News and Events
Treasury Department and IRS Issue Payroll Tax Deferral Guidance
On Friday, August 28, 2020, the Department of Treasury and Internal Revenue Service issued the awaited guidance (Notice 2020-65) regarding payroll tax deferral ordered by President Trump on August 8, 2020. This notice will allow employers to defer withholding and payment of the employee’s portion of the Social Security tax “OASDI (Old Age, Survivors and Disability)” …
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Quarterly Estimated Tax Payments are Due Today – 9/15/2020
Don’t forget to pay your third quarter taxes on or before September 15, 2020. Check out the link below to see the options you have to pay these taxes. Click here to read more about this guidance. Source: Internal Revenue Service
Did You Have Taxes Withheld from the Unemployment Compensation You Received?
During the pandemic, Americans across the nation received unemployment monies authorized under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Did you realize that by law, this benefit is taxable and will be expected to be reported as income on your federal income tax return for 2020? If you received this benefit, you …
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Welcome to the MSA Team Kamila!
Our new staff accountant, Kamila, graduated from Appalachian State University in May 2019 with a Bachelor’s Degree in Accounting. She spent the last year as the Staff Accountant at the Grove Park Inn in Asheville, NC. Born in the Czech Republic, and growing up living in Singapore, Kamila has had the opportunity to travel across …
Be Sure to Choose Carefully When Selecting a Payroll Service Provider
Are you looking for a payroll service provider? The Internal Revenue Service (IRS) is reminding employers to carefully choose their provider to ensure that the services they are paying for are being completed timely after concerns that some disreputable organizations are failing to do so. Take a moment and read here to learn more about …
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Ready or Not, Hurricane Season is Here – Are You Prepared?
As we saw this week with Hurricane Laura roaring in, hurricane season is here! Do you have an emergency preparedness plan in place? Now is the time to create or update a solid plan before a disaster comes your way! Please click here to learn how to be prepared. Source: Internal Revenue Service
Did You Receive Your IRS Tax Refund Interest Payment?
If you filed your 2019 federal income tax returns by July 15 this year, you may have already received an interest payment. In fact, some people may have received this interest payment, but their refund is still being processed! To learn more, please click here . Source: Internal Revenue Service
The August 31, 2020 deadline to roll Funds back into a retirement account is quickly approaching!
If you already took a required minimum distribution from certain retirement accounts this year, you can roll those funds back into a retirement account. Click on here to learn more about what this might mean to you.
NC Department of Commerce Offers Job Retention Grant
The North Carolina Department of Commerce is offering a Job Retention Grant (JRG) for North Carolina businesses and non-profit organizations. To be eligible for the JRG, the employer must have the following: 1) maintained at least 90% of full-time employees from March 1 – May 31, 2020; 2) experienced economic loss; and 3) NOT already …
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Don’t Panic When You Receiving a Letter From the IRS
Does receiving a letter from the Internal Revenue Service (IRS) give you instant anxiety? Take a deep breath and read the letter to understand the contents and then decide how you will respond. In most cases, you may only need to send additional information to answer their questions. The link below contains a wealth …
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