Recent News

Important Information Regarding 2021 Personal Income Tax Returns

IRS Issuing Information Letters to Advance Child Tax Credit Recipients and Recipients of the Third Round of Economic Impact Payments On December 22, 2021, the IRS announced that it will

How Nonprofits Can Navigate the Great Resignation

By Andrea Espinola Wilson Nonprofits are not exempt from the current labor market shortages associated with the “Great Resignation.” The pandemic, social and political events, and the relentlessness of navigating

How to Repay Q4 Employee Retention Credit (ERC)

By Cooper Melvin, JD If you received an advance payment of the employee retention credit for the fourth calendar quarter of 2021, you might have to repay the amount received.

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 use of a company vehicle

Federal 941 Payroll Tax Lookback Procedures

IRS Notice 931, Deposit Requirements for Employment Taxes, lists requirements for depositing payroll taxes such as federal income, social security and Medicare taxes. If your company is currently paying Federal

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

Update on the Build Back Better Act

By Cooper Melvin, JD As discussed elsewhere in this Beyond the Bottom Line, the Infrastructure Investment and Jobs Act became law on Monday, November 15th. The other key component of

Update on the Infrastructure Investment and Jobs Act

By Dalton Bradshaw, CPA After months of debates and concessions, the Infrastructure Investment and Jobs Act (the “Act”) was passed by Congress on November 5, 2021. On Monday of this

Kate Fluker Earns the Certified Construction Industry Financial Professional (CCIFP) Designation

Congratulations to Kate Fluker for earning the Certified Construction Industry Financial Professional (CCIFP) Designation! Kate is now among the most highly qualified construction financial professionals in the industry and joins

Your Alabama Tax License Renewal is Due December 31, 2021

Beginning November 1, 2020, taxpayers are required to renew their State of Alabama Tax License on an annual basis. 2022 License Renewal Due Date: 12/31/2021 The My Alabama Taxes (MAT)

Are You Taxed As a Partnership? Matters for You to Consider

For our clients and friends operating as business entities taxed as partnerships, we want to bring a few matters for your attention, including: IRS launches large partnership audits, Periodic reviews