Recent News

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

The Advanced 2021 Child Tax Credit

Many of you may have received a letter from the IRS regarding the Advanced 2021 Child Tax Credit. As part of the American Rescue Plan Act, an increase in the

Treasury’s Green Book Provides Details on the Administration’s Tax Proposals

On Friday, May 28, 2021, the Treasury Department issued the “General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals.” Also known as the “Green Book,” the 114-page document is

“What’s My Business Worth?” A Business Valuation Can Help With the Answer

Written by BMSS Supervisor Dalton Hopper, CFE One of the most commonly asked questions from clients is, “What’s my business worth?” Whether you are planning to buy or sell a business,

State Unemployment Insurance (SUI) Fraud

As some of you may know, there has been an uptick in fraudulent unemployment claims throughout the state. With the influx of cases arising from shutdowns during the pandemic, state

Tax Credits for COVID-19 Shots

In March, the Biden Administration signed the American Rescue Plan Act of 2021 (ARP), extending the availability of the Emergency Paid Sick Leave (EPSL) tax credit and the Emergency Family

President Biden Introduces the American Jobs Plan

One week ago, President Biden outlined a massive $2 trillion infrastructure proposal to address some of the issues that his administration consider to be the country’s most pressing problems, including

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

The Shuttered Venue Operators Grant (SVOG) Program

If you are a business that relies heavily on events such as a theater, museum, or other live venue operator, there is an opportunity for you to apply for grants

House Passed the American Rescue Plan Act of 2021

House Passed the $1.9 Trillion Bill after Revisions by the Senate The House passed the final version of the American Rescue Plan Act of 2021 this afternoon with a vote

PPP Update for Schedule C Filers

The SBA announced changes late on March 3rd to the PPP in the attached interim final rule that can impact schedule C filers. These borrowers may now receive, on new

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