BMSS News

New Employees January 2015

Welcome new employees! Zach Clifton joined BMSS as Staff Accountant B. Tyler Bartlett, Tom Clemente and Dana Marshalls are new Staff Accountants. Emily Espy, Lauren Sampson, Amber Lockwood and Abby Missildine are working as Interns for 2015.

Payroll & Benefit Solutions, sister company to BMSS, welcomes Paige Henderson and James Waid as Payroll Specialists.
 

1099 Reporting Requirement Deadline

Form 1099s are due to recipients by January 31st and due to the IRS by February 28th.

Businesses (sole proprietorships, partnerships, corporations, nonprofit organizations and governmental units) should prepare and file Form 1099 –MISC, Miscellaneous Income, for each person to whom you have paid during the year at least $600 for services performed by someone who is not your employee. Such amounts are to be reported in box 7, nonemployee compensation.

Types of payments to report on Form 1099-MISC include:

  • Services performed by independent contractors or others (not employees of your business) (Box 7)
  • Prizes and awards and certain other payments (see Instructions for Form 1099-MISC, Box 3. Other Income, for more information)
  • Rent (Box 1)
  • Royalties (Box 2)
  • Backup withholding or federal income tax withheld (Box 4)
  • To physicians, physicians’ corporation or other supplier of health and medical services (Box 6)
  • Substitute dividends or tax exempt interest payments and you are a broker (Box 8)
  • Crop insurance proceeds (Box 10)
  • Gross proceeds of $600 or more paid to an attorney (generally, Box 7, but see instructions as Box 14 may apply)

Typically payments made to corporations are not reported on 1099s. Exceptions to this rule include the following, which are reportable:

  • Medical and healthcare payments
  • Fish purchases for cash
  • Attorney’s fees that are nonemployee compensation
  • Gross proceeds paid to an attorney
  • Substitute payments in lieu of dividends or tax-exempt interest
  • Payments made by a federal executive agency for services (vendors)

Penalties for failing to file on time can range from $30 to $100 per form. If it is determined that there is an intentional disregard of the 1099 filing requirements, the penalty is at least $250 per form.

Please provide a copy of all Form 1099s, received or sent, to your tax provider for the preparation of your tax return.

Clients - You should prepare and send a Form 1099-MISC if you made payments during the year to BMSS (a non-corporate entity) that exceeded $600.

If you have any questions regarding 1099s or assistance in preparing them, please contact your BMSS CPA or one of our Tax Compliance professionals. 

Beyond the Bottom Line December 2014

Tax Increase Prevention Act of 2014: Act Now to Take Advantage of Extensions

During the late hours of Tuesday, December 16, 2014, Congress passed the Tax Increase Prevention Act of 2014. President Obama has indicated that he will sign the bill as soon as it reaches his desk. This bill extends through 2014 many tax incentives that expired on December 31, 2013.  Taxpayers will have to act quickly and may need to revisit year-end tax planning discussions that have already taken place.

Some of the more popular tax extenders affecting individuals and businesses are below.

Business Tax Extenders:

  • Bonus depreciation (50% bonus depreciation on qualified property)
  • Enhanced Code Section 179 expensing ($500,000 dollar limit with a $2 million overall investment limit)
  • Research Tax Credit
  • Work Opportunity Tax Credit
  • 100% Exclusion for gain on qualified small business stock

Individual Tax Extenders:

  • State and local sales tax deduction
  • Higher education deduction
  • Teacher’s classroom expense deduction
  • Mortgage debt exclusion
  • Mortgage insurance premium deduction
  • Charitable distributions from IRAs

Please also see the attached Tax Briefing for a more in-depth look at this bill.

Contact your BMSS CPA or call (205) 982-5500 if you have any questions regarding the opportunities presented or would like a more customized analysis of steps you or your business may take to minimize taxes and maximize overall tax opportunities. At BMSS, we also take this opportunity to provide a holistic planning/strategy session for you and your business beyond just tax planning.

New Taxpayer Identification Program from Department of Revenue

The Alabama Department of Revenue (ADOR) has implemented a new program to protect taxpayers from criminals who use stolen information to file fraudulent tax returns. In 2013, over 1.6 million Alabamians were victims of identity theft and tax refund crimes.

Selected taxpayers will receive a letter from the ADOR asking them to complete a short confirmation quiz (either online or by phone). The request does not mean the individual is suspected of identity theft but is used to confirm the person's identity. Once the quiz has been completed, the tax return will be processed.

If you receive a letter from the ADOR, please do not hesitate to contact your BMSS CPA or one of our State & Local Tax professionals. Read a sample letter from the ADOR...

2015 Mileage Rates

The IRS 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile are:

  • 57.5 cents for business (increase from 56 cents in 2014)
  • 23 cents for medical or moving purposes (decrease from 23.5 cents in 2014)
  • 14 cents for service of charitable organizations

Taxpayers always have the option to claim deductions based on the actual costs of using a vehicle rather than using the standard mileage rates. A taxpayer may not use the business standard mileage rate for a vehicle after claiming accelerated depreciation, including the Section 179 expense deduction, on that vehicle. Likewise, the standard rate is not available to fleet owners (more than four vehicles used simultaneously).

BMSS Tax Professionals will be happy to discuss how this might apply to your specific situation.

Estate Tax Filing Deadline to Elect Portability Approaches

Some taxpayers otherwise not required to file estate tax returns were unaware that Form 706 is required to elect portability when the value of the estate was below the filing threshold ($5 million for 2011, $5.12 million for 2012 and $5.25 million for 2013). The portability election allows the surviving spouse to use the decedent spouse's unused exclusion amount.

In January 2014, the IRS provided an automatic extension for certain taxpayers to elect portability of the deceased spousal unused exclusion if the decedent was a U.S. citizen or resident who died after December 31, 2010, and before January 1, 2014, and the value of the estate did not require filing Form 706. The IRS will allow late elections for estates created after 2010 and before 2014 if completed by December 31, 2014. After that, it will be too late to make the election for those estates.

Contact the BMSS Estate Planning Practice Group today to schedule a time to go over your estate plan needs.

Jack Knight to Retire December 31, 2014

Barfield, Murphy, Shank & Smith is both proud and saddened to announce that A. Jackson (Jack) Knight, CPA, CVA will be retiring on December 31, 2014.

Jack joined Barfield, Murphy, Shank & Smith in 2000 and has over 40 years of public accounting experience. He focused on providing assurance and consulting services to credit unions, community banks, insurance carriers, not-for-profits and churches. As a Certified Valuation Analyst (CVA), Jack performed business valuation services which are commonly required in conjunction with the purchase or sale of a business, succession planning, estate and gift taxes and initial public offerings.

Active in the community, Jack serves as Past-President for the Arc of Jefferson County and was named "2011 Volunteer of the Year" from the Arc of Alabama. He also serves as a Habitat for Humanity volunteer and participates in numerous ministries and global mission trips with Dawson Memorial Baptist Church.

Jack and his wife, Sallie, have two sons, David and John, and three grandchildren with a fourth grandchild being welcomed in early 2015.

Says Don Murphy, Managing Member, “Although we will all miss Jack’s friendly nature and smiling face around the office, this is a well-earned opportunity for Jack to devote more time to his family and personal interests.”

BMSS & Employee News

Our office will be closed Thursday, December 25th and Friday, December 26th, as well as Thursday, January 1, 2015. Please contact our office to schedule your year-end tax planning appointments if you have not done so already.

John Shank, Don Murphy, Derrel Curry and Scott Stevens received their Chartered Global Management Accountant (CGMA) designation from the American Institute of Certified Public Accountants and the Chartered Institute of Management Accountants. The CGMA recognizes professionals who combine accounting and financial expertise with strategic insight to help management make informed decisions, manage uncertainty, protect assets and promote operational efficiency and effectiveness.

Welcome! Nick Vagner has joined BMSS sister company Abacus IT Solutions as a Network Technician.

BMSS was once again named to Accounting Today’s “Best Accounting Firms to Work For in the US” list. The list honors the top 100 best places of employment in the accounting industry in the United States. BMSS was the only firm in Alabama to make this list.

What does this mean for 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.


 

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

BMSS Named a Best Accounting Firm to Work For in the US

Barfield, Murphy, Shank & Smith was named as one of the “2014 Best Accounting Firms to Work For” in the United States by Accounting Today magazine. 

The “Best Accounting Firms to Work For” list honors the top 100 best places of employment in the accounting industry in the United States.

BMSS was the only firm in Alabama to make this list.

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 for 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.

BMSS Professionals Certified Global Management Accountant (CGMA) Designation

John Shank, Don Murphy, Derrel Curry and Scott Stevens have received their Chartered Global Management Accountant designation from the American Institute of Certified Public Accountants (AICPA) and the Chartered Institute of Management Accountants (CIMA).

The Certified Global Management Accountant (CGMA) is a global management accounting designation that recognizes the unique role played by professionals around the world who combine accounting and financial expertise with strategic insight to guide better business decisions. It demonstrates management accounting expertise in such areas as leading strategically with management to make more informed decisions, helping organizations manage change, risk and uncertainty, protecting corporate assets and promoting operational efficiency and effectiveness.

Management accountants understand both financial and non-financial data and continually integrate information from across an enterprise to help a business achieve their objectives.  Their understanding and experience of business goes well beyond financial accounting - management accountants are business professionals at the heart of decision-making, who “connect the dots” and recognize how the different parts of the business need to come together to create value.

Jack Knight Retired December 31, 2014

Barfield, Murphy, Shank & Smith is both proud and saddened to announce that A. Jackson (Jack) Knight, CPA, CVA will be retiring on December 31, 2014. 

Jack joined Barfield, Murphy, Shank & Smith in 2000 and has over 40 years of public accounting experience. He served as the team leader for the Financial Services Practice Group focused on providing assurance and consulting services to credit unions, community banks and insurance carriers, as well as not-for-profit organizations and churches. 

As a Certified Valuation Analyst (CVA), Jack performed business valuation services which are commonly required in conjunction with the purchase or sale of a business, succession planning, estate and gift taxes and initial public offerings.  He was a frequent speaker to credit unions and not-for-profit organizations on accounting and fraud prevention topics and was actively involved with the League of Southeastern Credit Unions.

Active in the community, Jack serves as Past-President for the Arc of Jefferson County and was named "2011 Volunteer of the Year" from the Arc of Alabama. He also serves as a Habitat for Humanity volunteer and participates in numerous ministries and global mission trips with Dawson Memorial Baptist Church.

Jack and his wife, Sallie, have two sons, David and John, and three grandchildren with a fourth grandchild being welcomed in early 2015.

“Jack will be greatly missed at BMSS,” said Don Murphy, Managing Member. “He developed our firm’s Financial Services Practice Group and fostered the development of younger accountants. Although we will all miss Jack’s friendly nature and smiling face around the office, this is a well-earned opportunity for Jack to devote more time to his family and personal interests.”


 

2014 Year-End Tax Planning Letter

As 2014 draws to a close, year-end tax planning considerations should be starting to take shape.

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

This letter covered some of the year-end planning opportunities and challenges for individuals and businesses regarding federal tax, but there are many more strategies that can possibly help reduce your tax liability over a period of time.  Also, state taxes should also be considered since the tax laws of many states do not follow the federal tax laws.

Most businesses and individuals can benefit from a fresh assessment of how year-end tax planning can help reduce their overall tax liability for 2014.

Contact your BMSS CPA or call (205) 982-5500 if you have any questions regarding the opportunities presented in this letter or would like a more customized analysis of steps you or your business may take to minimize taxes and maximize overall tax opportunities. At BMSS, we also take this opportunity to provide a holistic planning/strategy session for you and your business beyond just tax planning.

We look forward to serving you in the future and discussing your year-end planning.

Read the 2014 Year-End Tax Planning Letter...

***Update 12/17/14 - During the late hours of Tuesday, December 16, 2014, Congress passed the Tax Increase Prevention Act of 2014. President Obama has indicated that he will sign the bill as soon as it reaches his desk. This bill extends through 2014 many tax incentives that expired on December 31, 2013.

Taxpayers will have to act quickly and may need to revisit year-end tax planning discussions that have already taken place.

Some of the more popular tax extenders affecting individuals and businesses are below.

Business Tax Extenders:

  • Bonus depreciation (50% bonus depreciation on qualified property)
  • Enhanced Code Section 179 expensing ($500,000 dollar limit with a $2 million overall investment limit)
  • Research Tax Credit
  • Work Opportunity Tax Credit
  • 100% Exclusion for gain on qualified small business stock

Individual Tax Extenders:

  • State and local sales tax deduction
  • Higher education deduction
  • Teacher’s classroom expense deduction
  • Mortgage debt exclusion
  • Mortgage insurance premium deduction
  • Charitable distributions from IRAs

Please also see the attached Tax Briefing for a more in-depth look at this bill.

Please note our offices will be closed Thursday, December 25th and Friday, December 26th.

BMSS Habitat for Humanity Service Project

For the 9th year in a row, Barfield, Murphy, Shank & Smith is sponsoring and building a Habitat for Humanity home.

Employees from Barfield, Murphy, Shank & Smith, and sister companies Abacus IT Solutions and Payroll & Benefit Solutions, joined together for 8 weeks to donate over 600 hours to build the new Habitat for Humanity home.

The home is expected to be completed on December 18th, 2014.

Habitat for Humanity

View progress of the project in the Habitat for Humanity photo gallery.

 

Alabama Taxpayer Identification Protection Program

The Alabama Department of Revenue (ADOR) has implemented a new identity protection program to protect taxpayers from criminals who use stolen information to file fraudulent tax returns.  In 2013, over 1.6 million Alabamians were victims of identity theft and tax refund crimes.

When ADOR receives a tax return it will be processed using new tools intended to detect possible fraud.

Selected taxpayers will receive a letter from ADOR asking them to complete a short confirmation quiz (either online or by phone) used to confirm identity. The request does not mean the individual is suspected of identity theft or has done anything wrong but is used to confirm the person's identity has not been stolen and used to file a false return.

Once the quiz has been completed, the return will be processed.

If you receive a letter from the ADOR, please do not hesitate to contact your BMSS CPA.

Read a sample letter from the ADOR...

 

New Services from Payroll & Benefit Solutions

Going beyond the role of your outsourced payroll provider, Payroll & Benefit Solutions (sister company to BMSS) now offers expanded benefits and HR services designed to help you save time and money with the ability to scale and customize the options to suit your specific needs.

HR Support Services

Do you spend valuable time researching employment laws? Want access to advanced HR knowledge? Would you like to offer customizable HR benefits?

With different option levels of service, PBS can provide you with HR services including:

  • HR Professional as a dedicated point of contact
  • Benefit liaison - health insurance options for Health Care Reform
  • Online access to HR knowledge management system
  • HR audit & review – Employee files, FLSA, handbook, etc.
  • Employee onboarding
  • Claims/charges assistance
  • Secure document storage in the cloud
  • Management training
  • Develop HR tools

Benefit Options

Would you like to offer retirement and insurance benefits to your employees at a low cost? Confused about health care insurance options?

PBS is here to help you navigate your benefit options.

Supplemental Benefits

  • Aflac
    • Short-Term Disability
    • Hospital Advantage
    • Accident Indemnity
    • Cancer Care
    • Whole & Term Life
  • No cost to employer
  • PBS handles all deductions and invoicing
  • PBS dedicated customer service/claims line

Small Business 401(k)

  • Open Multiple Employer Plan (MEP) - each company has its own policy
  • No size limitations
  • Lower administrative fees than traditional plans
  • More investment options
  • Shifted fiduciary responsibility

Contact your BMSS CPA to schedule a free consultation with Payroll & Benefit Solutions or call (205) 271-5400.

Welcome New Employees and BMSS Employee Honors & Recognitions

BMSS welcomes Brad Brown, CPA as a Senior Accountant and Robby Lilly as Staff Accountant.  Hannah Avery returns as a Staff Accountant after previously interning with BMSS. 

Abacus IT Solutions, sister company to BMSS, welcomes Randy Clark as Network Services Technician.

Keith Barfield, CPA, CITP wrote an article for the ASCPA magazine giving his insights into the Gartner Group's Top Strategic Technology Trends for 2014.

Derrel Curry, CPA presented at the 2014 CPAs in Business and Industry Conference sponsored by South Carolina Association of CPAs on the new Financial Reporting Framework for Small and Midsized Entities.

Patrick Bowman, CPA was inducted into the Troy University Accounting Hall of Honor.  Patrick holds a Bachelor's and Master's degree in Accounting from Troy University.

BMSS Named to IPA 200 List

BMSS was designated as an INSIDE Public Accounting (IPA) 200 firm. The IPA 200 lists the largest accounting firms in the U.S.  This is the second year in a row that BMSS was named to this list.

 

BMSS Staff Promotions 2014

BMSS is proud to announce recent staff promotions in our firm!

Kim TarnakowKim Tarnakow, CPA was promoted to Senior Manager. Kim joined BMSS in 2005 and works in all areas of taxation, but specializes in mergers and acquisitions, research & development (R&D) tax credits and state and local taxes.

Promoted to Supervisor was Kate Fluker and John Schenk. Kate Fluker, CPA began at BMSS as an intern in 2009 and provides tax compliance, planning and advisory services along with business consulting and accounting services. She is actively involved in employee recruitment and training new employees on tax practices, standards and software.  John Schenk, CPA, joined BMSS in 2012 after working with an international public accounting firm for 3 years and in a property and casualty insurance internal audit department. He specializes in providing accounting and auditing solutions to credit unions and financial institutions and currently serves as the Secretary for the Birmingham Young CPAs.

Caroline Cockrell and John Haggard were promoted to Senior Accountant and Luke Arnett and Jennifer Mayfield were promoted to Staff Accountant B.
 

New Revenue Recognition Standard

The Financial Accounting Standards Board and the International Accounting Standards Board issued Revenue from Contracts with Customers in late May 2014. The new revenue recognition standard is principles-based, which is a big shift from and eliminates the industry-specific guidance under U.S. Generally Accepted Auditing Principles (GAAP) we have today. The revenue standard’s core principle is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled.

To accomplish this objective, the standard requires five basic steps:

(i) identify the contract with the customer,
(ii) identify the performance obligations in the contract,
(iii) determine the transaction price,
(iv) allocate the transaction price to the performance obligations in the contract, and
(v) recognize revenue when (or as) the entity satisfies a performance obligation.

Every entity’s daily accounting and the way it executes contracts with customers might be affected. Entities will generally be required to make more estimates and use more judgment than under current guidance, which will be highlighted for users through increased disclosure requirements.

What is the timeframe for implementation? Non-public entities are required to apply the revenue recognition standard for annual reporting periods beginning December 15, 2017, and interim periods within annual periods beginning December 15, 2018. Non-public entities can early adopt for annual reporting periods beginning December 15, 2016.

Although the required implementation date for non-public entities is more than three years away, companies should start to prepare for this change soon to choose the most appropriate transition method.

Three basic transition methods are available:

  • Full retrospective
  • Retrospective with certain practical expedients
  • Cumulative effect approach

Under the third alternative, an entity would apply the new revenue standard only to contracts that are incomplete under legacy U.S. GAAP at the date of initial application (e.g., January 1, 2017) and recognize the cumulative effect of the new standard as an adjustment to the opening balance of retained earnings. That is, prior years would not be restated and additional disclosures would be required to enable users of the financial statements to understand the impact of adopting the new standard in the current year compared to prior years that are presented under legacy U.S. GAAP.

Each transition option has pros and cons. It might be beneficial for your business to move from U.S. GAAP to the new Financial Reporting Framework for Small & Medium-Sized Entities.

In preparation for this change, the American Institute for Certified Public Accountants (AICPA) has established multiple industry-based task forces to develop new accounting guides containing helpful tips and illustrative examples for applying the new revenue recognition standard across various industries.

The AICPA Construction Contractors Revenue Recognition Task Force is one of the first groups to discuss the implementation issues and concerns they foresee. Here are their top 12 concerns for contractors so far:

  1. Disclosures and More Disclosures: Many new and potentially complex disclosures, such as more disaggregation of revenue, remaining performance obligations (i.e., deliverables) and contract balances, will be necessary.
  2. Accounting for Contract Modifications: Significant judgments in the accounting for change orders and claims will increase over the existing prescriptive accounting guidance.
  3. Training: The amount of training and time required to embed the new standard in every facet of the business will be significant, especially for project managers and other non-financial personnel who know GAAP as “how the system works.”
  4. Transition: Companies will face costly transitions, from determining opening balances and dual tracking for retrospective adoption, to system changes and key stakeholder education.
  5. Contract Value vs. Transaction Price: The new standard introduces the term “Transaction Price” which will need to be reconciled both conceptually and in value to the current and well understood term of “Contract Value.” Consideration will also need to be given to how variable amounts (e.g., award fees, liquidated damages, etc.) are factored into the determination of the transaction price.
  6. Systems Modifications: Significant system modifications will be needed to capture the additional information required under the new standard, including disclosures, tracking performance obligations and contract balances.
  7. Redevelopment of specific company policies: Most companies have well established and documented accounting policies under current GAAP; those policies will have to be revisited and changed based on the new guidance.
  8. Accounts Receivable: Philosophical changes may be required from the current practice of transferring amounts from “unbilled accounts receivable” to “billed accounts receivable” when an invoice is submitted to a client, to transferring amounts from “contract assets” to “accounts receivable” when a right to payment occurs, which may be unrelated to the timing of the invoice.
  9. Audit Requirements: Enhanced audit requirements will be necessary around the use of estimates in a financial statement audit and to understand and validate changes in internal controls and related processes.
  10. Key Metrics: Changes will likely be made to key financial performance metrics. Compensation, benefit arrangements, pre-qualification requirements and bonding/surety capacity may be affected.
  11. Tax Accounting: New differences between book accounting and tax accounting are likely to result from implementation of the new standard, as corresponding changes to the tax laws are not expected.
  12. Uncertainty: Since this standard affects a wide array of stakeholders, we will have to wait and see how the views of other regulatory bodies impact the application of these principles.
     

Talk with your BMSS CPA about how these new standards will affect your company.

 

Welcome New BMSS Employees

Welcome!

Wendy Mason joined BMSS as an administrative assistant in our estate and trust area.

Meredith Payne returned to BMSS as a Senior Accountant after serving two years as an accountant for the International Missions Board. Meredith previously worked at BMSS from 2010 – 2012. 

Payroll & Benefit Solutions, BMSS sister company, welcomed Jane Barnett as a Business Development Representative and James Randall as a Payroll Specialist.

BMSS Named a Corporate Citizen of the Year

BMSS is proud to have been recognized as a "Corporate Citizen of the Year" from the Birmingham Business Journal

Community service nurtures character, one of our core values.

Many opportunities to be involved present themselves to us and it just seems right to give back.  Many of the programs and events we've supported help bring camaraderie amongst our people.  The spirit of giving back has become second nature at BMSS and for that we are thankful.  Our firm believes that giving back and expecting nothing in return is an invaluable reward for us both personally and professionally.

We would like to take this opportunity to bring awareness to some of the organizations we are involved with - either as firm service projects, employee volunteer efforts or employees serving on their boards. 

Please take a moment to learn more about these organizations and their needs:

 

BMSS Named a Best Place to Work

BMSS was named a "Best Place to Work" for 2014 by the Birmingham Business Journal. We ranked #3 in the 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 seventh 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, 2011, 2012 and 2013.

Best Places to Work

Video: The History of BMSS

BMSS employees tell the story of how and why BMSS was founded and what it is like to work here.

 

 

Video lyrics:
(1991...The Pre-BMSS Era)
Been spending most my life
Wishing for a corporate 9 to 5
Come busy season time
Candles burn at both ends every night

Been spending most our years
Wishing we had picked diff-rent careers
It's not the job that brings the tears
It's the work that piles up to our ears

(Motivation for Formation)
Occupation
Oh Frustration
Gotta get out
You can use my Basement
First things first you can ask my wife
Gotta get back to less work more life
Shank says Barfield
Let's get Murphy
Sick of family life being such a worry
Escape the rat race of the hurry scurry
Something's gotta improve
Let's make a move
We'll do audits
And tax Projects
In a basement office
Baby, Let's make the move

(The BMSS WAY)
Alright stop,
Evaluate our mission
Family life with a lot less tension
Business - is picking up nicely
Enough to keep us busy daily and nightly
Will it ever stop yo, I don't know
It's 5 o'clock though, so let's go
To the extreme I run a tape, like a real boss
Family at home, more important than the gain or loss
Work Life Balance

(Taxes Up, Taxes In?)
Taxes Up Taxes In
Once we began
So much tax work
That we felt it's a sin
We needed some backup
other guys don't stack up
They called up Steve Smith
So the whole firm could rack up
He's taking it down
We're king of this town
Come join the best
Cause work abounds

(Ain't Nothin' but the Benefits)
1, 2, 3, and to the 4
Our reputation's more than just the name that's on the door
Ready to make an entrance and step it on up
Cause you know we're bout to change work up
Give me the chance to show you all that our standards aren't double
Working with some balance, now you know that ain't subtle
Ain't nothing but some benefits baby
To keep our CPA firm from going crazy
BMSS is the firm that pays me
Unbeatable with benefits for days, Ha!

(Baby Got Bingo)
I bill my time and I cannot lie
Most of the time it would make me cry
But when I bill for a bingo and 250 worth of singles
I get a big smile on my face
I get paid

(The Real Keith Barfield)
Ya'll act like ya'll ain't never seen a bald person before
jaws drop to the floor
cause you see my name on the door
Rocking a mustache (like you've never seen) before
Lookin like the guy from Austria that started a war
What's going on? oh wait, no wait you gotta be kidding he didn't just say what I think he did, did he?
And what I'm gonna do? Nothin my buddies, i find it funny and I think those staches are money
We just want to be like Keith, but one thing you should know, you can try to imitate but you will never duplicate cuz...
I'm Keith Barfield
Yes I'm the
real Barfield
All you other Keith Barfields are just imitating
So won't the real Keith....

(Concierge)
I'm gonna call our valet, they can get my dry cleanin',
they'll make bouquets, for my other half.....
they're the greatest concierge that's why they get paid,
No more errands left to run, now I got it made
And if it's downtown baby, I need to be dropped off
It's "yes" not "maybe", my cup is overflowin
It gives me the peace of mind, to know that I'm OK
No stress when it is mother's day my gifts on layaway

(Volunteer Days)
Habitat house, let us work it
put the frame up backwards let's reverse it
got 3 volunteering days left
got 3 volunteering days left
Got a soup kitchen, let me work it
Cut the carrots up, season it and stir it
got 2 volunteering days left
got 2 volunteering days left
Animal Shelter, let me work it
Clean the kitty litter, kennels, make it perfect
got 1 volunteering day left
got 1 volunteering day left
Got a bare wall, let me paint it
If it's wood panel, you know i can stain it
Got no volunteering days left
got no volunteering days left

(You can find me in Paris)
Go Vacay and still get paid yea
Cuz after ten years you can have a hay day
For a whole month PTO'n with your baybay
If you go to Florida, tell my gramps I say hey
You'll find me in Paris (par-eee)
With my family
I'm gonna take a month
Sabbatical for me
At the Eifel tower
Takin' a selfie
European holiday -- ten year anniversary

New Employees & Employee News February 2014

BMSS welcomes Laurie Holt in the newly created position of Guest Services Specialist! 

John Shank, one of the founders of BMSS, was elected to serve as the American Institute of Certified Public Accountants (AICPA) council representative for Alabama.

BMSS Announces Three New Members

Barfield, Murphy, Shank & Smith is proud to announce that Scott Stevens and Patrick Bowman became Members on January 1, 2014. 

Scott Stevens, his wife, Shelley, and their son, Owen, enjoy travelling and spending time outdoors. Scott is a member at Haven Field Community Church, where he serves as Treasurer. 

Scott began his career in public accounting in 1997 and joined BMSS in 2000. He graduated from Stephen F. Austin State University with Bachelor’s and Master’s degrees in Accountancy. He is part of the firm’s Accounting & Auditing quality control team, is actively involved in the firm’s employee recruiting, serves on UAB’s Accounting Advisory Board and participates with the League of Southeastern Credit Unions.

Scott provides audit and consulting services for clients in the financial services industry, including credit unions, community banks and insurance companies, as well as manufacturers and businesses in the health care industry. Scott has taught training courses on credit union accounting and auditing including topics such as board literacy, NCUA regulations, and mergers and acquisitions. He also regularly meets with management and boards to discuss audit results and opportunities for improvement.

Patrick Bowman and his wife, Bennett, have two sons - Sam and Jack. Patrick lives in Hoover and enjoys fishing and traveling to the beach. His family is a member of Bluff Park United Methodist Church.

Patrick has worked in public accounting since 1999 and joined BMSS in 2001. He holds a Bachelor's and Master's degree in Accounting from Troy University. Patrick provides audit, review and compilation services as well as internal control reviews to clients primarily in the construction, manufacturing, governmental and not-for-profit industries. He has assisted clients during mergers and acquisitions, debt restructuring, strategic planning and has consulted clients regarding financial and operational issues and regularly presents financial statements and other reports to business owners and boards of directors.

Patrick is responsible for overseeing continuing education efforts for our governmental and not-for-profit auditors and monitoring updates in audit techniques and pronouncements. He serves on the Board of Directors of the Alabama Association of Nonprofits and is a member of the Government Finance Officers Association of Alabama.

Additionally, Henry Denbo joined Barfield, Murphy, Shank & Smith as a Member.  Henry previously owned his own practice which he founded in 1986. He will provide accounting and auditing services to clients in the construction, manufacturing, distribution and not-for-profit industries. Henry is a licensed CPA in Alabama and California.