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Upcoming Intuit Product Updates – Updated June 28, 2024
Intuit has announced several product updates coming up over the next year or so. If you use QuickBooks Desktop, this may impact you! Intuit made a decision that after September
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Balancing Act: Navigating the Promise and Pitfalls of AI and Emerging Technologies
Emerging technology and artificial intelligence present exciting opportunities in virtually every industry and field. From automating time-consuming, manual processes to generating information from a simple line of text, the potential
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10 Best Practices for Road Builders
In a presentation to our construction industry niche group, Robert Davidson presented his top 10 list of the most common causes of contractor failure as well as his 10 best
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New Streamlined Exemption Certificate Procedure for Tax-Exempt Construction Projects – How It’s Working So Far
A discussion about the new streamlined process for applying for a project-specific exemption certificate was presented to BMSS in a memo written by Bradley Partners, Bruce P. Ely and James E.
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Beneficial Ownership Interest (BOI) Challenged in Court
Written by Steven M. Platau, J.D., CPA The Corporate Transparency Act requires many newly formed entities in 2024 to make a Beneficial Ownership Interest (BOI) filing with the Treasury Department’s
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BMSS Announces Promotions of Brad Brown and Brian Jackson to Member
Effective January 1, 2024, BMSS Advisors & CPAs proudly added two new Members to the firm bringing the total number to 34. This announcement follows an eventful close to 2023
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2024 Social Security Wage Base Update
The wage base limit is the maximum wage that is subject to Social Security tax for that year. In 2023, the Social Security Wage base was $160,200 and is increasing
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Maximizing Legacies: Navigating Business Valuations for Estate and Gift Tax Purposes
Written by Dalton Hopper, CFE, CVA As part of the 2017 Tax Cuts and Jobs Act, the gift and estate lifetime exclusion amount was raised and is currently set to
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Federal 941 Payroll Tax Lookback Procedures
IRS Notice 931, Deposit Requirements for Employment Taxes, https://www.irs.gov/pub/irs-pdf/n931.pdf list requirements for depositing payroll taxes such as federal income tax, social security and Medicare tax. If your company is currently
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Looking Ahead in Human Resources for a New Year
By Rebecca Tipton, SHRM-SCP HR Advisory Services We are officially in the final days of 2023, which is historically a time for celebration! However, before you break out your noisemakers
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2023 BMSS Year-End Tax Planning Letter
As we approach the end of 2023, it’s essential to plan ahead to ensure that you are well-prepared for the upcoming tax season. Whether you’re an individual, a business owner,
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Alabama Sales Tax Rate Reduction on Food Effective as of September 1, 2023
Alabama recently updated the state-level sales tax rate on food, reducing it from 4% to 3%, effective September 1, 2023. This does not affect local jurisdiction rates such as city
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