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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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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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Why You May Not Want to Rush Your PPP Loan Forgiveness Application
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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Senate Passes the Paycheck Protection Program (PPP) Flexibility Act of 2020
Late Wednesday, the Senate passed the House version of the Paycheck Protection Program (PPP) Flexibility Act of 2020 which triples the time period for PPP borrowers to spend the funds
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10 Steps to Return to the Workplace
The below information was created by our friends at Ursa Group, LLC It’s going to be a gradual process getting back to 100% operation after being locked down and social
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BMSS Member Michael Brand Awarded 2019 AICPA Outstanding Facilitator
BMSS, LLC is proud to announce that Member Michael Brand, CPA, CGMA has been named as an AICPA Outstanding Facilitator for the 2019 CPE Year. Known as a nationally acclaimed,
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