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Changes to Form 1099-K Reporting for 2022
Written by Cooper Melvin, J.D., CPA 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
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Name, Image and Likeness Collides with Taxes
Written by Cooper Melvin, J.D., CPA Background Name, Image and Likenesses (NIL) has been in the news – sports media and generally – in a significant way since the summer
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Considerations for the Employee Retention Credit
Created and introduced as part of the CARES Act in 2020, the Employee Retention Credit (Credit) was implemented to encourage employers to keep their employees on the payroll during the
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Newly Released Proposed Regulations Regarding Post-Death Distributions from Inherited IRAs and Retirement Plans
Written by Ashley G. White, JD, CPA The SECURE Act (the “Act”) became law effective January 1, 2020, and made significant changes to the rules regarding required minimum distributions (RMDs)
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Expectation of Increasing IRS Audits in the Future
Our experience at BMSS over the last three to four years is that we have seen fewer examinations of taxpayers than we did in the years prior to that period.
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The Advanced 2021 Child Tax Credit
Many of you may have received a letter from the IRS regarding the Advanced 2021 Child Tax Credit. As part of the American Rescue Plan Act, an increase in the
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Treasury’s Green Book Provides Details on the Administration’s Tax Proposals
On Friday, May 28, 2021, the Treasury Department issued the “General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals.” Also known as the “Green Book,” the 114-page document 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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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
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