BMSS News

BMSS Named Regional Leader in Accounting Today's 2013 Top Firms List

Accounting Today named Barfield, Murphy, Shank & Smith a "Regional Leader" in the Gulf Coast (Alabama, Florida, Louisiana, and Mississippi) as part of their 2013 Top Firms list.   BMSS also made this list in 2012.

The report ranks accounting firms based on revenue and growth.

Credit Union Roundtable on 5/14

Please join Barfield, Murphy, Shank & Smith for the 2013 Credit Union Roundtable.

Roundtable topics include:

  • Health Care Reform –Employer Impact & Planning for 2013 and Beyond with insurance expert from S. S. Nesbitt & Company
  • New AICPA Framework /GAAP Alternative for Members’ Small Business Loan Financials
  • Accounting Update: Fraud Identification and Prevention & Allowance for Loan Losses
  • Tax Compliance Updates 

This is YOUR roundtable.  BMSS wants to know what topics you would like to discuss.   We will have an open forum to share ideas.  Please let us know items you would like discussed when you register.

Tuesday, May 14
10:00 am – 2:00 pm
(lunch will be provided)

Barfield, Murphy, Shank & Smith
1121 Riverchase Office Road
Birmingham, AL 35244

Cost: FREE  

Up to 3.5 hours of CPE credit available.

All employees, board, and committee members of credit unions are welcome to attend.

Space is limited. Registration is required to marketing@bmss.com.

Questions? (205) 982-5574

Read more about how the BMSS Credit Union Practice Group can help you.

Beyond the Bottom Line April 2013

IRS Dirty Dozen Tax Scams

The IRS issued its annual “Dirty Dozen” list of tax scams, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes that typically peak during filing season as people prepare their tax returns.

"This tax season, the IRS has stepped up its efforts to protect taxpayers from a wide range of schemes, including moving aggressively to combat identity theft and refund fraud," said IRS Acting Commissioner Steven T. Miller.  The IRS Criminal Investigation department works closely with the Department of Justice to shut down scams and prosecute the criminals behind them.

Read the IRS Dirty Dozen tax scams for 2013…

Updated Form I-9

The U.S. Citizenship and Immigration Services (USCIS) released an update to Form I-9, Employment Eligibility Verification, dated March 8, 2013.

Form I-9 is used for verifying the identity and employment authorization of individuals hired for employment in the United States. All U.S. employers must ensure proper completion of Form I-9 for each individual they hire for employment in the United States. This includes citizens and noncitizens. Both employees and employers (or authorized representatives of the employer) must complete the form.

Do not file Form I-9 with USCIS or U.S. Immigrations and Customs Enforcement (ICE). Form I-9 must be retained by the employer either for three years after the date of hire or for one year after employment is terminated, whichever is later. The form must be available for inspection by authorized U.S. Government officials from the Department of Homeland Security, Department of Labor, or Department of Justice.

For more information from the USCIS...

New FMLA Poster

The U.S. Department of Labor (DOL) issued a new Family & Medical Leave Act (FMLA) poster which takes effect March 8, 2013. All employers are now required to begin using the updated FMLA poster.  Most of the new regulations involve military caregiver leave for a veteran, qualifying exigency leave for parental care and job-protected leave for airline personnel and flight crews.

For a side-by-side comparison of the new 2013 changes versus the previous 2008 regulations...

Tools to Check Your Tax Refund Status

The IRS and Alabama Department of Revenue have some great new tools to check the status of your refund and tax account. You will need to make sure you have the refund amount and taxpayer’s social security number (first SSN listed on joint return) to check your federal and Alabama refunds.

Check your Federal refund status & account nformation:

Check your Alabama refund status & account information:

BMSS has provided these links for you to be able to conveniently check your return refunds or transcripts. If, however, you would like our assistance on these or other tax matters, please do not hesitate to contact us.

Abacus IT Solutions Provides Telephone Systems to Regions Tradition Golf Tournament

For the 6th year in a row, Abacus IT Solutions – BMSS sister company, will provide the telephone systems for the Bruno Event Team to use during the Regions Tradition Golf Tournament. Abacus IT Solutions provides cable for voice and data connectivity and installs a telephone system enabling the Bruno Event Team to communicate with their corporate headquarters, as well as players, vendors and volunteers onsite during the tournament.

Let Abacus IT Solutions do a review of your business’ current IT infrastructure and telephone system. They can report on your current operating systems and applications, determine possible threats, formulate a hardware replacement timeline, and determine if there are ways you can save money. Abacus IT Solutions can integrate a telephone system using Voice over Internet Protocol (VoIP), paging and intercom systems, call center management, call recording and logging and enterprise messaging solutions.  Contact your BMSS CPA or Abacus IT Solutions at 443-5900.

Post Tax Season Holiday Office Closing

BMSS will be closed on Thursday, April 18th and Friday, April 19th for our employees to celebrate the end of our 21st tax season. 

Thank you to our wonderful team members for their hard work and dedication. Our employees are our greatest asset and our firm's success over the past 21 years is because of their efforts.  Thank you to our clients for your loyalty and continued confidence in us as your accountants and trusted business advisors. We look forward to continuing to work with you. Sincerest thanks for your valued business.

Questions about this newsletter or how BMSS can help you?            Back to top of page            More News & Alerts

Abacus IT Solutions Provides Telephone Systems to Regions Tradition Golf Tournament

For the 6th year in a row, Abacus IT Solutions – BMSS sister company, will provide the telephone systems for the Bruno Event Team to use during the Regions Tradition Golf Tournament.

Abacus IT Solutions provides cable for voice and data connectivity and installs a telephone system enabling the Bruno Event Team to communicate with their corporate headquarters, as well as players, vendors and volunteers onsite during the tournament.

Let Abacus IT Solutions do a review of your business’ current IT infrastructure and telephone system. They can report on your current operating systems and applications, determine possible threats, formulate a hardware replacement timeline, and determine if there are ways you can save money. Abacus IT Solutions can integrate a telephone system using Voice over Internet Protocol (VoIP), paging and intercom systems, call center management, call recording and logging and enterprise messaging solutions.

Contact your BMSS CPA or Abacus IT Solutions at 443-5900.
 

Income Tax Refund Tracker

The IRS and Alabama Department of Revenue have some great new tools to check the status of your refund and tax account.  You will need to make sure you have the refund amount and taxpayer’s social security number (first SSN listed on joint return) to check your federal and Alabama refunds.

Check Your Federal Refund Status & Tax Account Information:

Check Your Alabama Refund Status & Tax Account Information:

We have provided these links for you to be able to conveniently check your return refunds or transcripts. If, however, you would like our assistance on these or other tax matters, please do not hesitate to call us.

BMSS Post Tax Season Holiday Office Closing 4/18 - 4/19

BMSS will be closed on Thursday, April 18th and Friday, April 19th for our employees to celebrate the end of our 21st tax season.

Thank you to our wonderful team members for their hard work and dedication. Our employees are our greatest asset and our firm's success over the past 21 years is because of their efforts.

Thank you to our clients for your loyalty and continued confidence in us as your accountants and trusted business advisors. We look forward to continuing to work with you. Sincerest thanks for your valued business.

Find helpful information such tools to check your tax return refund status and record retention guidelines.
 

Video Tutorials

BMSS has launched video tutorials that are free to access in the top right corner of our website.  We realized there is a need to have step-by-step instructions for our new clients to learn how to access their client portal, as well as current clients who need a refresher on how to upload and download files. (As a reminder, clients can access their portal 24/7 at no cost.)

In addition to our client portal videos, we provided tutorials on how to backup a QuickBooks files, enter manual checks and enter account payable bills into QuickBooks. These are questions we are asked often from our clients. We hope these instructions allow you to become more efficient and effective in operating your business.  Do you have a topic you would like to see as a BMSS tutorial?  If so, let us know!

BMSS Client Portal

Client Portal Tutorial (for first time login)

Client Portal Login

Uploading Files to the Portal

Data Transfer Help

QuickBooks Backup

QuickBooks Manual Check Entry

QuickBooks Entering Accounts Payable Bills

 

BMSS Ranks #3 in Size of Birmingham Accounting Firms

In the Top Accounting Firms list compiled by the Birmingham Business Journal, BMSS ranked as the third-largest firm in Birmingham.

BMSS also ranks in the top 10 in size in Alabama and top 200 in the United States. Thanks to all of our employees, clients and friends that have allowed BMSS to grow so quickly over the past 21 years!

Keith Barfield - Greater Shelby Chamber Vice Chair of Finance

Keith Barfield, CPA, CITP, one of the founding members of BMSS, has been elected to be the Vice Chair of Finance and Administration for the Greater Shelby Chamber of Commerce.

In this role, Keith will lead the Finance Committee, work with the Chamber staff on financial matters, provide monthly financial reports to the Board of Directors and serve on the Chamber’s Executive Committee. He has served on the Greater Shelby Chamber of Commerce Board of Directors since 2002.

Gib Johnson Hired as President of Abacus IT Solutions

BMSS sister company, Abacus IT Solutions, has hired Gib Johnson as President. Gib has over 25 years of experience in business development and technology. As President, Gib will oversee all executive decisions and operations of the company along with providing client solutions and client development. Greg Hardy will serve as Chief Operating Officer.

Abacus IT Solutions provides network assessments, monitoring, servers, data security back-up, accounting software consulting, and business telephone systems. If you would like more information on how Abacus IT Solutions can help your business, contact your BMSS CPA or Gib Johnson at 205-443-5921.
 

BMSS Names Two New Members to Our Firm

Barfield, Murphy, Shank & Smith is proud to announce that Daniel Brock and Cynthia Hudson have been named members of our accounting firm.  

Daniel Brock, CPA, CVA started his career in public accounting at Barfield, Murphy, Shank & Smith as an intern in 1997. He specializes in financial statement audit, review and compilation services for clients primarily in the construction, manufacturing and real estate industries. As a Certified Valuation Analyst (CVA), Daniel performs business valuation services which are commonly required in conjunction with the purchase or sale of a business, succession planning, and estate and gift taxes.   Daniel leads software training for staff, acts as our firm liaison to software providers and is involved with the firm’s information technology initiatives.

Cynthia Hudson, CPA joined Barfield, Murphy, Shank and Smith in 2005 and works on taxation issues with credit unions, partnerships, LLCs, S corporations, individuals and not-for-profit entities. Growing up in a family business, she brings her unique perspective to taxation for the business owner and not-for-profit organization.  Cynthia often speaks to not-for-profit organizations and credit unions on tax-related issues.
 

We now have 11 members in our firm.  For more information on our leadership... 

 

New BMSS Employees January 2013

BMSS welcomes new employees to our firm - Grant Addison, Senior Accountant and James McGriff, Staff Accountant.  Kyle Bradberry, Haley Harnden and Hannah Johnson also joined BMSS as interns for 2013.

BMSS Named a Best Accounting Firm to Work For

Barfield, Murphy, Shank & Smith was named as one of the “2012 Best Accounting Firms to Work For” in the United States by Accounting Today magazine.  BMSS ranked #6 in our Medium size category and was the only firm in Alabama to rank.

The “Best Accounting Firms” list was created by Accounting Today and Best Companies Group and honors the top 100 best places of employment in the accounting industry in the United States.

Company's workplace policies, practices, philosophy, systems and demographics were evaluated along with an employee survey to measure the employee experience. The combined scores determined the top companies and the final ranking.

What does this mean our clients?  BMSS has a high level of employee satisfaction, low turnover and the ability to recruit topnotch professionals. We utilize our low turnover to minimize staff changes. Staff consistency allows us to reduce costs to clients and ensure long-term relationships.

 

2012 Year-End Tax Planning

In recent years, year-end tax planning for individuals and businesses has been complicated by uncertainty over the future availability of many tax incentives. This year is no different.

Year-end tax strategies now demand urgent attention from businesses and higher-income taxpayers as the result of President Obama’s re-election. The President has consistently called for higher tax rates on individuals with incomes above $200,000 and families with incomes above $250,000 and he campaigned on reinstatement of the 36% and 39.6% income tax rates for higher-income individuals. The President also advocated a maximum capital gains rate increase from 15% to 20% and a dividend rate rise from 15% to 36% or 39.6% for higher-income taxpayers.

In 2010, Congress extended many business tax incentives for one or two years. Now, those incentives have expired or are scheduled to expire. Whether any eventual compromise hammered out between Congress and the Obama Administration would extend lower income tax and capital gains/dividends rates into 2013, or allow the higher top rates in 2013 to start at temporarily higher income levels than initially proposed, remains speculative.

In the meantime, higher-income taxpayers must decide whether to wait and see… or secure the benefit of current rates now, through accelerating income, postponing deductions/credits, harvesting appreciation/capital gains, having closely-held corporations declare special dividends, closing business sales/acquisitions and executing family gift-giving strategies – all before the end of 2012.

While it is not absolutely certain that tax rates will rise in 2013, it is more than certain that rates will never drop lower than they are now in 2012 for most higher-income taxpayers.

BMSS understands that the complexity of the tax law can make year-end tax planning overwhelming, but it is a necessity.  We can help you navigate through the changing legislation and plan a year-end tax strategy that incorporates traditional and newer strategies to possibly help minimize your federal tax liability.

This letter highlights some of the year-end planning opportunities and challenges for individuals and businesses regarding federal taxes.

For a more detailed plan, please contact your BMSS CPA or call our office at (205) 982-5500 to schedule an appointment for your year-end tax planning.

2012 BMSS Year-End Tax Planning Letter

New BMSS Employees November 2012

Barfield, Murphy, Shank & Smith is pleased to welcome new additions to our accounting firm.

Dustin McNutt, CPA is a Manager with Barfield, Murphy, Shank & Smith where he provides auditing and accounting services to banks, credit unions and other clients in the financial services industry. Dustin graduated from Auburn University with Honors with a Bachelor of Science in Business Administration and a Master's Degree in Accounting (MAcc).

He has over 7 years of experience in public accounting providing financial statement audits and reviews, employee benefit plan audits, internal audits and internal control audits for clients ranging from $50 million to $65 billion in assets.

Debbie Morris has joined our administrative team.  Debbie previously worked at an accounting firm in Louisiana.

Welcome Dustin & Debbie!

New BMSS Employees September 2012

Barfield, Murphy, Shank & Smith is pleased to annouce new employees at our firm.

Cherion Sibley, CPA joined Barfield, Murphy, Shank & Smith as a Manager where she will specialize in tax planning and compliance and estate planning. She has over seventeen years of experience in the tax field with a focus in estates and trusts, financial institutions and non-profit organizations. She currently serves on the Samford University Accounting Advisory Board, is a member of the Estate Planning Council, the Birmingham Tax Forum and is a Certified Financial Planner.

Grant Williams, CPA joined Barfield, Murphy, Shank & Smith as a Supervisor where he will provide financial statement preparation and audit services and employee benefit plan audits for clients in the construction, manufacturing, non-profit, governmental, information technology and professional services industries.  Grant has 6 years of experience in public accounting. 

Welcome Cherion & Grant!
 

BMSS Featured in Accounting Today - Generational Viewpoints: Culture Matters

BMSS was featured in Accounting Today's "Generational Viewpoints: Culture Matters".  Gen Y staff accountant AJ VanderWoude, born in 1986, and Gen X senior manager Bill Lorimer, born in 1972, shared their responses to the following question: "How important is firm culture and what specific factors related to it are most important to you?"

Read the Accounting Today article...
 

BMSS News September 2012

BMSS was a finalist in the Birmingham Business Alliance's Small Business of the Year awards program. Anna Kathryn Ellis, with BMSS sister company Payroll & Benefit Solutions, was a finalist for "Young Professional of the Year."

David King, Shareholder and Firm Administrator, has been awarded the Association-certified Accredited Administrator in Accounting Practice Management (AAAPM) by the Association for Accounting Administration.  Accreditation is the recognition and designation that the professional managing the firm has achieved a level of expertise within the profession of Firm Administration that exemplifies both their professional capabilities and experience.

Michael Eanes, Senior Manager, presented at a recent Southeast Credit Union Management Association conference on "Understanding the New Credit Loss Disclosures."

Brian Harney, Senior Manager, was named the 2012 Young Alumnus in Accounting from Troy University.  Congrats Brian!

Lacey Bacchus, Marketing Coordinator, was accepted into the 2012 - 2013 class of Leadership Shelby County.

BMSS was designated as an INSIDE Public Accounting (IPA) Top 200 Firm.  The IPA 200 lists the largest accounting firms in the US. 

BMSS Staff Promotions July 2012

BMSS is proud to announce recent employee promotions at our firm.

Promoted to Senior Manager was Stephanie Huovinen, CPA, CVA. Stephanie joined BMSS in 2003 and focuses on providing assurance services across multiple industries, including manufacturing, construction, distribution, retail and not-for-profit, as well as reviewing contractors’ licenses and business income tax returns. As a CVA, she provides business valuations in conjunction with the purchase or sale of a business, succession planning and estate and gift taxes. She is participating in the ASCPA Leadership Academy.

Promoted to Manager was Melanie Shores and Stephen Von Hagel. Melanie Shores, CPA joined BMSS in 2006 and provides federal, state and local tax compliance and planning and financial statement preparation to individuals, businesses, non-profits and credit unions. She is a graduate of the ASCPA Leadership Academy. Stephen Von Hagel, CPA has 7 years of public accounting experience focusing on financial statement preparation and audits, single audits, internal controls and reconstruction of financial records for clients in the construction, manufacturing, distribution, real estate, governmental and non-profit industries. He is participating in the ASCPA Leadership Academy.

Additionally, Kate Fluker, CPA was promoted to Senior Accountant and Tyler Crawford, Dan Post, AJ VanderWoude and Graham Travers were promoted to Staff Accountant B.

Best Place to Work

BMSS was named a "Best Place to Work" for 2012 by the Birmingham Business Journal.  We ranked #2 in Medium Size Company category!

The award was based on feedback from confidential employee surveys.

Read the full article at the Birmingham Business Journal.

This is the sixth year in a row we are named a Best Place to Work. In 2010, we ranked #1!  Read past award articles from 2007, 2008, 2009, 2010 and 2011.