Tax Advisory Services

Federal 941 Payroll Tax Lookback Procedures

IRS Notice 931, Deposit Requirements for Employment Taxes, lists requirements for depositing payroll taxes such as federal income, social security and Medicare taxes. If your company is currently paying Federal

BMSS’ 2021 Year-end Tax Planning Letter

2021 has been a year filled with recovery from the pandemic and economic hardships of 2020. As many of the tax breaks legislators provided during the pandemic come to an

Update on the Infrastructure Investment and Jobs Act

By Dalton Bradshaw, CPA After months of debates and concessions, the Infrastructure Investment and Jobs Act (the “Act”) was passed by Congress on November 5, 2021. On Monday of this

IRS Program for Auditing Large Partnerships to Begin Soon

Last month the IRS released a revised Publication 5319, the Large Business and International (LB&I) Focus Guide for fiscal year 2022. In recent editions of Beyond the Bottom Line, we

The Importance of Retaining Tax Records

By: Cooper Melvin, J.D. We discussed in a recent Beyond the Bottom Line that the Biden administration’s tax plans include significant funding increases for the IRS. Therefore, in the coming

Business Personal Property Tax (Ad Valorem) – Looking Forward

Business Personal Property Tax Return deadlines are quickly approaching! Take a look below at some of the things to consider in the coming weeks. What is the Business Personal Property

Update on Infrastructure Legislation and Budget Blueprint

In last week’s Beyond the Bottom Line, we presented an overview of the Infrastructure Investment and Jobs Act. The bill passed the Senate yesterday in a 69-30 vote and now

An Overview of the Infrastructure Investment and Jobs Act

Written by Dalton Bradshaw, CPA Supervisor After passing a House vote in July, H.R. 3684, originally introduced as the “Investing in a New Vision for the Environment and Surface Transportation

Uncertainty Adds Urgency: Potential for Tax Increases Impacts M&A Transactions

Most business owners will buy or sell a company only once in their lifetime. It’s a pivotal moment in the lifecycle of any business as well as for the owner

The Advanced 2021 Child Tax Credit

Many of you may have received a letter from the IRS regarding the Advanced 2021 Child Tax Credit. As part of the American Rescue Plan Act, an increase in the

Alabama Electing Pass-Through Entity Tax Act

In a previous Beyond the Bottom Line, BMSS briefly highlighted certain Alabama legislation passed earlier this year and signed into law by Governor Ivey. One provision that passed deserves additional

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