BMSS Trending Issues

The Difference One Word Makes

Written by Dalton Hopper, CFE, CVA There are few situations in which one word can make all the difference. In this example, we’re examining the difference between fair market value

OFCCP Compliance Reviews for Government Contractors: Do You Know What to Expect?

Rebecca Tipton, SHRM-SCP BMSS HR Advisory Putting the “Resource” in Human Resource Consulting With the OFCCP’s recent release of its 2023 Corporate Scheduling Announcement List (CSAL), many government contractors may

Reporting a Change in Responsible Party: What It Means for Your Tax-exempt Organization

Written by Whitney Roberson, CPA IRS regulations require any entity with an EIN to update responsible party information within 60 days of any change by using Form 8822-B. You may

Tax Treatment of Research and Experimental Expenses For 2022 Tax Filings

Written by Sarah Shirley The 2017 Tax Cuts and Jobs Act (TCJA) is the gift that keeps on giving, continuing to create significant challenges for taxpayers and their advisors in

Reasons to Consider Extending Your Tax Return

Written by Drew Nicol, CPA Tax season is upon us once again. Many taxpayers have begun closing out year-end books and started gathering documents in order to prepare for the

2023 Alabama Unemployment Tax Rate Notices

What’s happening? The Alabama Department of Revenue has started releasing 2023 Tax Rate Notices. Alabama no longer mails paper copies of these notices, so employers who are subject to Alabama

Update on Post-Death Distributions from Inherited IRAs and Retirement Plans

By Ashley G. White, JD, CPA The SECURE Act of 2019 was signed into law late in 2019 and largely overhauled the existing rules regarding taking mandatory distributions from retirement

RxDC Report Due December 27, 2022

Rebecca Tipton, SHRM-SCP The RxDC, or Prescription Drug Data Collection, Report is a new ERISA requirement under the Consolidation Appropriations Act of 2021 designed to bring more transparency to healthcare

Steven N. Smith Appointed to the Alabama State Board of Public Accountancy

BOARD MEMBER SPOTLIGHT: STEVEN N. SMITH The Alabama State Board of Public Accountancy welcomes its newest Board member, Steven N. Smith of BMSS, LLC. Mr. Smith was appointed by Governor

2023 Social Security Wage Base Update

As we approach the end of the year, it is important to remain aware of changes that may affect your payroll software. One of the changes will be to the

Federal 941 Payroll Tax Lookback Procedures

Do you pay Federal 941 payroll taxes on a monthly deposit schedule? If so, it may wise to perform an annual checkup to find out if you are required to

How Does Your Compensation Look Under the Microscope and Why Should You Care?

Written by Rebecca Tipton, SHRM-SCP With the end of the year quickly approaching, many companies are in the middle of budget planning, which is the perfect time to conduct a

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