tax - BMSS, LLC

Newly Released Proposed Regulations Regarding Post-Death Distributions from Inherited IRAs and Retirement Plans

Written by Ashley G. White, JD, CPA The SECURE Act (the “Act”) became law effective January 1, 2020, and made significant changes to the rules regarding required minimum distributions (RMDs)

Package of Tax Provisions?

With the prospects of a comprehensive U.S. tax legislative package unlikely, one possible path for Congress is the consideration of smaller, more targeted pieces of legislation. One possibility of such targeted

Tax Considerations for Private Equity Funds and Investors

Written by Jeff Bilsky and Verenda Graham. The federal income tax rules that apply to private equity funds and investors have been the subject of much debate, mainly due to

2022 Alabama Unemployment Tax Rate Notices

What’s happening? The Alabama Department of Revenue has started releasing 2022 Tax Rate Notices. Alabama no longer mails paper copies of these notices, so employers who are subject to Alabama

Book and Tax Implications of Earnouts

One of the many challenges in any deal negotiation is for the buyer and seller to reach an agreement on the purchase price. This is especially true during times of

The White House Submits Its 2023 $5.8 Trillion Budget Proposal

On Monday, March 28, 2022, President Biden submitted his budget proposal to Congress for the 2023 fiscal year. The budget would reduce the national deficit by approximately $1 trillion over

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

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

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

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

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

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

Newly Released Proposed Regulations Regarding Post-Death Distributions from Inherited IRAs and Retirement Plans

Newly Released Proposed Regulations Regarding Post-Death Distributions from Inherited IRAs and Retirement Plans

Package of Tax Provisions?

Tax Considerations for Private Equity Funds and Investors

2022 Alabama Unemployment Tax Rate Notices

Book and Tax Implications of Earnouts

The White House Submits Its 2023 $5.8 Trillion Budget Proposal

K-2/K-3 Filing Requirements

Update on Electing Pass-Through Entities in Alabama

New Form 7203

How the Advance Child Tax Credit May Reduce Your Refund or Increase Your Amount Due

The IRS’ Ever-Growing Backlog and Suspension of Selected Automated Notices

IRS “Report Card” Warns of a Challenging 2022 Filing Season for Taxpayers and Tax Professionals

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