Newsletter

Mississippi Passes New Grant Accountability Law: What Nonprofits and Grant Recipients Need to Know

Written by Maura McDevitt, CPA, MBA, CNAP, CGMA, BMSS Member Mississippi has enacted the Grant and Subgrant Administration Transparency and Accountability of Non-Governmental Organizations Act of 2026 (HB 1171), introducing

The AI Dirty Dozen

The Top 12 Errors, Risks, and Mistakes in the Use of AI Written by Micah Murphy, CPA, BMSS AI Advisory In Summary: AI adoption in business is no longer a

Important Update for Nonprofit Organizations – Calendar-Year Returns & Tax Payments

BMSS Advisors & CPAs will begin processing extensions for calendar, year-end federal information returns (Form 990, Form 990-EZ, and Form 990-PF) in March 2026. Our firm policy is to file

Strait of Hormuz Tensions Threaten Global Oil Supply and Fuel Prices

In Summary: Rising geopolitical tensions involving Iran have heightened concerns about potential disruptions in the Strait of Hormuz, a critical chokepoint that handles about 20% of global oil supply. Any

Are You Preparing for the Sale of Your Business?

Written by Brennan Peck, CPA, CM&AA For many business owners, the decision to sell marks a major milestone. It can represent the realization of years of hard work and create

Strategic Considerations for Companies Affected by the IEEPA Tariff Termination

Written by Stephen Von Hagel, CPA, CGMA In Summary: The Supreme Court’s termination of IEEPA tariffs has created unprecedented opportunities for businesses to recover previously paid duties but the path

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

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