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Department of Justice Files Emergency Motion to Stay the Nationwide Injunction Issued Against the Corporate Transparency Act (CTA) Affecting the Beneficial Ownership Information (BOI) Reporting Requirement

Edit on December 23, 2024: The 5th Circuit Court of Appeals ruled today in favor of the US Government and has lifted the nationwide injunction that was ordered by a

Changes to Form 1099-K Reporting

Form 1099-K was first introduced in the 2011 calendar year. The 2011 form, titled Merchant Card and Third-Party Payments, was required to be filed by Third-Party Settlement Organizations (TPSOs) only

Nationwide Injunction Issued Against the Corporate Transparency Act (CTA) Affecting the Beneficial Ownership Information (BOI) Reporting Requirement

Yesterday, a judge in the U.S. District Court for the Eastern District of Texas issued a preliminary injunction, effectively blocking the U.S. Department of Treasury from enforcing the CTA’s beneficial

2024 BMSS Year-End Tax Planning Letter

As we approach the end of 2024, it’s essential to plan ahead to ensure that you are well-prepared for the upcoming tax season. Whether you’re an individual, a business owner,

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

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

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

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

Department of Justice Files Emergency Motion to Stay the Nationwide Injunction Issued Against the Corporate Transparency Act (CTA) Affecting the Beneficial Ownership Information (BOI) Reporting Requirement

Department of Justice Files Emergency Motion to Stay the Nationwide Injunction Issued Against the Corporate Transparency Act (CTA) Affecting the Beneficial Ownership Information (BOI) Reporting Requirement

Changes to Form 1099-K Reporting

Nationwide Injunction Issued Against the Corporate Transparency Act (CTA) Affecting the Beneficial Ownership Information (BOI) Reporting Requirement

2024 BMSS Year-End Tax Planning Letter

Personal Use of Company Auto

Preparing for W-2 and 1099 Season

Corporate Transparency Act – Beneficial Ownership Information Reporting Requirement

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

FLSA Salary Exemption

Business Personal Property Tax – Looking Forward

Employee Retention Credit Update

Estate Exemption Sunset Reminder

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