Insights for financial free growth.
Welcome to the MSPC blog, where we provide expert insights, updates, and actionable advice to help you navigate the complexities of accounting, tax, and financial management. Whether you’re looking for industry-specific trends, tips on staying compliant with the latest regulations, or strategic planning for your business, our blog is here to guide you.
Explore our latest articles and stay informed with the knowledge you need to succeed in an ever-evolving financial landscape.
Stay informed. Stay ahead.
What Businesses Need to Know About the Corporate Transparency Act (CTA)
Starting from January 1, 2024, many businesses must disclose information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). This is being done to prevent money laundering, financing of terrorism, and other illegal financial...
Corporate Asset and Stock Deals
Corporate mergers and acquisitions are generally classified as either stock or asset deals, and the tax consequences for the buyer and seller vary accordingly. Asset Sale During an asset sale, the buyer can purchase the entire inventory of assets...
Changes to the NJ Corporation Business Tax Act
On June 30, 2023, New Jersey’s legislature approved a significant corporation business tax (CBT) overhaul, the key provisions of which include: Modifying portions of the CBT code addressing the way earnings are apportioned to the state; Ending the 2.5% surcharge on...
MSPC Names Najoung Kim, CPA as Partner
MSPC Certified Public Accountants and Advisors, PC is pleased to announce that Najoung Kim has been named a partner in the firm. Najoung joined the firm in 2006 and has two decades of experience providing audit and assurance services to publicly traded and...
Recent Developments in FBAR Filing Requirements
It is important to be aware that failing to file a Report of Foreign Bank and Financial Account (FBAR) can result in severe financial consequences. A $10,000 civil penalty is imposed for non-willful failures to file an FBAR, while willful failures are subject to a...
Len Sprishen Promoted to Director of Global Tax Advisory
Cranford, NJ -- MSPC Certified Public Accountants and Advisors is pleased to announce the promotion of Len Sprishen, J.D., LL.M to Director of Global Tax Advisory. Len provides tax advice to MSPC’s clients and worldwide affiliates on a broad range of federal,...
New Jersey Cannabis Business Applications
New Jersey’s Cannabis Regulatory Commission (“CRC”) has announced that it will soon begin accepting applications for licensure of cannabis businesses. Recently issued regulations provide a general outline stressing what the CRC will look for in potential...
Post-Pandemic Tax Savings
The world has changed in the last two years, especially when it comes to employment. As more employees are enjoying the benefits of working remotely, there are several tax considerations and potential savings that should be considered. Tax Considerations for New...
Officer Compensation
In the case of Hacker, T.C. Memo 2021-186, the U.S. Tax Court has held that two corporate officers were employees of the corporation they owned and that the corporation was liable for its share of payroll taxes on the IRS's reasonable determination of what the...
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,...
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...
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...
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...
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...
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...
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...
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...
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...
Federal Tax Relief for Individual Filers
The IRS recently announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15th 2021, to May 17th 2021. Individual taxpayers may also postpone federal income tax payments for the 2020 tax...
NJ LEGALIZED CANNABIS: OPPORTUNITIES AND CHALLENGES FOR BUSINESSES
In a historic event for New Jersey, Governor Phil Murphy last week signed into law several bills effectively legalizing marijuana in the state. The new laws permit the possession (up to six ounces) and use of marijuana by anyone over the age of twenty-one...
Second Draw PPP Loans Update
On Friday, January 8th, the Small Business Association ("SBA") released new guidance on what it is calling “Second Draw PPP Loans,” a forty-two page document that serves to define many heretofore ambiguous terms used in the program’s description. The rule takes...
MSPC CPAs Raises $18,000 for the Children’s Specialized Hospital Foundation
The COVID-19 pandemic has significantly reduced the amount of donations charities have received in 2020. However, the socially-distancing didn’t stop MSPC Certified Public Accountants and Advisors from raising $18,000 for the Children’s Specialized Hospital...
The IRS Issues New Ruling on Loan Forgiveness
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...
Financial Markets and Election Cycles
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...
MSPC Town Hall: Navigating Turbulent Financial Markets
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...
Cathy Davis and Sherryll Penney Honored by NJCPA Ovation Awards
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...
Rehiring Laid Off Employees and PPP
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 Latest from the IRS on PPP Loans and Employee Retention Credit
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...
Employee Retention Credit and the CARES Act
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...
PPP Forgiveness Period
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...
COVID-19 Financial Reporting Implications
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...
The CARES Act and Retirement Plan Distributions
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%...
Understanding Payroll Protection Program Loan Forgiveness
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,...
Provide Direct Deposit to IRS to Receive Stimulus Payment
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...
New Jersey COVID-19 Grant and Loan Programs
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...
Paycheck Protection Program (PPP) Update
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...
SBA Guidance on Paycheck Protection Program (PPP)
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 borrowersLoans will carry a 0.50% fixed rate No...
New Jersey Tax Deadline Extended
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...
Update Tax Filing Date: IRS Extends Deadline to July 15th
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...
IRS Extends Tax Payments Deadline – What This Means for You
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...
401(k) Hardship Distributions
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...
MSPC CPAs Raises $10,000 to Children’s Specialized Hospital Foundation
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...
Missing Participants in Employee Benefit Plans
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...
MSPC Company Store
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...
Changes Coming to IRS W-4
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...
Microsoft Dynamics GP Webinar
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...
Doing Business in the US Tax Guide Available
Moore Stephens International's Doing Business in the US Tax Guide is now available. This guide is designed for companies that want to undertake cross-border transactions, begin developing international operations, or expand their existing international footprint....
Opportunity Zone Investing
Learn about how you can defer taxes while investing capital in low-income communities across the United States with this program created by the Tax Cuts and Jobs Act. Visit our website that is dedicated to all things, Opportunity...
Financial Success for Franchises
The following article originally appeared in Global Franchise Magazine. As a CPA, I understand the growing interest in franchise opportunities, especially as the entrepreneurial spirit grows. I have seen many new franchisees succeed. However, I have seen others...
New Tax Law for NJ Homeowners Renting Through Airbnb
As part of the major tax law changes enacted in July 2018, a new state law requires that New Jersey’s 6.625% sales tax, 5% hotel occupancy fee, and 3% Meadowlands Regional Hotel Use Assessment (where applicable) be paid on “transient accommodations” (i.e., rooms or...
The New Jersey Tax Amnesty Program
The New Jersey tax amnesty program went into effect on November 15, 2018 and will last until January 15, 2019. During that short period, taxpayers may pay certain outstanding New Jersey state tax obligations (including individual gross income tax, corporation...
MSPC Announces Executive Team Changes
MSPC Certified Public Accountants and Advisors is pleased to announce that Jon Gagliardi, CPA has been named Managing Principal of the Firm. Gagliardi brings over thirty years of experience with the Firm to his new role. Gagliardi, who has a wide range of...
What South Dakota v. Wayfair Ruling Means for New Jersey Retailers
The June 21 Supreme Court ruling in the case of South Dakota v.Wayfair, Inc. should encourage all businesses, large and small, that sell their goods online, to re-evaluate their sales tax collection procedures and to learn more about how this ruling may affect...
Marist High School Honors MSPC Managing Principal James J. Flannery, CPA
Accountant Receives 2018 St. Marcellin Champagnat Service Award On June 12, 2018 James J. Flannery, CPA was recognized for his contributions to Marist High School to its mission of creating a community of lifelong, faith-filled learners who are prepared to take...
Taking Advantage of Tax Reform: A Business Owner’s Perspective
On May 23rd, MSPC hosted an interactive panel on how tax reform impacts closely-held businesses. If you were unable to attend, you can view the slides here: Taking Advantage of Tax Reform: A Business Owner's Perspective Watch the Video If you have any additional...
FASB Fact Sheets
MSPC Fact Sheet - ASC 606 Revenue Recognition MSPC Fact Sheet - ASC 842 ...
Tax Reform Update
On February 7, 2018, MSPC presented a webinar on the recently enacted Tax Cuts and Jobs Act of 2017 which represents the most significant change to the United States tax laws in over thirty years. This webinar includes an overview of some of the most important...
Cranford-Based MSPC Certified Public Accountants and Advisors, P.C. Acquires Ennis Hargadon LLC
Effective January 1, 2018, Cliffside Park accounting firm Ennis Hargadon has merged with MSPC Certified Public Accountants and Advisors, P.C. The addition of two principals brings MSPC’s partner count to 11 and the firm’s total head count to 67. Driving the merger...
Regulatory News: Taxpayer Deductions
The United States Tax Court (the “Tax Court”) recently issued a significant opinion, that of RERI Holdings I, LLC v. Commissioner, 149 T.C. 1 (2017). In that case, the taxpayer, on its partnership tax return for the 2003 taxable year, claimed a $33 million...
Foreign Nationals Investing in U.S. Partnerships May be Entitled to Tax-favorable Treatment
On July 13, 2017, the United States Tax Court (the “Tax Court”) issued a very important opinion, that of Grecian Magnesite Mining, Industrial & Shipping Co., SA, v. Commissioner 149 T.C. 3 (2017). In this case, the Tax Court rejected the Internal Revenue...
New lease accounting rules set to lift debt load by 24%
Companies with chartered-in fleets face changing rules when presenting their accounting statements.Although it will have little impact on actual cash flows, investors and creditors will have to adjust their performance measurements to account for the changes.A year...
5 Signs Your Small Business is Ready for a CPA.
Small business owners are used to assuming multiple roles within their companies including working on accounts and sales, human resource tasks, marketing and accounting. This is a common approach because of the lack of resources to hire dedicated professionals for...
Take Advantages of Education-Related Tax Incentives
Tax time – it comes once a year, but unlike the holidays, it’s certainly not as festive or well-received. It can be an anxious period, as taxpayers compile essential documentation showing their income, withholdings, financial transactions (such as a new home...
An Update on the Proposed Section 2704 Regulations
New regulations by the Treasury Department proposed earlier this year, formally entitled “Estate, Gift and Generation-Skipping Transfer Taxes; Restrictions on Liquidation of an Interest Regulations” (the Section 2704 regulations”) has business owners, accountants,...
MSPC Named to the IPA 300 List
MSPC has been ranked #266 on Inside Public Accounting's Top 300 Firms list. The firm is proud to have moved up three spots from its 2015 position of #269. View Inside Public Accounting's Top 300...
Brexit Is a Reality – Now What?
Brexit Is a Reality - Now What? By Jesper Rindboel, CFA, FRM - Portfolio Manager, 1st Global Investment Management Research Group (IMRG) With the U.K.’s exit from the European Union — the Brexit — now a reality, there is a great level of uncertainty among investors...
Why Aren’t You Maxing Out Your 401(k)?
Your 401(K) may be the best retirement planning tool you have. Do you have a million dollars? At the moment, probably not. But if you invest and save diligently and let your assets compound, who knows? You may be a millionaire someday. In fact, you may need to be...
Shipping and Offshore Maritime Sectors Must Be Alert To Implications Of New US Lease Accounting Standard
The Financial Accounting Standards Board (FASB) in the United States has issued a lease accounting standard update following the release in January 2016 of an International Financial Reporting Standard (IFRS) dealing with the same subject. Although it had been...
New 2016 Healthcare Information Reporting Requirements
Background The Patient Protection and Affordable Care Act of 2010 (the “ACA”) imposes significant information reporting responsibilities on certain employers starting with the 2015 calendar year. These employers must file annual information returns with the...
MSPC Named to Inside Public Accounting's Top 300 Firms
MSPC is pleased to announce that we have been named to Inside Public Accounting's Top 300 firms. This definitive list was developed by gathering information from more than 500 firms that completed IPA’s Survey and Analysis of Firms. Many professional associations...
MSPC Wins Softball Championship
Every Monday for the past couple of months, MSPC have encountered some pretty fierce opponents in a series of friendly (yet competitive!) softball games. On Monday August 3rd, the team faced Frank’s Pizza in the finals and ’knocked it out the park’ winning by a...
MSPC Attends Moore Stephens Executive Leadership Program at Harvard Business School
A program designed to align motivating professionals, leadership, strategy and organization. MSPC Managing Partner Jim Flannery and Tax and Audit Principal Jon Gagliardi attended the Moore Stephens Executive Leadership Program hosted by Harvard Business School on...
MSPC Dunks for The Wounded Warrior Project
On Friday, June 19th, New Jersey-based CPA Firm MSPC employees gathered at the Cranford Office for a day of laughter, bonding, and giving back. Charity is an integral part of the corporate culture and as such, employees volunteered to dunk or be dunked in an...
Implementation of new revenue recognition accounting standards set to be delayed.
This article is courtesy of David Chopping from Moore Stephens. Proposals to push back by 12 months the implementation dates for new international accounting standards covering revenue recognition will have implications for many companies, including those in the...
This CPA Gets a Kick Out of Coaching
Our very own Patrick Trombetta is featured in the September/October issue of New Jersey CPA. Read all about it here.
MSPC Transitions Reynolds USA to Microsoft Dynamics GP
Background: Reynolds USA, a multinational construction company located in New Jersey, has a long established a relationship with MSPC. When Reynolds reached a point in their operations where they were ready to upgrade their online purchasing from Platinum for...
MSPC Smoothly and Quickly Transitions the Diocese of Paterson to Microsoft Dynamics GP
BACKGROUND: Several years ago, the Diocese of Paterson (DOP), located in Clifton, NJ was looking to replace AS400, an older DOS-based accounting system with Microsoft Dynamics GP. Their main objective for needing a more sophisticated program was to streamline...
MSPC Guides Gaspari Nutrition to Success with Microsoft Dynamics GP
When Gaspari Nutrition needed a Microsoft Dynamics GP consultant to properly configure their ERP system and train their staff, they called MSPC. BACKGROUND: Gaspari Nutrition, located in Lakewood, NJ develops and manufactures sports nutrition supplements. In 2010...
MSPC CPAS Raises Money Through Walk Now For Autism Speaks
November 5, 2012 For Immediate Release MSPC CPAS Raises Money Through Walk Now For Autism Speaks On October 21st, a team from Cranford, NJ-based MSPC CPAs participated in a two-mile walk and raised nearly $1500 for the charity, Austin Speaks. The Firm, which has...
David Evangelista Joins New York State Society of CPAs FAE Board of Trustees
June 25, 2013 For Immediate Release David Evangelista Joins New York State Society of CPAs FAE Board of Trustees On June 1, 2013 David Evangelista, a Principal at MSPC Certified Public Accountants & Advisors, P.C., began a three-year term as a Board Member of...