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News and Events

First Draw PPP Loan Forgiveness Application

Have you submitted your First Draw Paycheck Protection Program (PPP) loan forgiveness application? Borrowers can apply for loan forgiveness once all loan proceeds have been used, any time up to the maturity date of the loan. However, if forgiveness applications are not submitted within ten months following the last day of the covered period, borrowers will …

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How is Your Tax Planning and Recordkeeping?

Good recordkeeping of tax documents is a great way to be prepared and reduce the stress of filing next year’s tax return. Records that you should keep every year include information regarding the purchase or sale of property, tax records, business income and expenses, health insurance information, and prior year tax returns. This year has …

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Deadline for child Tax Credit Advance Payments is Monday, June 28, 2021

Are you eligible to receive the Child Tax Credit? If so, you may begin receiving enhanced credits and direct payments of the credit in July. If you are considering the option to unenroll in Advance Payments, here are some things to know:   – If you are a married couple who files jointly, each spouse …

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Millions of Families Who May Qualify for Monthly Child Tax Credits to Receive Letter from IRS

The Internal Revenue Service (IRS) is sending letters to 36 million eligible families to inform them of an expanded Child Tax Credit through the American Rescue Plan Act. These letters are going to families who met criteria based on their 2019 or 2020 federal tax return. These payments can be up to $300 per month …

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Maintaining Corporate Status with Corporate Minutes

It is very important for all corporations to keep minutes of their meetings held throughout the year, and at a minimum, once a year. This is to protect their corporate structure and for planning purposes. The document link below contains a plethora of information regarding this topic. Maintaining Corporate Status with Corporate Minutes Source: Wikipedia

The IRS Struggle is Real!

Staff shortages, a 1,200% increase in the number of paper tax returns filed for the tax season that have been carried over from the prior year compared to a normal year, trailers parked outside the Internal Revenue Service (IRS) facilities with millions of pieces of unopened mail piled up in them. This is what COVID-19 …

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Are You Still Waiting for Your Refund from the IRS?

Many taxpayers are experiencing more refund delays this year than usual. The Taxpayer Advocate Service (TAS) at the IRS is aware of this. These delays are due to a record number of 2020 tax returns that are filed daily, the backlog of unprocessed 2019 paper tax returns, resource issues at the IRS, and technology problems. …

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MSA Receives Top Honors

Martin Starnes & Associates, CPAs, P.A. (MSA) has been recognized for its wellness standards in the workplace and recently received LiveWell at Work’s Gold Worksite designation. LiveWell at Work recognizes Catawba County businesses that are committed to worksite wellness practices to improve employee health and wellness. Companies meeting evidence-based worksite wellness standards in the areas of …

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American Rescue Plan Overview

The Internal Revenue Service (IRS) recently provided an overview of some of the key tax provisions in the American Rescue Plan Act (ARPA). Tax law updates and changes are never-ending. To keep abreast of updated developments, you will want to regularly check the IRS.gov site. Taxpayers who have already filed their 2020 returns are urged …

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IRS Begins Unemployment Compensation Income Tax Return Correction

Beginning this week, the IRS began issuing refunds to eligible taxpayers who paid taxes on 2020 unemployment compensation that the recently-enacted ARPA later excluded from taxable income. Corrections are being made automatically in a phased approach. To learn more about these corrections and refunds, please click here . Source: Internal Revenue Service