Latest News

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

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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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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