Tax Planning & Compliance

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

Business Personal Property Tax Reminder

It’s time for Business Personal Property Tax Returns! Keep an eye on your mail for the 2022 tax year return from your county, and your OPPAL pin for online filing.

Your Alabama Unclaimed Property Report is Due November 1, 2021

If your company or organization holds unclaimed property with situs in Alabama, you must file an annual report with the State of Alabama Treasurer’s Office. This report covers property that is

Uncertainty Remains Over the Administration’s Tax Policy as Year-End Approaches

Written by Steve Smith, J.D., CPA As we move into the fourth quarter of calendar year 2021, the uncertainty over the Administration’s tax policy remains a significant challenge for businesses

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

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

Understanding Excludable Fringe Benefits

By: Cooper Melvin J.D., Staff Accountant Recent news has brought a focus on employer-provided fringe benefits and the consequences to employees and businesses if accounting is improper. Compliance with accounting

Advance Child Tax Credit Update and Bipartisan Infrastructure

In the last Beyond the Bottom Line newsletter, BMSS briefly discussed the Advance Child Tax Credit under the American Rescue Plan enacted in March 2021. The IRS will pay half

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

American Rescue Plan Act of 2021 Heads Toward House Vote in Days

On Monday, the House Budget Committee advanced President Joe Biden’s $1.9 trillion pandemic-relief legislation, setting it up to pass the lower chamber by the end of this week. The panel

Update on Biden Administration’s COVID-19 Relief Plan

Congressional committees are crafting legislation this week on specific components of President Joe Biden’s $1.9 trillion COVID-19 relief plan, the American Rescue Plan. These developments come after votes in the

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