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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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Estate Exemption Sunset Reminder
By Cooper Melvin, JD, CPA In 2026, the increased estate tax exemption is expected to revert to its pre-2018 amount of $5 million adjusted for inflation. It is expected to
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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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