS Clients and Friends, With the end of 2020 approaching, you may be considering year-end tax planning strategies. Year-end tax planning always presents uncertainties over possible tax law changes
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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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Beginning November 1, 2020, taxpayers will be required to renew the State of Alabama Tax License annually. The My Alabama Taxes (MAT) website will provide the ability for the business
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On Friday, August 28, 2020, the IRS issued a news release announcing that Notice 2020-65 had been issued to provide guidance to implement the Presidential Memorandum issued on August 8,
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The Internal Revenue Service today reminds IRA owners, beneficiaries or workplace retirement plan participants who received a Required Minimum Distribution (RMD) this year that they have until Aug. 31 to
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On August 8, President Trump issued a memorandum to the Secretary of Treasury entitled “Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster.” The payroll tax deferral in this
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In a year of extraordinary events and challenges, BMSS Advisors & CPAs’ Don Murphy was one of 10 managing partners throughout the country to be selected for Accounting Today’s 2020
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For most of you who received Paycheck Protection Program (PPP) loans under the CARES Act, the receipt of these funds provided a lifeline to your business during these challenging and
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BMSS Advisors & CPAs was recently named as one of the 2020 Accounting Today’s Best Accounting Firms to Work for. Accounting Today has partnered with Best Companies Group to identify
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In a nutshell, details are still being worked out by the Small Business Administration (SBA), the U.S. Treasury Department and lenders. Until those details are finalized, it may be wise
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