Newsletter

100% Expensing for Qualified Production Property (QPP): What Manufacturers Need to Know

In summary: The One Big Beautiful Bill Act introduced a powerful new tax incentive for manufacturers: 100% first-year depreciation for Qualified Production Property (QPP) under IRC Section 168(n). This allows

Tax Season 2026 is Here: What Do You Need to Know?

With tax season now underway, many of our clients are asking the same question: What do I need to know to make this process go smoothly? For most of the

Outlook for the Oil & Gas Industry Following Venezuela & Maduro

In Summary: Despite holding the world’s largest proven crude oil reserves, Venezuela currently produces less than 1% of global oil supply due to decades of nationalization, mismanagement, and political interference.

City Business License Renewal Deadlines Are Approaching

If you are an organization that conducts business within a city’s limits, depending on the nature of your business, you may be required to obtain a business license from the

Trump Accounts: Childhood Savings Just Got YUGE

Written by Sarah Shirley, BMSS Supervisor Move over, piggy banks! The One Big Beautiful Bill Act (OBBBA) introduces a new way for kids to save, and it’s making quite the

Nonprofit Annual Report Filing Requirement in Mississippi

Written by Maura McDevitt, CPA, CNAP BMSS Member Remember to file your Mississippi annual report! The window opened on January 1, 2026 and will close May 15, 2026. Last year

Meal Deductibility Changes Under the OBBBA

With the recent passage of the One Big Beautiful Bill Act (OBBBA), important changes to meal deductibility will take effect beginning in 2026. As your accounting advisors, we want to

BMSS Family of Companies Takes Top Spot Among Large Companies – Best Companies to Work for in Alabama

Each year, Business Alabama, in partnership with the Best Companies Group, conducts a comprehensive employee survey to identify the best places to work across the state. This year, forty organizations

Social Security Wage Base Update

The wage base limit is the maximum wage that’s subject to Social Security tax for that year. In 2025, the Social Security Wage base was $176,100 and is increasing to

Federal 941 Payroll Tax Lookback Procedures

IRS Notice 931 (Rev. September 2025), Deposit Requirements for Employment Taxes, lists requirements for depositing payroll taxes such as federal income tax, social security and Medicare tax. If your company

Maximizing Year-End Cash Flow for Manufacturing Companies

As 2025 comes to a close, manufacturing businesses across the United States face another year of rapid change; tariffs, logistics pressures, and tax reforms continue to impact profitability. To help

BMSS’ 2025 Year-end Tax Planning Letter Is Here!

As we approach the end of 2025, it’s essential to plan ahead so that you are well-prepared for the upcoming tax season. Whether you’re an individual, a business owner, or

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