Latest News

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

What Businesses Need to Know About the Corporate Transparency Act (CTA)

By John Dimitrakis | December 1, 2023

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…

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Bob Cutolo Joins MSPC CPAs as Tax Partner

By John Dimitrakis | November 15, 2023

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…

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Corporate Asset and Stock Deals

By John Dimitrakis | November 14, 2023

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…

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Changes to the NJ Corporation Business Tax Act

By John Dimitrakis | 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 John Dimitrakis | 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 John Dimitrakis | 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 John Dimitrakis | 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 John Dimitrakis | 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 John Dimitrakis | 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 John Dimitrakis | 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 John Dimitrakis | 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 John Dimitrakis | 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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