Beyond the Bottom Line Newsletter
September 08, 2021
Upcoming BMSS Events
BMSS Presents: Annual Credit Union Roundtable -
September 23
BMSS Annual Tailgate Huntsville - September 23
BMSS Presents: Professional Ethics Training with Mike Brand - September 28
BMSS Presents: An Overview of "The Green Book" webinar
Cryptocurrency: The New Financial Frontier
In recent years, the unprecedented growth and public adoption of virtual currencies, also known as crypto currencies, have left many investors and professionals with questions and uncertainties as to what these currencies are and how they should be treated for tax purposes.

While the value and function of virtual currencies have continued to grow exponentially over the last decade, guidance from the IRS has been minimal. In recent months, Congress has introduced legislation with the intent to more effectively regulate virtual currencies and their taxation, as we discussed in our August 4, 2021 article titled “An Overview of the Infrastructure Investment and Jobs Act.” But at this point, the legislation has only been proposed and has not been enacted as law. Although guidance has been sparse, we can rely on the current revenue code to guide us in taxation of virtual currency transactions and dispel some of the confusion and uncertainty.

What is Virtual Currency?

The IRS defines virtual currency as “a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value.” Virtual currencies are created (“mined”) and recorded within a public database known as the blockchain. To read more, click here.
Alabama Electing Pass-Through Entities:
Third Quarter Estimate Due September 15th

Earlier this year, we informed our S Corporation and LLC/Partnership clients of the Alabama Electing
Pass-Through Entity Tax Act signed into law on February 12, 2021. Owners of entities that elect to pay their Alabama tax at the entity level under the act may recognize the benefits of a higher tax deduction for state taxes paid.

If a pass-through entity anticipates making the election for 2021, and its estimated Alabama tax liability is expected to be $500 or more, the entity is required to make estimated tax payments. Please note that the third quarter payment is due September 15th. Please contact your BMSS professional for assistance.
BMSS Presents:
Annual Credit Union Roundtable

Credit unions are part of a highly regulated and constantly changing industry. How do you keep up with all of the developments? Join our Credit Union professionals as they provide information on current topics and trends to keep you aware of regulations and requirements that may impact your organization.

Marriott 280

Thursday, September 23, 2021
9:00 a.m. - 1:00 p.m.
BMSS Advisors & CPAs
Annual Firm Tailgate

The Roundhouse at The EarlyWorks
Family of Museums

Thursday, September 23rd
4:30 p.m. to 7:00 p.m.

Join us for an evening of fun with your BMSS family!
 
Wear your favorite high school, college or pro team’s garb and come ready to have a great time. There will be fun prizes for the most decked out male and female guests.
 
We’ll have food, games, activities for kids and more!
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