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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
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Alabama Retirees to See Tax Cut in 2023
Written by Drew Nicol, CPA Earlier this year, Governor Kay Ivey signed HB162 into law which exempts the first $6,000 of retirement income received by individuals aged 65 and older
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IRS Offers Late Portability Election Relief to Estates
By Dalton Bradshaw, CPA On July 8, 2022, in a taxpayer-friendly move, the IRS announced relief for estates making a late portability election for a deceased spousal unused exclusion (DSUE)
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Ensure Your Organization is Prepared This Hurricane Season
Written by Dalton Hopper, CFE, CVA In our last BBL newsletter, we shared BDO’s Top 5 Tips when filing an insurance claim after a hurricane. Two months into the official
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Proposed Regulations Take Aim at Estate and Gift Basic Exclusion
Written by Dalton Bradshaw, CPA In 2017, the passage of the Tax Cuts and Jobs Act (TCJA) brought about numerous provisions aimed at benefiting taxpayers, including within the estate and
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Understanding Your Buy-Sell Agreement – Part 1
Written by Dalton Hopper, CFE, CVA We are starting a short series on how business owners and their advisors can prepare an exit strategy by understanding their buy-sell agreement. Our
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Potential Tax Benefits of Distributions in Early 2022 for Trusts and Estates
By Dalton Bradshaw, CPA As the 2022 filing season quickly approaches, taxpayers may be considering options to reduce their upcoming tax liabilities. Due to the compressed tax brackets for trusts
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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 the pandemic come to an
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BMSS Presents: Year-End Tax Planning Webinar
Please join us as we discuss tax planning strategies for you to consider as the end of 2021 approaches. Through our membership in the BDO Alliance USA, we are very
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Alabama Qualified Dispositions in Trust (QDIT) Act
By: Dalton Bradshaw, CPA When considering asset protection from creditors, most individuals and advisors immediately think of assets being hidden away in foreign accounts by the world’s ultra-wealthy. However, legislatures
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