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

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…

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…

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…

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.

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…

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…

Nearly 100 million people are participants in a 401(k) plan in the U.S. according to the U.S. Department of Labor.  Unfortunately, many of those participants are unable to leave 100% of their accounts available to use in retirement. This is because they face a financial hardship and need to take…

As part of its 75th-anniversary celebration, MSPC Certified Public Accountants and Advisors has committed to supporting Children’s Specialized Hospital Foundation as its charity of choice.   The full-service accounting and consulting firm with offices in New York and New Jersey selected the organization after an in-depth process to identify an…

By Robert Jannelli, CPA Are you the administrator of a Defined Contribution Retirement Plan?  Maybe you are a trustee of one of these types of employee benefit plans.  Or maybe you are the owner of a company that sponsors such a plan.  If you are and were asked the question…

As MSPC continues the celebration of 75 years in business, the Cranford, NJ-based accounting and consulting firm has launched a company store. All employees of the firm received a $75 credit to the store as a reward for their hard work and dedication to MSPC’s clients. Clients and friends of…

If you missed our webinar, Rapid-Fire: 50 ISVs in 50 Minutes, you can listen to a recording of it here. A copy of the slides can be downloaded here. A list of the 50 ISVs can be downloaded here. If you need information about Microsoft Dynamics GP, Contact Sherryll Penney.