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Personal Use of Company Auto
According to IRS regulations, the personal usage of company cars by employees must be treated as taxable compensation income (and is subject to normal payroll taxes). In valuing this compensation,
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Preparing for W-2 and 1099 Season
The holidays are around the corner, and before we know it, January 2025 will be here! Let’s take a look at what we can do now to make the preparation
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Corporate Transparency Act – Beneficial Ownership Information Reporting Requirement
Dear Valued BMSS Client: Corporate Transparency Act — Beneficial Ownership Information Reporting Requirement Many businesses are now required to comply with the Corporate Transparency Act (CTA) that became effective on
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When State or Local Minimum Wage Requirements Exceed Federal Prevailing Wages—Are Government Contractors Entitled to Reimbursement Through the REA Process?
The Civilian Board of Contract Appeals (“CBCA”) decided April 23, 2024 against a federal services contractor seeking compensatory relief through a request for equitable adjustment (“REA”) for increased costs arising
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FLSA Salary Exemption
Written by Rebecca Tipton, SHRM-SCP BMSS HR AdvisoryPutting the “Resource” in Human Resource Consulting Three months have passed since the first update to the FLSA exemption salary thresholds for the
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Employee Retention Credit Update
Written by Christi Frassrand For the third time in as many months, the IRS recently gave another update on the processing of Employee Retention Credit (ERC) claims and announced that
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Estate Exemption Sunset Reminder
By Cooper Melvin, JD, CPA In 2026, the increased estate tax exemption is expected to revert to its pre-2018 amount of $5 million adjusted for inflation. It is expected to
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Update on the DOL’s FLSA Minimum Salary Rule
Article provided by Payroll & Benefit Solutions (PBS) Update: The U.S. District Court for the Northern District of Texas on July 1 declined to block the new overtime rule nationwide.
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Intuit Payroll Updated Payroll Tax Withdrawals & Terms of Service
What’s changing?Intuit is changing how they handle payroll taxes for customers with taxes automatically paid and filed by QuickBooks. Instead of withdrawing them when due, they’ll withdraw them every time
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Fortifying Futures: How the U.S. Supreme Court Changes the Way We Navigate Life Insurance and Buy-Sell Agreements
Written by Dalton Hopper, CFE, CVA Two brothers, Michael and Thomas Connelly, were owners of Crown C Supply, a building supply company in St. Louis, Missouri. The two brothers entered
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New DOL Regulations May Bring Clarity to ESOP Valuation Process
While a legal framework for employee stock ownership plans (ESOPs) was established by the Employee Retirement Income Security Act of 1974 (ERISA), formal guidance for determining the fair market value
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Upcoming Intuit Product Updates – Updated June 28, 2024
Intuit has announced several product updates coming up over the next year or so. If you use QuickBooks Desktop, this may impact you! Intuit made a decision that after September
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