Kwong v. United States — Deadline to Act: July 10, 2026 A recent court ruling — Kwong v. United States — may allow certain taxpayers to get back money they
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JACKSON, Miss., May 21, 2026 – BMSS Advisors & CPAs is proud to announce that longtime Member, Jan Lewis, CPA, CGMA, has been inaugurated as the 113th Chair of the
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BMSS Advisors & CPAs will begin processing extensions for calendar, year-end federal information returns (Form 990, Form 990-EZ, and Form 990-PF) in March 2026. Our firm policy is to file
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In summary: The One Big Beautiful Bill Act introduced a powerful new tax incentive for manufacturers: 100% first-year depreciation for Qualified Production Property (QPP) under IRC Section 168(n). This allows
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With tax season now underway, many of our clients are asking the same question: What do I need to know to make this process go smoothly? For most of the
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In summary: The One Big Beautiful Bill Act (OBBBA) offers construction companies significant new tax planning opportunities in 2026, including permanent 100% bonus depreciation, expanded Section 179 limits, and a
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Written by Sarah Shirley, BMSS Supervisor Move over, piggy banks! The One Big Beautiful Bill Act (OBBBA) introduces a new way for kids to save, and it’s making quite the
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Alabama enacted tax incentives beginning in 2025 to expand childcare capacity and support workforce participation. The program includes (1) an Employer Child Care Tax Credit, and (2) a Child Care
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Alabama has enacted a Rural Hospital Investment Tax Credit that can provide a dollar-for-dollar Alabama tax credit for cash donations to Board-approved, eligible rural hospitals or certain approved third-party entities
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The wage base limit is the maximum wage that’s subject to Social Security tax for that year. In 2025, the Social Security Wage base was $176,100 and is increasing to
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IRS Notice 931 (Rev. September 2025), Deposit Requirements for Employment Taxes, lists requirements for depositing payroll taxes such as federal income tax, social security and Medicare tax. If your company
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As 2025 comes to a close, manufacturing businesses across the United States face another year of rapid change; tariffs, logistics pressures, and tax reforms continue to impact profitability. To help
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