Beyond the Bottom Line Newsletter
January 26, 2022
Potential Tax Benefits of Distributions in Early 2022 for Trusts and Estates

By Dalton Bradshaw, CPA

As the 2022 filing season quickly approaches, taxpayers may be considering options to reduce their upcoming tax liabilities. Due to the compressed tax brackets for trusts and estates, these considerations are of paramount importance. Typically, tax planning strategies are only applicable to the year in which the strategy is implemented, with no retroactive application. However, trusts and estates and their beneficiaries may find tax relief in Internal Revenue Code Section 663(b).

The referenced code section and Treasury Regulation Section 1.663(b)-1(a)(1), often referred to as the “65 Day Rule,” allow the fiduciaries of trusts and estates to elect to treat distributions to their beneficiaries within the first....Read More
City Business License Renewals Information

If you conduct business in Alabama, it is time to renew your business license depending on your jurisdiction(s). To help simplify the process, we have included a few Alabama cities' information for you.

The cities included in the link are:
  • Birmingham
  • Gadsden
  • Huntsville
  • Madison

If the city or locality that your business needs is not on this list and you need guidance, please reach out to your BMSS professional for assistance....Read More
Think You're Too Small to Be a Target?

According to an article in The Business Journals, The National Observer, written by Eric Mandel in the January 25, 2022 edition, many manufacturing companies believe that they are not at risk for a cyberattack because they are not a large company. Quoted in the article, B. Kevin Burke, Jr. says he hears that a lot. "A lot of times those small- to mid-sized manufacturers are being used as a Trojan horse, unknown to them, to get into someone else's system."

The threat is very real and is affecting many businesses who never thought they'd be at risk. Buffalo Business First's Kate Anderson wrote a report where she stated that 36% of the 438 manufacturing companies surveyed in a Sophos study had been attacked with ransomware. Companies need to be aware and take the necessary precautions to help protect themselves.

To read the full article, visit The Business Journals.
BMSS Wesson Presents: An Economic Update

Join us as Anoop Mishra, vice president and regional executive of the Birmingham Branch of the Federal Reserve Bank of Atlanta, provides an economic update. BMSS Wesson CEO Mark Wesson will serve as webinar moderator.

Friday, January 28, 2022
8:30 a.m. - 10:00 a.m.
Abacus Technologies Presents: Leveraging Your Business Data to Save Time & Increase Efficiency

Join us as Abacus Technologies’ Business Intelligence team explores two pillars of intelligent businesses: turning business data into information for faster decision-making to not fall behind the competition, and turning that information into action by automating workflows to stay ahead.

Thursday, February 10, 2022
8:30 a.m.