Recent News

How the Advance Child Tax Credit May Reduce Your Refund or Increase Your Amount Due

By Ashley G. White, JD, CPA For those of you who make up part of the millions of families who received up to half of their child tax credit via

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 or used as tax advice

Employee Retention Credit – Timing of Qualified Wages Deduction Disallowance

By Steven N. Smith, CPA, JD Initially, the employee retention credit (ERC), enacted by the CARES Act, was not available to paycheck protection program (PPP) borrowers. The passage of the

The IRS’ Ever-Growing Backlog and Suspension of Selected Automated Notices

By Dalton Bradshaw, CPA In our Beyond the Bottom Line Newsletter on January, 26, 2022, we summarized the annual report of the Taxpayer Advocate Service to Congress. The report noted

Positive Pay

By Cooper Melvin, CPA, JD Due to a recent checking account fraud scheme in the local news, as a business owner or checking account holder, you may be wondering how

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. As they say about not

IRS “Report Card” Warns of a Challenging 2022 Filing Season for Taxpayers and Tax Professionals

By Steven N. Smith, CPA, JD The 2022 filing season will likely be a frustrating experience for both taxpayers and tax professionals. Individual returns can be submitted to the IRS

Potential Tax Benefits of Distributions in Early 2022 for Trusts and Estates

By Dalton Bradshaw, CPA As the 2022 filing season quickly approaches, taxpayers may be considering options to reduce their upcoming tax liabilities. Due to the compressed tax brackets for trusts

100% ESOP-Owned Defense Department Government Contractors Eligible for Sole Source Awards on Follow-on Contracts

By Justin Tu, Norma Sharara & Blake Head with BDO United States With President Biden’s signing of the National Defense Authorization Act for Fiscal Year 2022 (Public Law No. 117-81) (the NDAA) on

BMSS Promotes Two Employees, Joyce Rinaldi, CPA and Amy Stapler, CPA, to Member

Joyce joined the Huntsville team in 2013 and is currently a Member in Client Accounting Solutions (CAS). Her specific expertise lies in providing virtual CFO solutions as well as assisting

New Identity Verification Process for IRS Online Account

If you have created an online account with the IRS and have not signed in recently, you will notice some changes the next time you access your account. The IRS

Business License Renewal Information

City of Birmingham Any person or entity desiring to conduct trade or provide services within the city limits of Birmingham is required to register with the City of Birmingham. The