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Lessons We Learned During Tax Season 2022

Lessons We Learned During Tax Season 2022

We asked our tax professionals to explain what worked and what didn’t work this past tax season. They offered the following insights into planning for the next tax year while allowing space and time for the unexpected. The Internal Revenue Service (IRS) is working hard to keep up. For example, as of late December 2021, [...]

Community Association Insurance: Are You Covered?

Ah, insurance. You don’t need it until you need it. Excellent quality insurance coverage is necessary to protect your community association from some of life’s worst rainy-day situations.  Without the proper coverage, you risk paying damage, loss, theft, or legal fees out of your HOA funds or even being held personally liable as a board [...]

Georgia Department of Revenue to Begin Issuing Special, One-Time Tax Refunds

To our Valued Clients & Friends: Great News! The Georgia Department of Revenue recently announced an additional tax refund that will be issued to all Georgia taxpayers who’ve filed their 2021 tax returns. The Georgia General Assembly recently passed, and Governor Kemp signed, legislation allowing for an additional refund of income taxes from 2020 (HB [...]

Understanding the Basics of Board Financial Reporting

As a property manager or community association board member, sometimes it’s tough to remember that associations are businesses. Some of them are pretty large, with hundreds of thousands of dollars in dues collected and expenses paid each year. That requires regular, proactive monitoring to ensure that issues, like mistakes or variances, are quickly identified and [...]

Best Wishes to Faye Sklar as She Retires

The BJM family would like to congratulate Faye on her retirement this January! Since joining BJM in 2006, Faye has provided her clients with a wealth of tax knowledge and a keen eye for detail. This gave her clients great confidence in her tax services, as they often described her as thorough, patient and respectful. [...]

Best Wishes to Grady Allen as He Retires

The BJM family congratulates Grady Allen on his retirement at the end of this year. Grady has been with BJM for 49 years, including 43 years as partner. We are grateful to have Grady continue to work with clients on a needed basis moving forward.   Grady joined BJM in 1972, and ever since has been [...]

IRS Sets Guidelines for Trump’s Payroll Tax Deferment

On Friday, August 28, the Internal Revenue Service (IRS) issued guidance on deferring an employee’s portion of Social Security tax for the period beginning September 1 and running through the end of the year. The guidance sets rules for implementing President Trump’s Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster, [...]

Cheers to 40 Years!

  Congratulations to Neal Bach who just celebrated 40 years with Bach, James, Mansour & Company! Neal, who serves as firm president, joined BJM in 1980 and became a principal in 1986. In his time with BJM, Neal has worked in accounting, auditing, tax preparation and review, and business and financial consulting. His clients describe [...]

Adjusting Your Household Budget During A Pandemic

No matter your age, the coronavirus pandemic has likely had an impact on your budget. You probably haven’t been traveling or going out much, but any funds you’ve saved may instead be sitting in stockpiles of toilet paper or supporting food delivery services. After three months of reacting, it’s time to start being more proactive [...]

Paycheck Protection Program Flexibility Act Grants PPP Borrowers Some Relief

A little more than two months after creating the Paycheck Protection Program (PPP), Congress and the President listened to the pleas of business owners and passed a law easing some of the requirements for PPP loan forgiveness. The Paycheck Protection Program Flexibility Act (PPPFA) not only grants more time for borrowers to use and payback [...]

  
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