News and Events

Have you taken a financial hit due to the events of COVID-19, and are you considering making a withdrawal from your 401(k)? The Internal Revenue Service (IRS) is stating that if you have been affected by COVID-19, you may be able to withdraw up to $100,000 from your eligible retirement plan during 2020 and not […]

As the pandemic continues to cause economic uncertainty across the country, the Internal Revenue Service (IRS) announced new plans to help those with retirement account distributions through the release of Notice IR-2020-51. The recent notice allows individuals who have already taken their Required Minimum Distribution (RMD) from certain retirement accounts in 2020 to roll the funds […]

A hot topic of conversation during the pandemic has been whether or not you received your stimulus check and if you received the correct amount.  If you did receive your check, you should have also received Notice 1444 in the mail within 15 days of receiving your payment. For your benefit, as well as your tax preparer’s, […]

This year’s winners of Best Employers in North Carolina 2020 were just released, and Martin Starnes & Associates, CPAs, P.A. (MSA)is honored to be ranked first among medium-sized companies in this statewide survey and awards program.  MSA was chosen based on workplace policies, practices, philosophy, systems, and demographics and selected by Best Companies Group.   A few things that our firm […]

The 2020 extended tax deadline is quickly approaching, and we are working to ensure your return is completed on time if you have already brought in your 2019 tax documents. In March, the United States Treasury and the Internal Revenue Service (IRS) extended the tax filing deadline due to COVID-19 until July 15, 2020.  This also […]

In order to help small businesses during COVID-19 shutdowns and economic uncertainty, Congress created the Paycheck Protection Program (PPP) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 25, 2020. The CARES Act allowed for $349 billion to be given to small businesses for loans. However, as businesses still faced uncertainty, the federal government […]

Congress passed the Paycheck Protection Flexibility Act and President Donald Trump is expected to sign the bill into law.  The bill changes many provisions of the Payroll Protection Program (PPP) and extends the timing deadlines originally set in place.  The timing changes benefit the borrower by extending the eight week period to 24 weeks and […]

We have missed all of you and hope everyone is safe and doing well during this unusual time of the COVID-19 pandemic! On Monday, June 1, 2020, we will be re-opening our offices by appointment only. We are taking proper precautions to minimize the spread of COVID-19. Your safety is our top priority! Please review […]

The Internal Revenue Service (IRS) has recently published many useful and informative COVID-19 Tax Tips. Here are some recent topics: COVID Tax Tip 2020-55 – What People Really Want to Know About Economic Impact Payments. This tip shares information the IRS feels will answer the top questions people are asking. COVID Tax Tip 2020-56 – […]

Typically, the rules surrounding Section 125 Cafeteria Plans prohibit changes to employee benefit plans throughout the year, except for employee life-changing events like divorce, marriage, birth of a child, and so forth. The impact from the coronavirus has brought about many questions regarding the flexibility of cafeteria plans due to the closings of so many daycares, […]