News and Events

The IRS recently introduced the Employee Retention Credit Voluntary Disclosure Program (ERC-VDP), a significant development for businesses navigating post-pandemic tax relief measures. This program is especially relevant for organizations that have claimed the Employee Retention Credit (ERC) but later determined they were ineligible. Key Features of the ERC-VDP: Eligibility and Application: Benefits for Participating Businesses: […]

Important Updates for the Upcoming Tax Season As the tax season approaches, it’s crucial for employers to be aware of the important deadlines and changes in filing requirements. The IRS has set January 31 as the deadline for submitting various wage statements and forms related to independent contractors. Key Deadlines for Employers Important Considerations  […]

The IRS is reminding taxpayers of the upcoming deadline for the fourth quarter tax payment, which is crucial to avoid potential penalties or unexpected tax bills when filing in 2024. Understanding this requirement and the associated processes is essential for all taxpayers, especially those with unique income situations. Who Should Make the Payment? Understanding Taxable […]

Dear Valued Clients, As we bid farewell to 2023, we want to extend our heartfelt thanks to each of you for your continued trust and partnership. It has been a year filled with unique challenges and remarkable achievements, and your unwavering support has been integral to our journey. Reflecting on the past year, we are […]

As we approach the end of the year, it’s important for those born before 1951 to remember the rules about withdrawing money from retirement accounts like IRAs (Individual Retirement Arrangements) and other similar plans. The IRS has reminded everyone that there are some new rules starting with 2023 taxes that you should know about. First, […]

We are honored to share that Martin Starnes & Associates has been ranked #1 across the nation in the “2023 Best Firms to Work For” by Accounting Today, in the Midsized Firms category! This prestigious accolade, sponsored by ADP, is a testament to our steadfast commitment to creating an outstanding workplace environment and dedication to […]

We are pleased to announce that Martin Starnes and Associates has been honored with the 2023 Business. Well Crafted. Award by the City of Hickory! This prestigious award, presented by the City’s Business Development Committee, recognizes businesses, organizations, and entrepreneurs who play a pivotal role in driving Hickory’s vision for economic vitality. Victoria Martin, Managing […]

As the holiday season approaches, gift cards become a popular and convenient gift choice. However, this surge in demand also brings a rise in gift card scams, posing significant risks to both the giver and the recipient. Scammers have developed sophisticated methods to deceive consumers, making it crucial to stay informed and vigilant. Gift card […]

The Internal Revenue Service (IRS) has announced a notable update for employees utilizing health flexible spending accounts (FSAs) in 2024. The annual contribution limit for health FSAs will see an increase, allowing employees to allocate additional funds towards their healthcare expenses. This adjustment reflects ongoing changes in the economic landscape and aims to provide enhanced […]

The IRS’s Recent Decision on 1099-K Reporting: A Step Towards Clarity The Internal Revenue Service (IRS) has made a significant announcement affecting taxpayers and tax professionals nationwide. In a recent statement, the IRS confirmed the postponement of the $600 threshold for reporting transactions on Form 1099-K. This decision marks the second consecutive year of delay […]