Advance Child Tax Credit

In a recently published FAQ, the IRS stated that Advance Child Tax Credit payments cannot be counted as income when determining if the recipient taxpayer or anyone else is eligible for benefits or assistance, or how much the taxpayer or anyone else can receive, under any federal program or under any state or local program financed…

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New York Marijuana Law: What Businesses Need to Know

On March 31, 2021, New York State (NYS) became the sixteenth state to legalize marijuana for recreational use. Under the new law, it is legal for individuals age 21 and older to possess and purchase up to three ounces of marijuana, as well as to possess up to five pounds at their residence. Although the…

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Advance Child Tax Credit Payments To Begin

The IRS recently announced that the 2021 advance child tax credit payments, which were provided for in the American Rescue Plan Act (ARPA), will begin on July 15, 2021. The IRS also specified some additional information about these payments.  Notably, the child tax credit, which ARPA temporarily expanded and made refundable for 2021, is allowed…

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Women of MSPC: Cathy Davis

This one was fun interview. Cathy Davis is the sole female principal at MSPC and is a woman who celebrates women and isn’t afraid of it. She is, however, afraid of spiders. Cathy always knew she wanted to be an accountant, there was no question about it. Her experience has been so positive, she couldn’t…

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IRS Plans To Issue Unemployment Refunds In May

The Internal Revenue Service said on Wednesday, it plans to take steps to automatically refund money starting in May and continuing through the summer to taxpayers who filed tax returns reporting unemployment compensation prior to recent changes under the ‘American Rescue Plan’. The COVID relief package, which President Biden signed into law this month, enables taxpayers who earned under…

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Women in Business: The REAL women behind MSPC success

Interview conducted by Ana Gambetta. Jessica Levin is an entrepreneur who owns her own firm, Seven Degrees, LLC. For nearly a decade, she has assisted MSPC with marketing and many other wonderful events. Jessica always knew she wanted to work in events, which unfortunately wasn’t a major during her college days so she chose hospitality,…

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Women in Business – Michelle Dominguez

Interview conducted by Ana Gambetta. Michelle is a tax supervisor at MSPC. Michelle defines success as a way of life, and to her, her friend Laura embodies that success. Laura is someone who didn’t go to college, yet had a wonderful career as an insurance company manager, has a beautiful family, a beautiful home, and…

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2020 Income Tax Due Date For Individuals In NJ Extended

The State of New Jersey will follow the actions of the IRS and automatically extend the 2020 income tax filing due date for individuals from April 15, 2021 until May 17, 2021.  This extension includes any tax payments due with a return. Requests for an additional extension to file a return are also due by May…

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Women in Business: The Women behind MSPC success

Interview conducted by Ana Gambetta. This March, MSPC honors all the amazing women who work in the firm. Nicole Henry has been with the firm for over 20 years, and although her work is very important and allows her to have the creative freedom she craves, there is more to Nicole than meets the eye.…

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American Rescue Plan Act: How it Impacts You and Your Business

HOW WILL IT IMPACT YOU AND  YOUR BUSINESS? On Thursday March 11th, President Biden signed the American Rescue Plan Act into law. Here is a brief summary of the key tax provisions.  1. The first $10,200 in unemployment benefits are free of tax in 2020 for taxpayers making less than $150,000 per year. 2. Individuals will be…

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