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K-2/K-3 Filing Requirements
By: Cooper Melvin, JD, CPA Taxpayers owning an interest in certain partnerships or S corporations may have noticed additional information in the Schedule K-1 package for 2021 regarding international tax
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Update on Electing Pass-Through Entities in Alabama
We have been closely following developments on Electing Pass-Through Entities in Alabama and providing updates to you as they become available. These updates have included direct communications to our clients
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New Form 7203
By Cooper Melvin, JD, CPA The IRS recently released the final version of the new Form 7203 to better document S corporation stock basis in connection with the income tax
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How the Advance Child Tax Credit May Reduce Your Refund or Increase Your Amount Due
By Ashley G. White, JD, CPA For those of you who make up part of the millions of families who received up to half of their child tax credit via
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The IRS’ Ever-Growing Backlog and Suspension of Selected Automated Notices
By Dalton Bradshaw, CPA In our Beyond the Bottom Line Newsletter on January, 26, 2022, we summarized the annual report of the Taxpayer Advocate Service to Congress. The report noted
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IRS “Report Card” Warns of a Challenging 2022 Filing Season for Taxpayers and Tax Professionals
By Steven N. Smith, CPA, JD The 2022 filing season will likely be a frustrating experience for both taxpayers and tax professionals. Individual returns can be submitted to the IRS
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BMSS Promotes Two Employees, Joyce Rinaldi, CPA and Amy Stapler, CPA, to Member
Joyce joined the Huntsville team in 2013 and is currently a Member in Client Accounting Solutions (CAS). Her specific expertise lies in providing virtual CFO solutions as well as assisting
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Build Back Better Act’s Proposed Tax Changes on Indefinite Hold
A few days before Christmas, West Virginia Democratic Senator Joe Manchin announced on both Fox News Sunday and his website that he would not support the Build Back Better Act (BBBA), President
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Important Information Regarding 2021 Personal Income Tax Returns
IRS Issuing Information Letters to Advance Child Tax Credit Recipients and Recipients of the Third Round of Economic Impact Payments On December 22, 2021, the IRS announced that it will
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How to Repay Q4 Employee Retention Credit (ERC)
By Cooper Melvin, JD If you received an advance payment of the employee retention credit for the fourth calendar quarter of 2021, you might have to repay the amount received.
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BMSS’ 2021 Year-end Tax Planning Letter
2021 has been a year filled with recovery from the pandemic and economic hardships of 2020. As many of the tax breaks legislators provided during the pandemic come to an
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Update on the Build Back Better Act
By Cooper Melvin, JD As discussed elsewhere in this Beyond the Bottom Line, the Infrastructure Investment and Jobs Act became law on Monday, November 15th. The other key component of
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