Posts by John Dimitrakis

The IRS recently announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15th 2021, to May 17th 2021. Individual taxpayers may also postpone federal income tax payments for the 2020 tax year due on April 15th 2021 to May 17th 2021, without…

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On Friday, January 8th, the Small Business Association (“SBA”) released new guidance on what it is calling “Second Draw PPP Loans,” a forty-two page document that serves to define many heretofore ambiguous terms used in the program’s description. The rule takes effect immediately, lenders will determine how soon prospective borrowers can apply, and such borrowers…

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The COVID-19 pandemic has significantly reduced the amount of donations charities have received in 2020.  However, the socially-distancing didn’t stop   MSPC Certified Public Accountants and Advisors from raising $18,000 for the Children’s Specialized Hospital Foundation. After raising $10,000 in 2019, as part of their 75th-anniversary celebration, the full-service accounting and consulting firm with offices in New…

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This past May, the IRS issued Notice 2020-32, providing that a taxpayer that receives a loan through the PPP is not permitted to deduct expenses that are normally deductible under the Code to the extent the payment of those expenses results in loan forgiveness under the CARES Act. In the recently issued Revenue Ruling 2020-27, the IRS…

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Michael Halkias of MSPC interviews our guest speaker, Shailesh “Shay” Kshatriya from Russell Investments, who shares his knowledge and perspective on the current financial markets and changing opportunities. He helps contextualize recent market events against the backdrop of long-term investment objectives.

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MSPC and MS Investment Partners presented this webinar on August 26, 2020. The session covers top-of-mind questions related to the current market conditions, such as the disconnect between the market and the economy, the unprecedented nature of the coronavirus crisis, investor behavioral considerations, market structures in times of volatility, global diversification, downturn mitigation strategies, as…

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Cathy Davis, CPA and Sherryll Penney were among the 40 individuals to receive 2020 Ovation Awards from The New Jersey Society of Certified Public Accountants (NJCPA). Cathy, who was named a Woman to Watch, is a partner in the Firm’s tax practice. Sherryll leads the Firm’s Technology and Client Services departments and was recognized in…

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In an important recent response issued to its regularly updated FAQs, the SBA addressed the situation of where a PPP borrower’s forgiveness amount would be reduced if the borrower lays off an employee and then offers to re-hire the employee, who in turn declines the offer.  Such borrowers can exclude those laid-off employees from loan forgiveness reduction calculations if said employees…

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In an important update released yesterday evening, the IRS has stated that PPP loans that are later forgiven do not trigger deductions.  Thus, businesses that use PPP loans to pay otherwise deductible expenses, such as wages, will not be allowed those deductions to the extent that the PPP loan is forgiven. Separately, new IRS FAQs were just released in connection with the employee…

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