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 recently issued Revenue Ruling 2020-27, the IRS…

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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 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 diversification, downturn mitigation strategies, as…

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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 departments and was recognized in…

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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 loan forgiveness reduction calculations if said employees…

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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 in connection with the employee…

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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 by the credit amount.  …

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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 fact begins on the date that the…

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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 financial, commodity and energy markets,…

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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 are they subject to withholding…

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