Latest News

Keeping you up to date on what's happening at the firm and with issues and regulations impacting your business.

New York Marijuana Law: What Businesses Need to Know

By mspccpas | June 1, 2021

On March 31, 2021, New York State (NYS) became the sixteenth state to legalize marijuana for recreational use. Under the new law, it is legal for individuals age 21 and older to possess and purchase up to three ounces of marijuana, as well as to possess up to five pounds…

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Advance Child Tax Credit Payments To Begin

By mspccpas | May 28, 2021

The IRS recently announced that the 2021 advance child tax credit payments, which were provided for in the American Rescue Plan Act (ARPA), will begin on July 15, 2021. The IRS also specified some additional information about these payments.  Notably, the child tax credit, which ARPA temporarily expanded and made…

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Women of MSPC: Cathy Davis

By mspccpas | April 8, 2021

This one was fun interview. Cathy Davis is the sole female principal at MSPC and is a woman who celebrates women and isn’t afraid of it. She is, however, afraid of spiders. Cathy always knew she wanted to be an accountant, there was no question about it. Her experience has…

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IRS Plans To Issue Unemployment Refunds In May

By mspccpas | April 1, 2021

The Internal Revenue Service said on Wednesday, it plans to take steps to automatically refund money starting in May and continuing through the summer to taxpayers who filed tax returns reporting unemployment compensation prior to recent changes under the ‘American Rescue Plan’. The COVID relief package, which President Biden signed into law this month,…

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Women in Business: The REAL women behind MSPC success

By mspccpas | March 29, 2021

Interview conducted by Ana Gambetta. Jessica Levin is an entrepreneur who owns her own firm, Seven Degrees, LLC. For nearly a decade, she has assisted MSPC with marketing and many other wonderful events. Jessica always knew she wanted to work in events, which unfortunately wasn’t a major during her college…

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Women in Business – Michelle Dominguez

By mspccpas | March 29, 2021

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…

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2020 Income Tax Due Date For Individuals In NJ Extended

By mspccpas | March 25, 2021

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…

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Women in Business: The Women behind MSPC success

By mspccpas | March 12, 2021

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…

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

By mspccpas | March 12, 2021

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…

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Federal Tax Relief for Individual Filers

By mspccpas | March 1, 2021

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…

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NJ LEGALIZED CANNABIS: OPPORTUNITIES AND CHALLENGES FOR BUSINESSES

By mspccpas | March 1, 2021

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…

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Second Draw PPP Loans Update

By mspccpas | January 11, 2021

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…

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