Bmp, CPA

06/17/2026

A change is coming for businesses in Iowa City, Coralville, North Liberty, Shueyville, and Oxford.

Beginning July 1, 2026, a new 1% Local Option Sales Tax (LOST) takes effect — bringing the total sales tax rate from 6% to 7% on most taxable goods and services.
If your business collects Iowa sales tax, you'll also be required to collect LOST.

Here's what to do before July 1:
✔ Update your point-of-sale system to reflect the new 7% rate
✔ Confirm online platforms (Shopify, Square, Toast, etc.) are configured correctly
✔ Update your accounting software (QuickBooks and similar)
✔ Continue filing through GovConnectIowa as you currently do — no separate registration required

Each city has published guidance to help businesses prepare:
📍 Iowa City: icgov.org/government/city-manager-s-office/lost
📍 Coralville: coralville.org/1010/Local-Option-Sales-Tax
📍 North Liberty: northlibertyiowa.org/2026/05/01/prepare-your-business-to-collect-lost-on-july-1

If you have questions about whether LOST applies to your specific situation, reach out!

06/11/2026

Most people have filed a tax return.

Far fewer have sat down for a strategic tax positioning session.

Filing is about reporting what already happened.
Planning is about understanding what decisions are still in front of you.

In this month’s article, we’re walking through what a strategic tax positioning session at bmp, CPA actually looks (and feels) like:

✔What happens before the session
✔What the conversation covers
✔Who benefits most, and
✔What clients can expect to walk away with

This type of conversation is especially valuable for individuals within 10–15 years of retirement, people with investment activity, families navigating major life changes, and business owners making decisions about growth, structure, or transition.

You don’t need to have all the answers before you reach out.
That’s the point of the session.

Read the article: https://bit.ly/3RyLtyZ

06/09/2026

Planning is innovative.

That might sound strange because tax planning doesn’t feel flashy. It doesn’t look like a new app or the latest trend.

But in practice, proactive tax planning is countercultural. The American default is reactive.

File the return. Move on. Wait until next year. Ask the question after the decision is already made.

Strategic tax positioning takes a different approach.

It asks: What decisions are coming? What can still be shaped? What tax impact should be understood before the final choice is made?

For individuals nearing retirement, that may mean looking ahead at income sources, RMDs, investment activity, charitable giving, or state tax considerations.

For business owners, it may mean reviewing entity structure, payroll, growth plans, equipment purchases, or exit timing before decisions are locked in.

Learn more about our services: https://bit.ly/42XXL6s

06/04/2026

Required Minimum Distributions may feel like a retirement issue.

But the planning should often begin years before the first distribution is required.

RMDs can affect your taxable income, tax bracket, Medicare premiums, charitable giving strategy, and the timing of withdrawals from retirement accounts.

The question is not only, “When do I have to start taking money out?”

It’s also:

➡How will those distributions affect my tax picture?
➡Should we be looking at Roth conversion opportunities?
➡How do RMDs coordinate with Social Security, pensions, brokerage income, or business income?
➡Would charitable giving strategies change the outcome?
➡Are my CPA and financial advisor looking at the same picture?

For individuals nearing retirement, RMD planning is one of those areas where early conversations can matter.

To Do: If you are within 10–15 years of retirement, ask your CPA and financial advisor how future RMDs may affect your long-term tax picture.

06/03/2026

06/02/2026

Please help us welcome Tahra to bmp, CPA!

She is known for her warmth and her ability to connect with people quickly. Whether she’s answering a question, solving a problem, or helping a client feel at ease during a busy season, her approach is consistent: calm, capable, and intentionally interested in the people she works with.

Outside of bmp, CPA, Tahra is always on the move. She’s a committed runner with six half marathons under her belt, and she loves spending time on local trails and parks with her English Mastiff, who rarely gets left behind. On quieter days, you’ll find her reading, gardening, or cheering on the Hawkeyes and Vikings.

And because this is bmp, CPA, we’ll also use this as a timely reminder for business owners:

When you bring on a new employee, remember to think through payroll setup, withholding, employee information, state requirements, and tax reporting from the start.

A strong onboarding process helps create a better experience for the employee and fewer issues for the business later.

Welcome, Tahra! We’re so glad you’re here.

Learn more about our team: https://bit.ly/3PMnhse

05/29/2026

Some tax decisions are best discussed before the final decision is made.

Which one would you be most likely to ask a CPA about first?

Options:

Selling an investment property
Retiring or changing income
Starting or restructuring a business
Moving to another state

05/27/2026

Graduation season brings a lot to celebrate!
And a few tax questions parents may not think about until filing time.

One common question:
Can I still claim my college graduate as a dependent?

The answer depends on the details.

For many families, the graduating year can be a transition year. A student may still qualify as a dependent if they meet certain IRS rules, including student status, age, residency, and support requirements.

But once your child is working full-time, earning more income, supporting themselves, or filing independently, the answer may change.

Even if they’re still living at home, dependency is not automatic.

This is why life changes matter for tax planning. Graduation, a first full-time job, a move, a marriage, or a new business can all affect the way a return should be prepared.

Before assuming this year will look like last year, pause and ask the question.

See more family life changes to keep on your radar with our checklist:

https://bit.ly/4nPNin9