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BMSS’ 2025 Year-end Tax Planning Letter Is Here!
As we approach the end of 2025, it’s essential to plan ahead so that you are well-prepared for the upcoming tax season. Whether you’re an individual, a business owner, or
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BMSS Advisors & CPAs Member, Jan Lewis, CPA, CGMA Awarded AICPA 2025 Global Women to Watch
BMSS Advisors & CPAs is proud to share that Member, Jan Lewis, CPA, CGMA has been named an Honoree in the 2025 Global Women to Watch in the Experienced Leaders
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Why Small Businesses Should Work with a Reputable Accounting Firm
Most business owners seek professional accounting help for one reason: to file taxes and stay compliant. Yet this practical necessity often obscures a more valuable truth, expert financial guidance delivers
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Your Alabama Tax License Renewal is Due December 31, 2025
Beginning November 1, 2020, taxpayers are required to renew the State of Alabama Tax License annually. 2026 License Renewal Due Date: 12/31/2025 The My Alabama Taxes (MAT) website provides the
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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 starting 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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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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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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