tax - BMSS, LLC

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

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

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

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

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

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

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

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

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

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

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

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

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

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

IRS Halts Processing of New ERC Claims Until January 2024

Business Personal Property Tax – Looking Forward

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

Maximize Your Tax Savings and Make a Positive Impact: Work Opportunity Tax Credit

IRS Increases Oversight of ERC Program

Independent Contractor (Self-Employed) or Employee?

Retirement Plan Changes for 2023 and Beyond

Maximizing Tax Benefits of Transaction Costs

Potential Tax Benefits of Distributions in 2023 for Trusts and Estates

Steven N. Smith Appointed to the Alabama State Board of Public Accountancy

2023 Social Security Wage Base Update

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