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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

Build Back Better Act’s Proposed Tax Changes on Indefinite Hold

A few days before Christmas, West Virginia Democratic Senator Joe Manchin announced on both Fox News Sunday and his website that he would not support the Build Back Better Act (BBBA), President

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 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

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