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Tax Implications of PPP Loans
Some small businesses may be hit with a surprise tax bill related to Paycheck Protection Program (PPP) loans unless Congress acts soon. If you have been following our emails and
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IRS Releases Guidance Regarding Deductibility of PPP Loan-Related Expenses
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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BMSS’ Year-End Tax Planning Letter
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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Election Day Tax Planning Letter
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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Your Alabama Unclaimed Property Report is Due November 1, 2020
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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Notice of Annual Renewal of Alabama Tax Licenses
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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IRS Issues Guidance for Deferral of Certain Employee Payroll Tax in Light of the Ongoing COVID-19 Pandemic
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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IRS: Deadline to Return Distributions to Retirement Accounts is August 31
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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Presidential Order Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster
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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Don Murphy Honored with Accounting Today’s 2020 Managing Partner Elite Designation
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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Latest Developments on PPP and the Forgiveness Process
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 Named as a 2020 Accounting Today’s Best Accounting Firms to Work for
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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