News and Events

Millions of Americans received unemployment compensation in 2020. These are taxable benefits and withholding is voluntary. However, if taxes were not withheld, they may be owed on 2020 returns. By law, unemployment compensation is taxable and must be reported on a 2020 federal income tax return. Taxable benefits include any of the special unemployment compensation […]

Organizing your tax records is the first step to getting ready to prepare and file your 2020 tax return. Keeping all of your essential records (i.e. W-2s, 1099s, receipts, canceled checks and other tax support documents) together in one area will help you to be better organized when preparing your returns or sending them to your […]

A Hickory native and graduate of Elon University and Appalachian State University, Stacee Rash joined Martin Starnes and Associates, CPAs, P.A., in 2009 after two years with a national firm. Stacee is known for holding herself and others to high standards and taking pride in everything she does. She is an advocate for coaching, advising, and supporting […]

The Internal Revenue Service (IRS) recently announced that February 12, 2021, will be the first day they will begin accepting and processing 2020 tax year returns. This later date allows the IRS time for additional programming and testing of their systems after the tax law changes that were announced December 27, 2020 providing a second round of […]

We are eager to serve you and want to share our safety protocols related to Covid-19 this tax season. Let us assure you that we are taking the necessary precautions to protect both our clients and our employees to allow us to continue serving you throughout this pandemic, but we need your help! Below are a […]

The application window for Paycheck Protection Program (PPP) forgivable loans will open Friday, January 15, for loans issued by smaller lenders and Tuesday, January 19, for loans issued by large banks. The linked article discusses details of the program. First time PPP borrowers may be eligible for $35 billion of new funding, which is available for […]

On December 31, 2020, the federal Families First Coronavirus Response Act (“FFCRA”) expired. This act required employers with fewer than 500 employees provide sick and family leave benefits for certain COVID-19 related reasons. It was thought that the FFCRA’s sick and family leave provisions would stretch into 2021 as part of the pandemic relief package […]

Previously, in 2020, anyone who received Payroll Protection Program (PPP) funding did not qualify for the Employee Retention Tax Credit. However, all of that changed in late December as part of the Consolidated Appropriations Act. Now, providing you meet certain criteria, any wages not utilized as part of the covered expenses under the PPP may now qualify […]

Form W-2 and other wage statements must be filed by employers by Monday, February 1, 2021, which is also the date the Form W-2s are due to employees. Click  here   to read more about this reminder to file wage statements and independent contractor forms. Source: Internal Revenue Service

Our Taylorsville office will be open for business on Fridays during the tax season starting January 15 th .   See you soon!