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Paper Checks Scheduled to Cease on September 30, 2025

On March 25, 2025, President Trump signed an Executive Order requiring the U.S. Treasury to phase out paper checks for nearly all federal payments and collections by September 30, 2025.

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One Big Beautiful Bill Act: Implications for Accounting for Income Taxes

President Donald Trump signed the reconciliation tax bill, commonly known as the “One Big Beautiful Bill Act” (OBBBA) into law July 4, 2025, which is considered the enactment date under

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Beyond the Sale: Strategic Drivers for Business Valuations

Business valuations are often equated with selling a company, but in practice, transactions represent only a fraction of the demand for these services. For estate planners, attorneys, and family business

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BMSS Presents: The OBBBA & Year-End Tax Planning – What Individuals Need to Know

As 2025 winds down, it’s crucial for individuals to understand the implications of recent legislative changes and how to optimize their tax strategies before year-end. Join us for a comprehensive

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The Latest on Washington’s “Beautiful” Tax Bills

Written by Todd Martin, IV, Senior Manager and Jan Lewis, Member On May 22, Americans got their first look at a proposed tax legislation package under the new administration with

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BMSS Presents: A Real Estate Industry Update

Join us for a real estate industry webinar, where leading tax experts from BMSS and McGuire Sponsel will share insights to help you navigate today’s dynamic market with confidence. Tailored

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LLC vs. S-Corp: What’s the Difference, and Which One is Right for Your Business?

Written by Sarah Shirley, Supervisor When it comes to choosing a business structure, it’s easy to feel overwhelmed by the acronyms and fine print. Whether you’re starting a new company

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Updating Responsible Party Information with the IRS

Organizations and businesses with an Employer Identification Number (EIN) are required to file Form 8822-B within 60 days of a change in their responsible party. This form is also used

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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

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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

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Schedule Your Tax Planning Meeting Today

Dear Clients and Friends, As we approach the end of the year, we would like to offer our services to provide year-end tax projections and explore tax planning opportunities for

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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

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