Women in Business – Michelle Dominguez

Interview conducted by Ana Gambetta. Michelle is a tax supervisor at MSPC. Michelle defines success as a way of life, and to her, her friend Laura embodies that success. Laura is someone who didn’t go to college, yet had a wonderful career as an insurance company manager, has a beautiful family, a beautiful home, and…

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2020 Income Tax Due Date For Individuals In NJ Extended

The State of New Jersey will follow the actions of the IRS and automatically extend the 2020 income tax filing due date for individuals from April 15, 2021 until May 17, 2021.  This extension includes any tax payments due with a return. Requests for an additional extension to file a return are also due by May…

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Women in Business: The Women behind MSPC success

Interview conducted by Ana Gambetta. This March, MSPC honors all the amazing women who work in the firm. Nicole Henry has been with the firm for over 20 years, and although her work is very important and allows her to have the creative freedom she craves, there is more to Nicole than meets the eye.…

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American Rescue Plan Act: How it Impacts You and Your Business

HOW WILL IT IMPACT YOU AND  YOUR BUSINESS? On Thursday March 11th, President Biden signed the American Rescue Plan Act into law. Here is a brief summary of the key tax provisions.  1. The first $10,200 in unemployment benefits are free of tax in 2020 for taxpayers making less than $150,000 per year. 2. Individuals will be…

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Federal Tax Relief for Individual Filers

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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NJ LEGALIZED CANNABIS: OPPORTUNITIES AND CHALLENGES FOR BUSINESSES

In a historic event for New Jersey, Governor Phil Murphy last week signed into law several bills effectively legalizing marijuana in the state. The new laws permit the possession (up to six ounces) and use of marijuana by anyone over the age of twenty-one within the state.  The laws also allow the purchase and sale of legal…

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Second Draw PPP Loans Update

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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MSPC CPAs Raises $18,000 for the Children’s Specialized Hospital Foundation

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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The IRS Issues New Ruling on Loan Forgiveness

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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Financial Markets and Election Cycles

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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