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Two Pivotal IRS Programs Launched to Address Employee Retention Credit (ERC) Issues

In response to the increasing number of potentially ineligible Employee Retention Credit (ERC) claims, the IRS has recently launched two pivotal programs for businesses navigating the complexities of the ERC:

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Alabama 2024 Annual Report Changes

For corporate entities registered with the Alabama Secretary of State (ALSOS), beginning January 1, 2024, the ALSOS Corporation Annual Report is no longer reported with the Annual Business Privilege Tax

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2024 Social Security Wage Base Update

The wage base limit is the maximum wage that is subject to Social Security tax for that year. In 2023, the Social Security Wage base was $160,200 and is increasing

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2023 BMSS Year-End Tax Planning Letter

As we approach the end of 2023, it’s essential to plan ahead to ensure that you are well-prepared for the upcoming tax season. Whether you’re an individual, a business owner,

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You Can Now Potentially Withdraw Your ERC Claim

Written by Sarah Shirley Earlier this fall, the IRS issued a moratorium on the processing of any new Employee Retention Credit (ERC) claims through at least the end of the

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IRS Commits to Ramp Up Partnership Audits

By: Cooper Melvin, CPA, JD In September 2023, the IRS announced a special subdivision of the Large Business and International Division will be dedicated to pass-through entity audits. Partnerships have

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Preparing for W-2 and 1099 Season

The holidays are around the corner, and before you know it, January 2024 will be here! Let’s take a look at what you can do now to make the preparations

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Alabama Sales Tax Rate Reduction on Food Effective as of September 1, 2023

Alabama recently updated the state-level sales tax rate on food, reducing it from 4% to 3%, effective September 1, 2023. This does not affect local jurisdiction rates such as city

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IRS Halts Processing of New ERC Claims Until January 2024

In a news release yesterday, the IRS issued a moratorium on the processing of any new Employee Retention Credit (ERC) claims through at least the end of the year, citing

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Business Personal Property Tax – Looking Forward

It’s that time of year again, Business Personal Property Tax Returns are quickly approaching! Take a look below at some of the things to start thinking about in the coming

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I-9 Compliance: Navigating the Updated Form and Remote Verifications

Written by Rebecca Tipton, SHRM-SCP, BMSS HR Services The I-9 form is one of the main cornerstones of compliance for onboarding so that employers can demonstrate their employees’ eligibility to work

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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

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