A Proactive Approach to COVID-19

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To Our Clients and Friends,

During these difficult times, and as you are dealing with the outbreak of COVID-19, we want to reach out to let you know that we are here and will continue to assist you in your accounting and advisory matters in order to help you achieve peace of mind.

  • Our offices will remain open for the foreseeable future, however, the majority of our employees are working from home. BMSS employees are fully equipped and able to work remotely to provide you with uninterrupted service during this time.
  • In an attempt to prevent the spread of COVID-19, we will be minimizing in-person meetings. Please drop off, scan or email as much information as possible; we will be doing the same.
  • Please note that we do have a secure client portal which will allow you to upload and download documents if you choose. If you are unsure how to log in to your portal, please contact our office and we will be happy to assist you.

This page will be kept up-to-date with valuable information for you and your business throughout the duration of COVID-19. Please refer back on a regular basis to see valuable information.

BMSS RESOURCES: (listed in chronological order)

May 14:

On May 14, we hosted BMSS Presents: An Update for the Manufacturing & Distribution Industry within the COVID-19 Environment. Click here for the slides and below for the recording:

May 13:

An Answer to One of the Most-Asked PPP Loan Questions on Good-Faith Certification

April 30:

On April 30, we hosted BMSS Presents: Loan Forgiveness Within the Paycheck Protection Program. Click here for the PPT slides and below for the recording:

April 27:

Another Opportunity to Receive PPP Funding is Now Available

April 24:

On April 21, we shared a survey with clients and contacts entitled The Business Impact from the COVID-19 Crisis. We received nearly 150 responses which can be reviewed here.

April 23:

Provisions Affecting Retirement Plan Distributions and Loans in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act)

If you are participating in the Paycheck Protection Program (PPP) and have received your funding, it is likely you have questions about the second phase of the program – loan forgiveness. The loan forgiveness aspect of PPP is anticipated to be extremely complex and likely to be ever changing. Read to post to be prepared: Important Update on the Loan Forgiveness Phase of the PPP.

April 20:

COVID-19 has affected nearly every industry, including manufacturing and distribution. 

Read how the CARES Act is assisting manufacturers during this time:
Coronavirus Aid, Relief and Economic Security Act: Manufacturing Impacts

Read how to navigate supply chain disruption throughout COVID-19:
How Manufacturers Can Navigate the Novel Coronavirus’ Supply Chain Impacts

April 14:

Important Notice Regarding Legal Implications for Clients Who Have Applied for Loans from the PPP

Good News for PPP Loan Recipients Regarding Deferral of Payroll Taxes

April 10:

IRS Issues Additional Relief Measures

April 9:

IRS and ADOR Operations – Beyond the Postponement of Payments and Filing Until July 15

Most Recent Update on the Paycheck Protection Program

Could Your Company’s Retirement Plan be Affected by COVID-19?

Everyone is getting hit hard from the effects of COVID-19 and the quarantine orders. While you are focused on your businesses and employees, have you considered how your company’s retirement plan may be affected?

Click on this link to read some information for you to consider. If you have any questions, please reach out to your BMSS employee benefit plan professional. We’re here to help.

April 7:

Everyone is getting hit hard from the effects of COVID-19 and the quarantines, including nonprofit organizations. Click on the link below to read some information about how the CARES Act may impact nonprofits. If you have any questions, please reach out to your BMSS professional. We’re here to help.

How the CARES Act Helps Nonprofits and Higher Education Institutions

April 6:

Please join us Thursday, April 9 at 9 a.m. as BMSS Wesson Wealth Solutions CEO, Mark Wesson, discusses the latest developments in the market and economy precipitated by the COVID-19 crisis and how this may affect you.

To reserve your space in this webinar, register at this link.

April 3:

Bi-Weekly BMSS Update Regarding COVID-19 with an Important Update on the PPP.

April 2:

Click here to access a four-part recording of today’s webinar, Exploring the CARES Act: What it Could Mean for You & Your Business

Click here for our COVID-19 Construction Industry Checklist. Construction job sites and projects are still considered essential, the construction industry is not immune from the effects of the virus. We’re here to help.

April 1:

Department of Treasury Releases the Paycheck Protection Program Application

March 27:
Exploring the CARES Act: What it Could Mean for You & Your Business (WEBINAR)
Presented by Keith Barfield, Steve Smith, Trip Umbach and more
Thursday, April 2 at 9 a.m.
Link to register

March 26:

Senate Passes $2.2 Trillion Bill to Support Economy During Virus Pandemic

March 25: 

COVID-19 has affected everyone but especially the consumer business industry. How can you get prepared to weather the storm? Click here for our COVID-19 Consumer Business Response Checklist.

March 24:

Click here to access PowerPoint deck and webinar recording

March 23:

Governor Ivey Signs Proclamation Delaying State Tax Filings

March 20:

Tax Filing Deadline Moved to July 15, 2020; Additional New Developments from Washington

President Trump Signs the Families First Coronavirus Response Act

March 19:

BMSS Presents: A Proactive Approach to the Coronavirus WEBINAR for Businesses:

Are you uncertain how the COVID-19 could impact you and your business? Do you want to be better prepared for possible outcomes? Join Tuesday, March 24 at 9:00 a.m. as tax, human resources and insurance experts discuss the latest details about tax relief provisions, SBA initiatives, and human resources and insurance issues. Click above link for more details and to register.

Breakdown of important updates from the past day regarding Washington’s response to the Coronavirus

March 17:
Washington and Families First Coronavirus Response Act Updates from BMSS Tax Member Steve Smith

In addition, we would like to share timely medical content from March 12th’s seminar, BMSS Presents: A Proactive Approach to COVID-19:

The Medical Impact:

As the situation evolves, please refer to the Centers for Disease Control and Prevention (CDC) and the World Health Organization for steps to help mitigate the spread of this disease. We will continue to monitor the situation and wish everyone continued good health during this disruption to our business and personal lives.

The accounting, tax and general business implications of COVID-19 is a rapidly evolving situation and BMSS will provide updated and/or revised information as it becomes available. Some information that we provide, for example, updates on the progress, passage, and contents of The Families First Coronavirus Response Act, may raise legal implications in addition to tax and accounting issues. Our mention of any such matters is for general information purposes and not intended to be legal advice. We encourage you to consult with your legal counsel on such matters.

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