Newsletter

New Requirement to Cover Long-Term Part-Time Employees in 401(k) Plans Enters Into Effect

The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act of 2019) and the SECURE 2.0 Act of 2022 (collectively, SECURE) enacted a new mandate that, starting

E-Verify Reporting Requirements

What is E-Verify? E-Verify is an Internet-based system that allows employers to confirm newly hired employees are legally authorized to work in the United States. The E-Verify system compares information

Two Pivotal IRS Programs Launched to Address Employee Retention Credit (ERC) Issues

In response to the increasing number of potentially ineligible Employee Retention Credit (ERC) claims, the IRS has recently launched two pivotal programs for businesses navigating the complexities of the ERC:

Alabama 2024 Annual Report Changes

For corporate entities registered with the Alabama Secretary of State (ALSOS), beginning January 1, 2024, the ALSOS Corporation Annual Report is no longer reported with the Annual Business Privilege Tax

Implementing New Accounting Standards: Are You Prepared?

In today’s ever evolving world of accounting guidance and regulatory compliance, it’s more important than ever to stay on top of what standards have been issued by the Financial Accounting

The Looming Social Security Shortfall: Why Saving for Retirement is More Crucial Than Ever

Written by Drew Nicol, CPA Social Security has been a staple of financial security for millions of Americans since 1937 providing essential support during retirement, disability, and other life-altering circumstances.

2024 Social Security Wage Base Update

The wage base limit is the maximum wage that is subject to Social Security tax for that year. In 2023, the Social Security Wage base was $160,200 and is increasing

Maximizing Legacies: Navigating Business Valuations for Estate and Gift Tax Purposes

Written by Dalton Hopper, CFE, CVA As part of the 2017 Tax Cuts and Jobs Act, the gift and estate lifetime exclusion amount was raised and is currently set to

Federal 941 Payroll Tax Lookback Procedures

IRS Notice 931, Deposit Requirements for Employment Taxes, https://www.irs.gov/pub/irs-pdf/n931.pdf list requirements for depositing payroll taxes such as federal income tax, social security and Medicare tax. If your company is currently

Looking Ahead in Human Resources for a New Year

By Rebecca Tipton, SHRM-SCP HR Advisory Services We are officially in the final days of 2023, which is historically a time for celebration! However, before you break out your noisemakers

Nonprofits: Are Your Processes Innovative or Merely Electronic? Leverage Technology the Right Way

Written by Gina McDonald, BDO, USA, P.C. Decades of innovation have transformed the finance office from a mindset of processing transactions to one of strategic financial management. But even with

Better Together: BMSS and Haddox Reid Merge Into One Firm, Effective December 1, 2023

Effective December 1, 2023, renowned Mississippi CPA and Advisory firm, Haddox Reid Eubank Betts PLLC (Haddox Reid), merged with top Alabama firm, BMSS Advisors & CPAs. Consolidated under the name

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