News and Events

Do Not Let These Common RMD Mistakes Cost You You may be responsible for taking a Required Minimum Distribution, also called an RMD. Missing this requirement or handling it incorrectly can lead to penalties of up to 25 percent. Understanding the rules now can help protect your savings and prevent an unnecessary tax bill. If […]

Businesses and individuals who received Paycheck Protection Program (PPP) loans in 2020 or 2021 are being targeted by scammers attempting to gain access to their bank accounts. Because the government required PPP loan information to be made public, including recipient names, locations, and loan amounts, fraudsters are using this data to pose as legitimate bank representatives. These scams […]

 🎧 Listen to the article Note: Article adapted from Forbes. MSA reviewed and updated select items for accuracy in consultation with our CPAs. As 2025 draws to a close, taxpayers have a rare chance to benefit from the sweeping One Big Beautiful Bill Act (OBBBA). The law introduced new deductions, higher limits, and expanded credits—but […]

You Can Deduct Tips and Overtime. But Not in Your Paycheck Yet Here’s what that means for you The IRS just announced that some of the reporting and paycheck-related changes tied to the Tips and Overtime deductions will be delayed until 2026. Here’s what you need to know: Starting with your 2025 tax return, you […]

The One Big Beautiful Bill Act (OBBBA), effective July 4, 2025, brings important updates to how income is reported using Form 1099. These changes affect gig workers, self-employed individuals, and anyone using payment apps or online marketplaces for business purposes—including platforms like PayPal, Zelle, and others. Key Changes to Form 1099 Reporting Form 1099-K (Payment […]

🎧 Listen to the article The One Big Beautiful Bill Act includes several provisions designed to support small businesses, encourage investment, and provide long-term tax certainty. Whether you are self-employed, operate a partnership or S-corporation, or run a growing company with employees and equipment, these updates could positively affect your bottom line. Permanent 20% Pass-Through […]

🎧 Listen to the article (6.3 min) The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, introduces a wide range of tax changes. This article outlines updates that most directly affect individuals and families—including working taxpayers, retirees, and parents—so you can prepare for what lies ahead. Higher Standard Deduction Starting […]

Along with the lazy, hazy days of summer come some extra expenses, including summer day camp for working parents. But, there’s some good news. If you paid someone to care for a child or a dependent so you could work, you may be able to reduce your federal income tax by claiming the credit for […]

If you offer certain retirement plans such as a 401(k), you may need to be aware of the upcoming deadline to file Form 5500. The due date for calendar-year plans is July 31, 2025. Form 5500 is required for most employer-sponsored retirement plans under the Employee Retirement Income Security Act (ERISA). This form provides key details […]

Clarifying Tax Payment Options: NC and IRS Updates We have received several questions following our recent article about the elimination of paper checks for federal tax payments. This follow-up will help clarify what is changing—and what is not—at both the federal and state levels. North Carolina DOR (State Taxes) Paper Checks: Still accepted. The NC […]