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News and Events

MSA NAMED FIRST AMONG MEDIUM-SIZED NORTH CAROLINA COMPANIES!

This year’s winners of Best Employers in North Carolina 2020 were just released, and Martin Starnes & Associates, CPAs, P.A. (MSA)is honored to be ranked first among medium-sized companies in this statewide survey and awards program.  MSA was chosen based on workplace policies, practices, philosophy, systems, and demographics and selected by Best Companies Group.   A few things that our firm …

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Tax Deadline for 2019 Tax Returns is Approaching but Filing an Extension Might be Good for You

The 2020 extended tax deadline is quickly approaching, and we are working to ensure your return is completed on time if you have already brought in your 2019 tax documents. In March, the United States Treasury and the Internal Revenue Service (IRS) extended the tax filing deadline due to COVID-19 until July 15, 2020.  This also …

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PPP Loan Application Deadline – June 30, 2020

In order to help small businesses during COVID-19 shutdowns and economic uncertainty, Congress created the Paycheck Protection Program (PPP) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 25, 2020. The CARES Act allowed for $349 billion to be given to small businesses for loans. However, as businesses still faced uncertainty, the federal government …

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Congress Passes Paycheck Protection Flexibility Act – Revises PPP Loan Provisions

Congress passed the Paycheck Protection Flexibility Act and President Donald Trump is expected to sign the bill into law.  The bill changes many provisions of the Payroll Protection Program (PPP) and extends the timing deadlines originally set in place.  The timing changes benefit the borrower by extending the eight week period to 24 weeks and …

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Now Open – By Appointment Only

We have missed all of you and hope everyone is safe and doing well during this unusual time of the COVID-19 pandemic! On Monday, June 1, 2020, we will be re-opening our offices by appointment only. We are taking proper precautions to minimize the spread of COVID-19. Your safety is our top priority! Please review …

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Informative IRS COVID-19 Tax Tips

The Internal Revenue Service (IRS) has recently published many useful and informative COVID-19 Tax Tips. Here are some recent topics: COVID Tax Tip 2020-55 – What People Really Want to Know About Economic Impact Payments. This tip shares information the IRS feels will answer the top questions people are asking. COVID Tax Tip 2020-56 – …

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IRS Relaxes Cafeteria Plan Mid-Year Change Rules Due to COVID-19 Pandemic

Typically, the rules surrounding Section 125 Cafeteria Plans prohibit changes to employee benefit plans throughout the year, except for employee life-changing events like divorce, marriage, birth of a child, and so forth. The impact from the coronavirus has brought about many questions regarding the flexibility of cafeteria plans due to the closings of so many daycares, …

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SBA Issues PPP Forgiveness Application

The United States Small Business Administration (SBA), in consultation with the Department of the Treasury, released an application form Friday for Paycheck Protection Program (PPP) loan forgiveness along with instructions for completing the form.   While the application is the first step in continuing compliance with the program, the application still leaves issues unresolved.   …

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Last Minute Update from Treasury: PPP Loans – Safe Harbor Clarification

Many small businesses have been waiting for clarification of the announcement two weeks ago by Treasury Secretary, Steve Mnuchin, that the Small Business Administration (SBA) would review any Paycheck Protection Program (PPP) loans made in amounts exceeding $2 million. Additionally, that announcement stated that all businesses must certify their need for the funds.    Just …

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Do You Qualify for These COVID-19 Tax Credits?

Your business might not have received a government loan but could still benefit from assistance due to the impact of COVID-19.  Qualifying businesses affected by COVID-19 may be eligible to receive these tax credits.  The Employee Retention Credit provides a 50% credit of up to $10,000 in wages.  The Paid Sick Leave and the Family …

Do You Qualify for These COVID-19 Tax Credits? Read More »