BMSS Trending Issues

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

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

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

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

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,

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

Attention: Update to Business Personal Property Tax Filing Process

Beginning October 1, 2023, the OPPAL system will be a component of My Alabama Taxes to electronically file your business personal property return. If you (or BMSS on your behalf)

IRS Halts Processing of New ERC Claims Until January 2024

In a news release yesterday, the IRS issued a moratorium on the processing of any new Employee Retention Credit (ERC) claims through at least the end of the year, citing

Business Personal Property Tax – Looking Forward

It’s that time of year again, Business Personal Property Tax Returns are quickly approaching! Take a look below at some of the things to start thinking about in the coming

I-9 Compliance: Navigating the Updated Form and Remote Verifications

Written by Rebecca Tipton, SHRM-SCP, BMSS HR Services The I-9 form is one of the main cornerstones of compliance for onboarding so that employers can demonstrate their employees’ eligibility to work

Maximize Your Tax Savings and Make a Positive Impact: Work Opportunity Tax Credit

Written by Sarah Shirley Ever since the world seemingly stopped during the COVID-19 pandemic, people everywhere have started placing greater importance on making a positive impact in the world and

An Update on Biden’s Student Loan Forgiveness Program

Written by Dalton Bradshaw, CPA In the fall of 2022, the Biden Administration unveiled its plan for student loan forgiveness, invoked by the Higher Education Relief Opportunities for Students Act

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