Recent News

Tax Treatment of Research and Experimental Expenses During 2022

Written by Steven N. Smith, J.D., CPA The 2017 Tax Cuts and Jobs Act (TCJA) is the gift that keeps on giving, continuing to create significant challenges for taxpayers and

Alabama Department of Revenue Opens Window for Making Late Pass-Through Entity Election for 2021

By Ashley G. White, JD, CPA As we have previously reported in our Beyond the Bottom Line newsletters, the Alabama Electing Pass-Through Entity Tax Act (Act 2021-1 and Act 2021-423)

BMSS Advisors & CPAs Proudly Announces the 2022 Promotions

Alabama’s second largest advisory CPA firm, BMSS Advisors & CPAs, is proud to share its newly promoted employees. Heather Chappelle has been promoted to Director of Human Resources. A Birmingham

Penalty Abatement for ERC-related Tax

By Cooper Melvin, J.D., CPA It is no secret that the IRS is backlogged with Employee Retention Credit (ERC) filings and has yet to issue refunds to many businesses that

Understanding Your Buy-Sell Agreement – Part 5

Written by Dalton Hopper, CVA, CFE This is the last article in our series discussing the valuation aspects of buy-sell agreements. We have discussed what is included in a buy-sell

Understanding Your Buy-Sell Agreement – Part 4

Written by Dalton Hopper, CVA, CFE In our previous articles, we discussed items to consider including in your buy-sell agreement, as well as how to determine your business’ value, and

Alabama to Phase Out Minimum Business Privilege Tax Beginning in 2023

By Ashley G. White, JD, CPA Governor Kay Ivey recently signed into law Act No. 2022-252, amending the law regarding the minimum business privilege tax to be paid by small

Proposed Regulations Take Aim at Estate and Gift Basic Exclusion

Written by Dalton Bradshaw, CPA In 2017, the passage of the Tax Cuts and Jobs Act (TCJA) brought about numerous provisions aimed at benefiting taxpayers, including within the estate and

Understanding Your Buy-Sell Agreement – Part 3

Written by Dalton Hopper, CVA, CFE As mentioned in our previous articles in this series, we discussed what should be outlined in the buy-sell agreement as well as how the

LIFO Election – Is It Right for Your Business?

Written by Ryan Carter, CPA LIFO Reserve Over the past two years, we have all felt the impact of the current market inflation. From our personal lives to the businesses

Understanding Your Buy-Sell Agreement – Part 2

Written by Dalton Hopper, CVA, CFE Recently, we kicked off a series discussing buy-sell agreements and what business owners and business advisors should know when it comes to valuation. In

BMSS Legacy Continues the Tradition of Community Service

BMSS Advisors & CPAs employees continue the tradition of serving the communities in which they live and work with a spring BMSS Serve Day on Thursday, May 12th. In Birmingham,