Latest News

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

Employee Retention Credit and the CARES Act

By mspccpas | April 29, 2020

The employee retention credit enacted by the CARES Act is a fully refundable tax credit equal to 50% of up to $10,000 in wages an employer pays to each employee (i.e., $5,000 per employee).  Employers can immediately access this benefit by reducing the payroll taxes that they deposit on a monthly or semi-weekly basis…

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PPP Forgiveness Period

By mspccpas | April 29, 2020

The Paycheck Protection Program (PPP) re-opened for applications yesterday, and although plenty of questions continue to need answers, the focus remains on the potential forgiveness of PPP loans. The amount of forgiveness depends on the borrower’s payroll costs over an eight-week period, but when does that eight-week period begin? It in…

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COVID-19 Financial Reporting Implications

By mspccpas | April 29, 2020

The coronavirus pandemic (COVID-19) has fast become the defining global health crisis of our time and the greatest challenge to almost all entities, either directly or indirectly. There are significant disruptions to global supply chains, suspension, or in worst cases cessation of many business operations, significant volatility and downturn in…

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The CARES Act and Retirement Plan Distributions

By mspccpas | April 27, 2020

The CARES Act implements new types of “coronavirus-related distributions” from retirement plans, including 401(k), 403(b), 457(b), and employee stock ownership plans, as well as individual retirement accounts (IRAs).  These distributions are not subject to the 10% early withdrawal penalty that would otherwise apply to early distributions from these types of plans, nor…

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Understanding Payroll Protection Program Loan Forgiveness

By mspccpas | April 21, 2020

Preparing for PPP Loan Forgiveness Businesses that have secured a loan through the PPP should already begin preparing and arranging for the information that they will eventually need to apply for forgiveness of that loan following the end of the eight-week, post-loan closing period.  A formal application is yet to be released…

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Provide Direct Deposit to IRS to Receive Stimulus Payment

By mspccpas | April 16, 2020

On or around April 17th, the IRS will be providing a link on their website for individuals to provide their bank account information if they haven’t previously received direct deposit. This will allow you to receive your stimulus money by direct deposit rather than by check. Visit the IRS Website.

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New Jersey COVID-19 Grant and Loan Programs

By mspccpas | April 3, 2020

In response to the COVID-19 pandemic, the New Jersey Economic Development Authority (NJEDA) is offering both a grant and a loan program for small businesses. Here is a summary of these programs as of April 3, 2020. Small Business Emergency Assistance Grant Program This program provides a maximum individual grant of up to $5,000…

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Paycheck Protection Program (PPP) Update

By mspccpas | April 3, 2020

On Thursday, April 2nd, the SBA released thirty-one pages of an interim final rule concerning the PPP.  Many of the provisions address lender-related details, and several additional regulations are still forthcoming. The following is a summary of the document. 1 – Independent contractors do not count as employees for purposes of a borrower’s PPP loan…

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SBA Guidance on Paycheck Protection Program (PPP)

By mspccpas | April 2, 2020

The SBA recently released some early guidance regarding the paycheck protection program (PPP), which is open through June 30, 2020.  This guidance confirms that: Loan terms will be the same for all borrowers Loans will carry a 0.50% fixed rate No collateral is required No personal guarantee is required Loans have a…

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New Jersey Tax Deadline Extended

By mspccpas | April 1, 2020

Today we learned that the New Jersey state income tax filing deadline and the corporation business tax filing deadline has been extended from April 15th to July 15th.   As always, speak to your MSPC partner about how the changes relate to your specific situation.

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Update Tax Filing Date: IRS Extends Deadline to July 15th

By mspccpas | March 23, 2020

As a follow-up to our previous post,  the IRS income tax filing and the deadline for making payments has been extended to July 15th.   Taxpayers can delay paying their income taxes on as much as $1 million in taxes owed for up to 90 days. Corporations that owe up to…

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IRS Extends Tax Payments Deadline – What This Means for You

By mspccpas | March 19, 2020

As everyone is aware, COVID-19 is impacting businesses around the globe. This week, US Treasury Secretary Steven Mnuchin announced that taxpayers can delay paying their income taxes on as much as $1 million in taxes owed for up to 90 days. Corporations that owe up to $10 million will also…

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