Latest News

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

Changes to the NJ Corporation Business Tax Act

By J Le | July 6, 2023

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.

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MSPC Names Najoung Kim, CPA as Partner

By mspccpas | November 1, 2022

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…

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Recent Developments in FBAR Filing Requirements

By mspccpas | June 29, 2022

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…

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Len Sprishen Promoted to Director of Global Tax Advisory

By mspccpas | November 22, 2021

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…

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New Jersey Cannabis Business Applications

By mspccpas | August 31, 2021

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 licensees, as well as those receiving priority in the process.  Who Gets Priority? Specifically,…

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Post-Pandemic Tax Savings

By mspccpas | August 31, 2021

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…

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Officer Compensation

By mspccpas | August 2, 2021

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…

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Advance Child Tax Credit

By mspccpas | August 2, 2021

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…

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New York Marijuana Law: What Businesses Need to Know

By mspccpas | June 1, 2021

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…

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Advance Child Tax Credit Payments To Begin

By mspccpas | May 28, 2021

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…

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Women of MSPC: Cathy Davis

By mspccpas | April 8, 2021

This one was fun interview. Cathy Davis is the sole female principal at MSPC and is a woman who celebrates women and isn’t afraid of it. She is, however, afraid of spiders. Cathy always knew she wanted to be an accountant, there was no question about it. Her experience has…

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IRS Plans To Issue Unemployment Refunds In May

By mspccpas | April 1, 2021

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 under the ‘American Rescue Plan’. The COVID relief package, which President Biden signed into law this month,…

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