BMSS’ 2022 Year-End Tax Planning Letter
As 2022 comes to a close, all eyes are on the midterm elections and potential year-end tax legislation and, as always, it is important to…
Read More
Dec 12, 2022
News
Category: Tax Planning & Compliance
Oct 05, 2022
Changes to Form 1099-K Reporting for 2022
Written by Cooper Melvin, J.D., CPA Form 1099-K was first introduced in the 2011 calendar year. The 2011 form, titled Merchant Card and Third-Party Payments,…
Read More
Aug 24, 2022
Biden Signs the Inflation Reduction Act of 2022
Written by Drew Nicol, CPA On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (the Act) into law. This $740 billion…
Read More
Jul 27, 2022
IRS Dirty Dozen List and Other Audit Triggers
Earlier this year, the IRS released its 2022 Dirty Dozen, the top twelve scams or potentially abusive transactions that could trigger an audit. This list…
Read More
May 04, 2022
Newly Released Proposed Regulations Regarding Post-Death Distributions from Inherited IRAs and Retirement Plans
Written by Ashley G. White, JD, CPA The SECURE Act (the “Act”) became law effective January 1, 2020, and made significant changes to the rules…
Read More
Apr 20, 2022
Significant Amendment to the Alabama Accountability Act
Written by Steve Smith, JD, CPA On April 14th, Governor Ivey signed Senate Bill 261 (SB261) into law, raising the current cap on contributions under…
Read More
Mar 23, 2022
K-2/K-3 Filing Requirements
By: Cooper Melvin, JD, CPA Taxpayers owning an interest in certain partnerships or S corporations may have noticed additional information in the Schedule K-1 package…
Read More
Feb 23, 2022
Update on the Alabama Electing Pass-Through Entity Tax Act Enacted During 2021
[The summary information below is not complete and is for informational purposes only. The information is not intended to be, nor should it be, construed…
Read More
Feb 09, 2022
IRS Announces Transition Away from Use of Third-party Verification Involving Facial Recognition
In our Beyond the Bottom Line Newsletter dated January 12, 2022, we described the updated identity verification and sign-in process for several IRS online tools….
Read More
Dec 01, 2021
Taxation of Employees’ Personal Use of Company Vehicles Simplified by 2020 and 2021 IRS Regulations and Guidance
Under IRS general rules, all use of a company car is considered personal use unless the employee documents the business use of the car. Personal…
Read More
