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

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 activities. Under the recently enacted Corporate Transparency Act (CTA), organizations are now required to…

MSPC CPAs is proud to announce the addition of Bob Cutolo as a new partner, bringing with him over two decades of extensive experience in tax services across various sectors. His expertise encompasses a broad spectrum of tax-related areas, including domestic, international, and state and local taxes, as well as…

By: Bob Cutolo, CPA 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 and obligations of the target corporation or…

On June 30, 2023, New Jersey’s legislature approved a significant corporation business tax (CBT) overhaul, the key provisions of which include: Please contact your MSPC advisor for additional information on how this may impact your business.

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 privately owned companies. Over her career, she…

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 penalty that is greater of…

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 York City Employers Employers should diligently evaluate whether their…

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 corporation should have been paying the…