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IRS Increases Oversight of ERC Program
Last week, the IRS issued an important news release, IR-2023-135 (click green link to read full release), announcing their heightened scrutiny of claims for the Employee Retention Credit (ERC) with
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Independent Contractor (Self-Employed) or Employee?
Labor classification splits workers into two categories: Employees and Independent Contractors. Proper classification of workers is an important part of paying for labor and there are several pieces to consider
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Retirement Plan Changes for 2023 and Beyond
Written by Ashley G. White, JD, CPA The Securing a Strong Retirement Act of 2022, known as SECURE 2.0 Act, made significant changes to retirement savings rules for both the employer and employee. Some of these changes
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Maximizing Tax Benefits of Transaction Costs
Whether related to an acquisition, merger, restructuring, reorganization, initial public offering or spin-off, the costs paid by companies to service providers such as investment bankers, attorneys, accountants and consultants to
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Potential Tax Benefits of Distributions in 2023 for Trusts and Estates
By Dalton Bradshaw, CPA As the 2023 filing season has arrived, taxpayers may be considering options to reduce their tax liabilities. Due to the compressed tax brackets for trusts and
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Steven N. Smith Appointed to the Alabama State Board of Public Accountancy
BOARD MEMBER SPOTLIGHT: STEVEN N. SMITH The Alabama State Board of Public Accountancy welcomes its newest Board member, Steven N. Smith of BMSS, LLC. Mr. Smith was appointed by Governor
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2023 Social Security Wage Base Update
As we approach the end of the year, it is important to remain aware of changes that may affect your payroll software. One of the changes will be to the
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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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Federal 941 Payroll Tax Lookback Procedures
Do you pay Federal 941 payroll taxes on a monthly deposit schedule? If so, it may wise to perform an annual checkup to find out if you are required to
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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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Your Alabama Tax License Renewal is Due December 31, 2022
Beginning November 1, 2020, taxpayers are required to renew their State of Alabama Tax License annually. 2022 License Renewal Due Date: 12/31/2022 The My Alabama Taxes (MAT) website provides the
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Preparing for W-2 and 1099 Season
The holidays are around the corner, and before we know it, January 2023 will be here! Let’s take a look at what we can do now to make the preparation
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