Recent News

Personal Use of Company Auto

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,

Preparing for W-2 and 1099 Season

The holidays are around the corner, and before we know it, January 2025 will be here! Let’s take a look at what we can do now to make the preparation

Corporate Transparency Act – Beneficial Ownership Information Reporting Requirement

Dear Valued BMSS Client: Corporate Transparency Act — Beneficial Ownership Information Reporting Requirement Many businesses are now required to comply with the Corporate Transparency Act (CTA) that became effective on

Schedule Your Tax Planning Meeting Today

Dear Clients and Friends, As we approach the end of the year, we would like to offer our services to provide year-end tax projections and explore tax planning opportunities for

When State or Local Minimum Wage Requirements Exceed Federal Prevailing Wages—Are Government Contractors Entitled to Reimbursement Through the REA Process?

The Civilian Board of Contract Appeals (“CBCA”) decided April 23, 2024 against a federal services contractor seeking compensatory relief through a request for equitable adjustment (“REA”) for increased costs arising

Steven Eilders from BMSS Advisors & CPAs Selected to Attend AICPA’s 2024 Leadership Academy

Steven Eilders, CPA, was one of only 30 CPAs honored by the American Institute of CPAs (AICPA) as a member of the Leadership Academy’s 16th graduating class. Steven was selected

FLSA Salary Exemption

Written by Rebecca Tipton, SHRM-SCP BMSS HR AdvisoryPutting the “Resource” in Human Resource Consulting Three months have passed since the first update to the FLSA exemption salary thresholds for the

Business Personal Property Tax – Looking Forward

It’s that time of year again, Alabama Business Personal Property Tax Returns are quickly approaching! Take a look below at some of the things to start thinking about in the

Business License Requirements – Alabama

October is almost here, marking the start of the Alabama State and County Business Privilege license season. What is a Business Privilege License? Business Privilege Licenses are exactly what they

Estate Exemption Sunset Reminder

By Cooper Melvin, JD, CPA In 2026, the increased estate tax exemption is expected to revert to its pre-2018 amount of $5 million adjusted for inflation. It is expected to

Update on the DOL’s FLSA Minimum Salary Rule

Article provided by Payroll & Benefit Solutions (PBS) Update: The U.S. District Court for the Northern District of Texas on July 1 declined to block the new overtime rule nationwide.