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News and Events

IRS Issues PPP Loan Expense Guidance

The Paycheck Protection Program (PPP) was designed to aid small businesses with loans to continue payroll and cover some overhead costs during the COVID-19 crisis. If a small business uses the loan monies for eligible expenses, all or part of the loan can be forgiven, which is quite an alluring facet.    On April 30, 2020, …

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New SBA Guidance PPP Qualification – Deadline for Payback is May 7, 2020

Recently, the SBA updated its Frequently Asked Questions Document to add FAQ 31. The new FAQ provides much-needed clarity regarding program qualifications specific to businesses with access to other sources of liquidity to support their ongoing operations. Any business that received a Paycheck Protection Program (PPP) loan prior to the issuance of this new guidance …

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Updates to the IRS Get My Payment Site

The Internal Revenue Service (IRS) has recently updated the online tool to track information regarding stimulus checks and direct deposits. Potential recipients can go online at www.irs.gov and click on the link “ Get My Payment ” for updated information concerning stimulus benefits. Taxpayers will need their social security number, date of birth, and mailing address on …

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Payroll Protection Program Round 2

Congress passed $310 billion of additional funding with the second round of Payroll Protection Program (PPP) monies for small businesses. The Small Business Administration (SBA) resumed funding on Monday, April 27, 2020 at 10:30 a.m. EDT. The entire package totaled $484 billion with an additional $310 billion of funding for the PPP. The first round of $349 billion …

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IRS Launches Website for Tracking Stimulus Payments

Once again, you checked your bank account online, and you didn’t see a deposit for your stimulus payment. Now what? The Internal Revenue Service recently launched a website where you can check the estimated arrival date of your payment. Please click here to track your payment at “Get My Payment.” Source: Internal Revenue Service

Update Regarding MSA: Tax Deadlines, New Legislation and COVID-19

We are still working, but we remain closed to the public. What does that mean? We are working in the office with a limited staff while a majority of our staff are working remotely.  We are diligently trying to make sure that everyone is receiving any feedback they need regarding questions, etc. related to the …

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Welcome to the MSA Team Lutchia and Kang!

Lutchia has a Bachelor’s Degree in Accounting from Gardner Webb and a Master’s in Psychology with a concentration in Industrial-Organizational from the University of Phoenix.  She comes to us from Transportation Insight where she served as a Processing Analyst almost 7 years.  Lutchia and her two sons live in Morganton. Lyrek age 19 currently attends NCCU pursing …

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Does the New Stimulus Package Affect You?

Probably…  While we hope that everyone is staying well and taking measures to be safe, Congress has been busy passing new laws that most likely will affect many, many individuals and businesses. The two most recent pieces of legislation are: •   FFCRA – Families First Coronavirus Response Act (Employer Expanded Family and Medical Leave Requirement) …

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UPDATE: Treasury and IRS Extend Tax Deadline Due to COVID-19

Monday, we let you know the IRS may extend the tax deadline due to COVID-19.  Tuesday, Treasury Secretary Steven Mnuchin announced the payment deadline would be extended to July 15th; however, this announcement did not extend the filing deadline beyond April 15th.  Today, Treasury Secretary Mnuchin announced the filing deadline has also been extended to …

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Treasury and IRS May Extend Tax Deadline Due to COVID-19

In most recent news, the American Institute of Certified Public Accountants believes that the Treasury and the Internal Revenue Service will announce this week an extension of the April 15 deadline by as much as 90 days and a waiver of penalties and interest for most taxpayers. We are hopeful that a confirmation will come this …

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