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NC Department of Commerce Offers Job Retention Grant

The North Carolina Department of Commerce is offering a Job Retention Grant (JRG) for North Carolina businesses and non-profit organizations. To be eligible for the JRG, the employer must have the following: 1) maintained at least 90% of full-time employees from March 1 – May 31, 2020; 2) experienced economic loss; and 3) NOT already …

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Don’t Panic When You Receiving a Letter From the IRS

Does receiving a letter from the Internal Revenue Service (IRS) give you instant anxiety? Take a deep breath and read the letter to understand the contents and then decide how you will respond.   In most cases, you may only need to send additional information to answer their questions. The link below contains a wealth …

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Does Your 2019 1040 Tax Return Need to be Corrected?

You just discovered something wasn’t reported correctly on your 2019 tax return, now what? Maybe you reported a wrong filing status, dependent, total income, deductions or credits, etc.? If so, it is time to correct it by filing an amended return using Form 1040-X. Please click here to determine if you will need to file …

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Did You Get Your Taxes Filed by July 15, 2020?

The July 15 deadline to file and pay your 2019 taxes has come and gone – were you able to check this off of your to-do list? If you are entitled to a refund, there will be no penalty. However, penalties and interest began accruing on any unpaid tax due as of July 16, 2020. …

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No Need to Rush PPP Forgiveness

Paycheck Protection Program (PPP) loans are an important topic for many business owners who may want to roll out the PPP loan forgiveness application as soon as possible, but experts say that borrowers should not rush to apply for PPP forgiveness. Currently, the only deadline is ten months after the end of the loans covered …

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IRS Provides Guidance on 401(k) Withdrawals

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 …

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IRS Announces Rollover Relief for Required Minimum Distributions from Retirement Accounts

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 …

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Don’t Toss That Economic Impact Payment Notice

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, …

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MSA NAMED FIRST AMONG MEDIUM-SIZED NORTH CAROLINA COMPANIES!

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 …

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Tax Deadline for 2019 Tax Returns is Approaching but Filing an Extension Might be Good for You

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 …

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