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Nonprofit Newsflash, Winter 2020
We want to make sure your organization stays on top of the ever-changing tax laws and regulations while staying in the best position to foster growth and continued success. We
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New Legislation That May Impact Your 2019 Year-End Tax Planning
In the days before going on recess for the holidays, Congress pushed through significant tax legislation as part of the year-end spending bill. As you wrap up your 2019 year-end
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What’s New at BMSS
We’d Like to Welcome Our New BMSS Professionals! Serve Day 2019: Throughout October, BMSS’ Birmingham locations volunteered at several local nonprofits including, Christian Service Mission, Bundles of Hope, Grace’s Kitchen, Firehouse
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Tax Updates for 2020
As we approach the holiday season, it looks like enough of us have made the Nice List for the IRS to leave us some small gifts in our stockings for
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Have You Considered Your Tax Planning Strategies?
As the end of 2019 approaches, you are likely giving consideration to year-end tax planning strategies. House Republicans and the Trump Administration are talking taxes, specifically a new tax cuts
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Federal 941 Payroll Tax Look-back Procedures
IRS Notice 931, Deposit Requirements for Employment Taxes, https://www.irs.gov/pub/irs-pdf/n931.pdf lists requirements for depositing payroll taxes such as withheld federal income tax, Social Security and Medicare tax. If your company is
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Tax Planning – What to Consider if You’re in the Construction Industry
(This article is based on our annual year-end tax planning letter but has been modified to include aspects pertaining specifically to the construction industry. For the full tax planning letter,
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5 Tips for Implementing the Lease Accounting Standard
Information is from the AICPA. Click here for full article. When implementing the standard, private company CPAs should consider the following: 1. Companies will be required to record a lease
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2019 Personal Use of a Company Automobile
According to IRS regulations, the personal usage of company cars by employees must be treated as taxable compensation income (and is subject to normal payroll taxes). In valuing this compensation,
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Revenue Recognition and Leases Update
In the upcoming months and years, numerous changes will go into effect in regards to the implementation of revenue recognition and lease accounting standards. Do not let these changes overwhelm
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BMSS Welcomes Nationally Acclaimed Accounting Expert and Speaker, Michael Brand, CPA, CGMA to the Firm
BMSS, LLC is proud to welcome nationally acclaimed, accounting industry expert and speaker, Michael Brand, to the firm as its newest member. A resident of Athens, AL, Brand received his
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BMSS Continues Legacy of Giving Back to Local Communities
Employees from BMSS’ Birmingham locations have been “working” outside the office over the past few months. They have been serving hands-on throughout the city with several nonprofit organizations. Throughout October,
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