News and Events
Tips for Protecting Your Identity While Shopping Online
Have you been spending time shopping online this holiday season? For some online thieves, ’tis the season to take advantage of having so many people shop online at once. They steal shoppers’ personal information and package it as their own. Some might call this a total Grinch move. The IRS and its partners in the […]
MSA Employees Assist with Jingle Bell Bash Event
The United Arts Council of Catawba County kicked off the holiday season with their annual Jingle Bell BASH (Benefitting Arts, Science, and History) on December 5, 2022 at the Lake Hickory Country Club. Area restaurants and caterers provided a wide variety of delicious food to enjoy at the event. By purchasing a ticket, participants had the chance to win […]
North Carolina Estimated Tax Payments Due December 31, 2022
In November 2021, the North Carolina Department of Revenue (NCDOR) enacted new legislation to allow eligible pass-through entities (S-Corporations and Partnerships) a new tax deduction, which occurs on the business returns. These pass-through entities typically do not pay income tax. The tax is normally paid at the individual level (i.e. pass-through) on the Form 1040 tax return. The […]
MSA Participates in Annual YMCA Turkey Trot
On Saturday, November 19, 2022, MSA employees bundled up to participate in the annual Turkey Trot hosted by the Hickory YMCA. We had walkers and runners who entered the 5K and 10K races.
Top 10 Under 40 Awards Dinner
Vickie Martin was there to congratulate the incoming Hickory Young Professionals’ 2022 Top 10 Under 40 recipients last night at the awards dinner held at Catawba Country Club. These talented professionals and emerging leaders are successful in their careers and contribute to the communities in which they serve. This award has been presented for almost […]
Retirement Account Distributions – What Do You Need to Know
Taking money out of your retirement account can cause unexpected tax consequences. Contributions to retirement accounts are normally funded with pre-taxed dollars. As a result, when funds are withdrawn from these accounts, they are considered taxable income. In the event you need to take money out of your retirement accounts prior to age 59 ½, […]
Year-End Tax Planning Moves – Are You Ready?
December 31, 2022, is right around the corner…and you know what that means? It could very well be the last day to update some things that could impact your 2023 tax return. Click here to learn more about this important topic. Submitted by: Frank Williams Source: www.taxtaxadviser.com
Are You Still Experiencing Delays at the IRS?
Are you still waiting for that refund from a tax return you sent in? Due to lingering effects of COVID-19, the Internal Revenue Service (IRS) continues to experience delays that include: Click here to read more about these delays and what you can expect. Sources: Internal Revenue Service
IRS Increases 401(k) Limits for 2023
The Internal Revenue Service (IRS) recently announced the 2023 cost-of-living adjustments affecting dollar limitations for 401(k) plans, pension plans and other retirement-related items. Those who participate in 401(k) plans can contribute up to $22,500, others who are age 50 and older, can also take advantage of the “Catch-Up” contribution of an additional $7,500, for a […]
IRS Takes Aim at Significant Employee Retention Tax Credit Fraud
The IRS recently began reviewing whether claims for the Employee Retention Credit (ERC) were made by taxpayers who truly qualified. In fact, as cited in an article last week by Bloomberg Tax, the IRS has already flagged 11,096 claims, totaling more than $2 trillion, as suspicious. In addition, the IRS has issued warnings about third-party businesses and […]