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

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Bob Cutolo Joins MSPC CPAs as Tax Partner

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 mergers and acquisitions and tax…

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Corporate Asset and Stock Deals

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 choose to buy only selected…

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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 privately owned companies. Over her career, she has worked extensively with international…

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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 penalty that is greater of $100,000 or 50% of the…

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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 York City Employers Employers should diligently evaluate whether their employees working remotely post-pandemic will…

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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 corporation should have been paying the officers.  Mr. and Mrs. Hacker…

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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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