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Alabama Legislation Update
On Friday, February 12, Governor Kay Ivey signed three bills into law which include provisions that have a significant impact on businesses operating in Alabama, and also impact individual taxpayers
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Update on COVID-19 Employment Tax Credits, including the Release of Form 7202
Form 7202, Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals On Tuesday, February 8, the IRS announced that a new form is available for eligible self-employed individuals
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Update on Biden Administration’s COVID-19 Relief Plan
Congressional committees are crafting legislation this week on specific components of President Joe Biden’s $1.9 trillion COVID-19 relief plan, the American Rescue Plan. These developments come after votes in the
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Employee Retention Credit (ERC) Update
Employers that received a PPP loan and were previously prohibited from claiming the Employee Retention Credit (ERC) may now retroactively claim the ERC for 2020. Employers may use ERCs to offset
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Will We Experience Immediate Federal Tax Increases?
With the Presidency, the House and the Senate all controlled by the Democratic Party, many taxpayers are asking, “Will we have tax increases for 2021?” We are still too early
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City Business License Renewals
If you are a person or business conducting trade or providing services within various Alabama city limits, you may be required to renew your business license by January 31, 2021
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BMSS Promotes Caryn Stark and Mark Underhill to Member
BMSS Advisors & CPAs has proudly promoted two long-time employees Caryn Stark, CPA, CMPE, CGMA and Mark Underhill, CPA, CM&AA, CVGA to Member. Caryn joined the Gadsden office in 2007
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Congress Agrees Upon New COVID-19 Relief Bill; Trump Signs Bill into Law
Late on December 20, 2020, Congress agreed upon a new COVID-19 relief package to aid businesses and individuals that are suffering financial hardship due to the ongoing pandemic. President Trump
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DCAA Audits Post COVID-19
Government contracting is a highly regulated business. Compliance with the legislation and regulations on how to do business with the U.S. Government allows contractors to continue working with the government.
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Top Year-End Tax Planning Tip #3: Retirement Planning in Light of the SECURE and CARES Acts
2020 presents unique opportunities for tax planning with regards to your retirement accounts. The SECURE Act and CARES Act, both enacted
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Top Year-End Tax Planning Tip #2: Cost Recovery of Capital Improvement
Generous tax breaks are available for taxpayers who have made 2020 asset additions. Accelerated depreciation is a beneficial tool for taxpayers related to the timing of income and deductions. Property
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BMSS Listed on Forbes “America’s Best Tax and Accounting Firms” for Second Year in a Row
Forbes has partnered with market research company Statista to create a list of the most recommended firms for tax and accounting services in the U.S. based on surveys of tax
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