Latest News

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

New Jersey COVID-19 Grant and Loan Programs

By John Dimitrakis | 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 John Dimitrakis | 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 John Dimitrakis | 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 John Dimitrakis | 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 John Dimitrakis | 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 John Dimitrakis | 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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401(k) Hardship Distributions

By John Dimitrakis | December 13, 2019

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…

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MSPC CPAs Raises $10,000 to Children’s Specialized Hospital Foundation

By John Dimitrakis | November 12, 2019

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…

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Missing Participants in Employee Benefit Plans

By John Dimitrakis | August 13, 2019

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…

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MSPC Company Store

By John Dimitrakis | August 13, 2019

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…

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Changes Coming to IRS W-4

By John Dimitrakis | June 24, 2019

In an effort to more accurately withhold employee wages in accordance with the 2017 Tax Cuts and Jobs Act (TCJA), the Internal Revenue Service (IRS) announced plans in September 2018 to implement a new version of Form W-4, Employee’s Withholding Allowance Certificate, by this year. However, due to a negative…

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Microsoft Dynamics GP Webinar

By John Dimitrakis | May 10, 2019

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.

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