Recent News

Qualified Business Income Deduction

The IRS released long-awaited guidance on new Code Sec 199A, commonly known as the “pass-through deduction” or the “qualified business income deduction.” Taxpayers can rely on these proposed regulations and a proposed revenue

EBP Audits – Does Your Plan Require an Audit? If So, How Can You Prepare?

Written by Ashley Caldwell, CPA A retirement plan is a great benefit to provide for your employees in a world where there is much uncertainty surrounding Social Security. According to

New Lease Standard – How It Affects Contractors

Written by Daniel Brock, CPA, CVA In 2016, the Financial Accounting Standards Board (FASB) issued a new standard that will significantly change how businesses record and report their leases. The

Three New Accounting Regulations That Could Impact Your Business

View the video above from BMSS Member, Derrel Curry, as he shares how new accounting standards could impact you and your business. If you have any questions regarding this communication, please

Hot SALT Tips of the Quarter – Summer 2018

Sales Tax and Wayfair – What Does it Mean for Your Business?

By Karen Poist, CPA *Please see individual state information at the bottom of the page. On June 21, 2018, the Supreme Court issued its decision on the South Dakota v.

BMSS Announces Employee Promotions

Birmingham, AL – BMSS is proud to announce recent promotions within its accounting firm. Ashley Caldwell, CPA; Kristi Cerice, CPA; Melanie Shores, CPA and Mark Underhill, CPA have all been

Opportunity Zones – An Opportunity Like No Other

by Mark Underhill, CPA What if I told you that you could defer your capital gains on the sale of an investment until potentially 2026 and exclude up to 15

A Tale of Two Accounting Firms: Making Sure Your CPA is Approaching Your Business and Personal Finances Holistically

by Laura K. Watkins, BMSS, Marketing Manager Imagine you are presented with the option of hiring one of two types of fitness trainers. Since we’re approaching warmer weather and trips to the neighborhood pool or

Tax Reform & Choice of Entity Considerations

All pass-through entities, including partnerships and S corporations, should evaluate their choice of entity as a result of tax reform and the new reduced corporate tax rate of 21 percent (previously 35 percent). Converting from

Tax Considerations for Restaurants Entering New Markets

by Adam Berebitsky, BDO Tax Partner Today the average family’s schedule is faster-paced than before. As traditions around the dinner table reflect that change, the restaurant industry is growing at staggering

BMSS Video Series Part 8: Estate and Trust Update

With all the changes made in the recently enacted tax reform legislation, we are committed to keeping you informed while providing you peace of mind. That’s why we’ve created an