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, international, and state and local tax matters.  He is regularly involved in a…

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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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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 Certificate, by this year. However, due to a negative response from the payroll and…

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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 other living or sleeping spaces for the lodging of occupants, used…

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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 business tax, and sales and use tax, among others; local property taxes and unemployment taxes are…

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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 technical expertise, is known for having a leadership-style focused on accountability and…

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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 their business. In Wayfair, the Supreme Court reversed its 1992 decision in…

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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 individual and business-related provisions of this tax reform, and how they…

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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 charitable contribution deduction stemming from its contribution of property to the…

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