BCS BLOG

April 3, 2017

Nonprofit Risk Assessment

By Kevin Peters In a previous blog post, Siena Rambo provided insight on fraud risk assessment and the importance of implementation of such a plan. This is such a critical component of sound board oversight and organizational control we wanted to provide another follow-up specific to nonprofit organizations.  An article published by the AICPA-Not-for-Profit Section […]
March 22, 2017

Accounting Today Ranks BCS as 16th in the Southeast

By Tommy Greer We are pleased to announce Accounting Today ranked BCS 16th in the Southeast Region in their annual review of the top accounting, tax and consulting firms. We have watched this ranking for the last 10 years and are excited to finally make the list considering the region/states covered. We are thankful for […]
March 17, 2017

Update on TNTAP Sales Tax Filing

By Sherri Dugger What if you don’t have all of the information to set up your TNTAP account before the due date of the Sales Tax Return? There is a short-term solution, but please be aware that this option is only available for the February and March 2017 filing periods. On the TNTAP website homepage, […]
March 14, 2017

How to Setup your Tennessee Taxpayer Access Point Account

By Teresa Adams Reminder: The filing due date for the February Sales Tax Return is March 20th, so now is the time to set up your new account on TNTAP. The Tennessee Department of Revenue has launched a new website called TNTAP or Tennessee Taxpayer Access Point. TNTAP is a free website that will make […]
February 3, 2017

Form 5500 – Is Your Health and Welfare Plan Compliant?

By Tara Fenner Given all of the recent changes to healthcare compliance requirements, it is not surprising that keeping up with the newest rules is challenging for some employers. However, we are seeing a rising number of issues with regard to a tax return filing requirement specific to insurance plans that isn’t new. In fact, […]
January 20, 2017

TIME TO PREPARE FOR NEW LEASING STANDARDS

By Tyler Williams As part of their quest to ensure greater transparency in financial reporting, the Financial Accounting Standards Board (FASB) issued a new standard on leases in February 2016 (ASU No. 2016-02). With this new standard, FASB hopes to reduce the amount of off balance sheet operating lease commitments, which the SEC estimated to […]
December 15, 2016

REMINDER: W-2S AND SOME 1099-MISC DUE TO AGENCIES ON JANUARY 31

The IRS has changed filing deadlines for Form W-2 and some Form 1099s. FORM W-2 PRIOR RULES FOR W-2 W-2s were due to employees on January 31, and due to the Social Security Administration on February 28, or March 31 if filed electronically. NEW RULE FOR W-2 W-2s are due to employees and Social Security […]
December 11, 2016

COMING SOON: EXEMPTION FOR SMALL EMPLOYER HRAS FROM ACA GROUP PLAN RULES

By Chuck Randolph Expected to be signed soon, a new bill will include a provision allowing certain small businesses to use qualified Health Reimbursement Accounts (HRA) to reimburse health costs and insurance premiums which will be exempt from Patient Protection Care Act (ACA) group plan rules and ACA penalties. Prior Law Many businesses provided health […]
December 4, 2016

YEAR END REPORTING

By Coleen Lyon Now is the time for employers to be gathering information to file end of year payroll and insurance forms to avoid delays in meeting the filing deadlines. In an effort to curb identity theft, the Protecting Americans from Tax Hikes Act of 2015 (PATH Act) brought a change in the filing due […]
November 30, 2016

TAX PLANNING FOR 2016 – INDIVIDUALS

By James Motte As 2016 draws to a close, there is still time to reduce your 2016 tax bill and plan ahead for 2017. The following highlights several opportunities for you to consider.   DEFERRING INCOME TO 2017 If you expect your AGI to be higher in 2016 than in 2017, or if you anticipate […]