IRS - BMSS, LLC

Maximize Your Tax Savings and Make a Positive Impact: Work Opportunity Tax Credit

Written by Sarah Shirley Ever since the world seemingly stopped during the COVID-19 pandemic, people everywhere have started placing greater importance on making a positive impact in the world and

IRS Increases Oversight of ERC Program

Last week, the IRS issued an important news release, IR-2023-135 (click green link to read full release), announcing their heightened scrutiny of claims for the Employee Retention Credit (ERC) with

New Tax Tools for Giving: IRA Charity Rollover Gift Annuity

By: Cooper Melvin, CPA, JD In late 2022, Congress authorized a new tool to lower Required Minimum Distributions (“RMDs”) and increase charitable giving. Effective as of now, taxpayers over age

The Difference One Word Makes

Written by Dalton Hopper, CFE, CVA There are few situations in which one word can make all the difference. In this example, we’re examining the difference between fair market value

Reporting a Change in Responsible Party: What It Means for Your Tax-exempt Organization

Written by Whitney Roberson, CPA IRS regulations require any entity with an EIN to update responsible party information within 60 days of any change by using Form 8822-B. You may

Potential Tax Benefits of Distributions in 2023 for Trusts and Estates

By Dalton Bradshaw, CPA As the 2023 filing season has arrived, taxpayers may be considering options to reduce their tax liabilities. Due to the compressed tax brackets for trusts and

Tax Treatment of Research and Experimental Expenses For 2022 Tax Filings

Written by Sarah Shirley The 2017 Tax Cuts and Jobs Act (TCJA) is the gift that keeps on giving, continuing to create significant challenges for taxpayers and their advisors in

Reasons to Consider Extending Your Tax Return

Written by Drew Nicol, CPA Tax season is upon us once again. Many taxpayers have begun closing out year-end books and started gathering documents in order to prepare for the

Update on Post-Death Distributions from Inherited IRAs and Retirement Plans

By Ashley G. White, JD, CPA The SECURE Act of 2019 was signed into law late in 2019 and largely overhauled the existing rules regarding taking mandatory distributions from retirement

BMSS’ 2022 Year-End Tax Planning Letter

As 2022 comes to a close, all eyes are on the midterm elections and potential year-end tax legislation and, as always, it is important to stay informed. Year-end tax planning

Preparing for W-2 and 1099 Season

The holidays are around the corner, and before we know it, January 2023 will be here! Let’s take a look at what we can do now to make the preparation

ERC Sharks Continue to Strike

By Cooper Melvin, J.D., CPA In a news release today, the IRS warned employers to be wary of third parties who are advising them to claim the Employee Retention Credit

Maximize Your Tax Savings and Make a Positive Impact: Work Opportunity Tax Credit

Maximize Your Tax Savings and Make a Positive Impact: Work Opportunity Tax Credit

IRS Increases Oversight of ERC Program

New Tax Tools for Giving: IRA Charity Rollover Gift Annuity

The Difference One Word Makes

Reporting a Change in Responsible Party: What It Means for Your Tax-exempt Organization

Potential Tax Benefits of Distributions in 2023 for Trusts and Estates

Tax Treatment of Research and Experimental Expenses For 2022 Tax Filings

Reasons to Consider Extending Your Tax Return

Update on Post-Death Distributions from Inherited IRAs and Retirement Plans

BMSS’ 2022 Year-End Tax Planning Letter

Preparing for W-2 and 1099 Season

ERC Sharks Continue to Strike

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