Penalty Abatement for ERC-related Tax
By Cooper Melvin, J.D., CPA It is no secret that the IRS is backlogged with Employee Retention Credit (ERC) filings and has yet to issue…
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Jun 23, 2022
News
Tag: credit
Apr 20, 2022
Significant Amendment to the Alabama Accountability Act
Written by Steve Smith, JD, CPA On April 14th, Governor Ivey signed Senate Bill 261 (SB261) into law, raising the current cap on contributions under…
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Feb 23, 2022
The IRS’ Ever-Growing Backlog and Suspension of Selected Automated Notices
By Dalton Bradshaw, CPA In our Beyond the Bottom Line Newsletter on January, 26, 2022, we summarized the annual report of the Taxpayer Advocate Service…
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Jan 25, 2022
IRS “Report Card” Warns of a Challenging 2022 Filing Season for Taxpayers and Tax Professionals
By Steven N. Smith, CPA, JD The 2022 filing season will likely be a frustrating experience for both taxpayers and tax professionals. Individual returns can…
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Dec 29, 2021
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…
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Dec 15, 2021
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…
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Nov 22, 2021
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…
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Jun 29, 2021
Advance Child Tax Credit Update and Bipartisan Infrastructure
In the last Beyond the Bottom Line newsletter, BMSS briefly discussed the Advance Child Tax Credit under the American Rescue Plan enacted in March 2021….
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May 05, 2021
Tax Credits for COVID-19 Shots
In March, the Biden Administration signed the American Rescue Plan Act of 2021 (ARP), extending the availability of the Emergency Paid Sick Leave (EPSL) tax…
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