News and Events

If you qualify for the Child Tax Credit and have not enrolled for direct deposit, now is the time to enter your information! The Internal Revenue Service (IRS) has made an upgrade to a key online tool this week that allows you to enter your bank account information into the Child Tax Credit Update Portal. […]

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 […]

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 […]

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 […]

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 […]

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

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 […]

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. […]

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 […]

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 […]