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Quality Tax Services

MSPC is committed to providing you with the highest quality tax services, fulfilling all compliance requirements and, at the same time, working with you to minimize, defer or eliminate your present and future tax obligations. Tax planning is a year-round process. Early planning is the primary element in providing you with more flexibility and additional options to accomplish your tax saving objectives.

If you are looking for tax accounting for your business in New Jersey or New York, talk to MSPC.

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Accomplish Your Tax Saving Goals

Tax Services Include:

Federal, State and Local Tax Return Preparation

Advice on Tax Consequences of Complex Business Transactions

Entity Selection

Estate and Gift Planning

International Tax

Mergers and Acquisitions

Multi-State Taxation Consulting and Compliance

Payroll and Sales Tax Return Preparation

Pension and Profit Sharing Plan Consulting

Representation Before All Taxing Authorities

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.

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Tax Reform Update

On February 7, 2018, we presented a webinar on the recently enacted Tax Cuts and Jobs Act of 2017 which represents most significant change to the United States tax laws in over thirty years. This webinar includes an overview of some of the most important individual and business-related provisions of this tax reform, and how they may affect you.

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Cost Segregation

A cost segregation study is an engineering-based study of all costs associated with the acquisition or construction of a building. The purpose of this study is to classify these costs as either real or personal property, with the personal property additions being depreciated on an accelerated basis. Normally, these costs are assigned a 39-year depreciable life for tax purposes. However, through a cost segregation study, some of these costs may qualify for a 5, 7 or 15-year depreciable life, resulting in an immediate improvement in cash flows.

Tax Benefits of Cost Segregation

In addition to providing tax relief, cost segregation can benefit businesses in a number of ways, including:

Maximizing tax savings by adjusting the timing of deductions. When an asset’s life is shortened, depreciation expense is accelerated and tax payments are decreased during the early stages of a property’s life. This, in turn, releases cash for investment opportunities or current operating needs.
Creating an audit trail. Improper documentation of cost and asset classifications can lead to an unfavorable audit adjustment. A properly- documented cost segregation helps resolve IRS inquiries at the earliest stages.
Playing Catch-Up: Retroactivity. Since 1996, taxpayers can capture immediate retroactive savings on property added since 1987. Previous rules, which provided a four-year catch-up period for retroactive savings, have been amended to allow taxpayers to take the entire amount of the adjustment in the year the cost segregation is completed. This opportunity to recapture unrecognized depreciation in one year presents an opportunity to perform retroactive cost segregation analyses on older properties to increase cash flow in the current year.
Revealing opportunities to reduce real estate tax liabilities and identify certain sales and use tax savings opportunities.

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Partner with MSPC for Your Tax Services

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