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Will We Experience Immediate Federal Tax Increases?
With the Presidency, the House and the Senate all controlled by the Democratic Party, many taxpayers are asking, “Will we have tax increases for 2021?” We are still too early
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Provisions Affecting Retirement Plan Distributions and Loans in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
The recently enacted Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes several provisions affecting retirement plan distributions and loans related to the COVID-19 virus that are discussed below. Distributions: Eligible individuals
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Important Update on the Loan Forgiveness Phase of the PPP
If you are participating in the Paycheck Protection Program (PPP) and have received your funding, it is likely you have questions about the second phase of the program – loan
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Important Update on the Paycheck Protection Program
In the latest effort to help small businesses and individuals, the CARES Act was announced last week. This past Wednesday, the Treasury Department provided the application with a subsequent revision
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Washington Update and the Families First Coronavirus Response Act
Many businesses are in their second regular business day after the President declared a national emergency on Friday. Federal, state and local governments bodies and agencies are also responding
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An Important Message Regarding the Coronavirus
Dear Valued BMSS Clients & Friends, We understand you have been inundated by an overwhelming flood of information regarding coronavirus (COVID-19). We have been too. We understand you are concerned
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What’s New at BMSS
We’d Like to Welcome Our New BMSS Professionals! Serve Day 2019: Throughout October, BMSS’ Birmingham locations volunteered at several local nonprofits including, Christian Service Mission, Bundles of Hope, Grace’s Kitchen, Firehouse
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Tax Updates for 2020
As we approach the holiday season, it looks like enough of us have made the Nice List for the IRS to leave us some small gifts in our stockings for
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Have You Considered Your Tax Planning Strategies?
As the end of 2019 approaches, you are likely giving consideration to year-end tax planning strategies. House Republicans and the Trump Administration are talking taxes, specifically a new tax cuts
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Federal 941 Payroll Tax Look-back Procedures
IRS Notice 931, Deposit Requirements for Employment Taxes, https://www.irs.gov/pub/irs-pdf/n931.pdf lists requirements for depositing payroll taxes such as withheld federal income tax, Social Security and Medicare tax. If your company is
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Tax Planning – What to Consider if You’re in the Construction Industry
(This article is based on our annual year-end tax planning letter but has been modified to include aspects pertaining specifically to the construction industry. For the full tax planning letter,
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5 Tips for Implementing the Lease Accounting Standard
Information is from the AICPA. Click here for full article. When implementing the standard, private company CPAs should consider the following: 1. Companies will be required to record a lease
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