Bmp, CPA

07/20/2026

07/14/2026

Iowa's tax-free weekend is August 7th and 8th this year.
And yes, it counts as tax news around here.

For two days, qualifying clothing and footwear items under $100 are exempt from both state and local sales tax in Iowa. It won't change your financial picture forever, but if you're already planning back-to-school shopping, timing it right is just smart.

A few things people get wrong: the exemption doesn't apply to items priced at exactly $100 or more, and athletic gear or specialty footwear designed for sports typically doesn't qualify. Everyday wear only.

Full details here: https://revenue.iowa.gov/taxes/tax-guidance/sales-use-excise-tax/iowas-annual-sales-tax-holiday

(And yes, we talk about the small stuff too. Paying attention all year is kind of our thing.)

07/09/2026

If retirement is somewhere in your 5–10 year horizon, the middle of the year is actually one of the better moments to take stock because there's still plenty time to make adjustments.

A few things that tend to get overlooked until it's too late:
➡The window for Roth conversions is narrower than most people realize. Once Social Security, RMDs, and other income stack up, the opportunity to convert at a lower rate shrinks. That analysis needs to happen years before retirement.

➡If you're 50 or older, catch-up contribution limits are one of the highest-leverage tools still available to you. If you're between 60 and 63, SECURE 2.0 increased those limits even further — worth confirming you're taking full advantage.

➡And if you're an Iowa resident: the state has phased out income tax on retirement income for taxpayers 55 and older. How that applies to your specific income sources is worth a conversation with your CPA.

We put together a full checklist of life changes that carry tax implications https://bit.ly/4f4kgw7

What's the retirement planning question you keep meaning to get to?

07/08/2026

Summer remote work looks great on Instagram. But if you're a W2 employee and you're logging on from another state this summer, there's a conversation worth having before you pack your laptop.

Working from a different state — even for a few weeks — can create state income tax obligations where you're working. Your employer needs to know where you're physically working from in order to withhold taxes correctly. Most people don't think to mention it. Payroll departments really do need to know.
A quick heads-up to your HR or payroll team before you go is a lot simpler than sorting out a state tax filing after the fact.

Have a summer work trip planned? It might be worth a quick check-in first.

Compliance note: State tax rules for remote workers vary significantly, and some states have reciprocity agreements that affect how income is taxed. This post is for general awareness — if you're spending significant time working from another state, talk to your CPA about your specific situation.

07/03/2026

Wishing you a happy Independence Day!

Taking today to celebrate, relax, and enjoy time the day.

We'll be back to talking taxes soon enough, for today, just enjoying the holiday.

06/30/2026

Six months down. Six to go.

It's easy to let the first half of the year blur by, especially when life keeps moving: a new job, a move, an investment, a milestone. But before you look ahead to the rest of 2026, it's worth pausing here for a second.

What changed for you this year so far? And does your tax strategy actually reflect it?

We'll be digging into exactly that next month. For now, happy halfway point.

06/25/2026

You can Google your tax questions. You can ask a chatbot for financing advice.

But neither one knows your full financial picture, or has a reason to actually care about getting it right.

One of our clients recently shared what happened when she looped in both her CPA and her financial planner before a big purchase.

And we found options she didn't even know she had.

That's the difference between getting an answer and getting advice. Real conversations, with real people who know your situation.

Curious what options you might be missing? A Strategic Tax Positioning session is a good place to find out.

06/20/2026

Every dad has his tax rate.

A bite of your fries. The last scoop of ice cream. Half your sandwich "just to try it." The Dad Tax is real, it's universal, and somehow, you never see it coming.

Happy Father's Day to every dad out there collecting his dues. 🍟

06/19/2026

One planning session. One conversation. Tens of thousands of dollars in potential tax savings were identified for a client who almost didn't schedule the appointment.

That's what happens when someone stops filing taxes and starts planning them.

At bmp, CPA, Strategic Tax Positioning sessions are designed for people who are ready to look ahead:
➡within 10 to 15 years of retirement
➡working through a business transition
➡managing growing investments, or
➡asking whether their current tax strategy still fits where they're going.

The session is 60 minutes. The clarity it produces lasts much longer.

👇 Interested? Fill out the form below and we'll be in touch.

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!