Latest News

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

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

By mspccpas | December 9, 2020

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…

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The IRS Issues New Ruling on Loan Forgiveness

By mspccpas | November 20, 2020

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…

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Financial Markets and Election Cycles

By mspccpas | November 16, 2020

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 Town Hall: Navigating Turbulent Financial Markets

By mspccpas | August 28, 2020

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…

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Cathy Davis and Sherryll Penney Honored by NJCPA Ovation Awards

By mspccpas | June 19, 2020

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…

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Rehiring Laid Off Employees and PPP

By mspccpas | May 6, 2020

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…

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The Latest from the IRS on PPP Loans and Employee Retention Credit

By mspccpas | May 1, 2020

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…

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