Cranford-Based MSPC Certified Public Accountants and Advisors, P.C. Acquires Ennis Hargadon LLC
Effective January 1, 2018, Cliffside Park accounting firm Ennis Hargadon has merged with MSPC Certified Public Accountants and Advisors, P.C. The addition of two principals brings MSPC’s partner count to 11 and the firm’s total head count to 67. Driving the merger was both organizations’ extensive knowledge and experience with…
Read MoreRegulatory 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…
Read MoreForeign Nationals Investing in U.S. Partnerships May be Entitled to Tax-favorable Treatment
On July 13, 2017, the United States Tax Court (the “Tax Court”) issued a very important opinion, that of Grecian Magnesite Mining, Industrial & Shipping Co., SA, v. Commissioner 149 T.C. 3 (2017). In this case, the Tax Court rejected the Internal Revenue Service’s (the “IRS’s”) approach for determining whether…
Read MoreNew lease accounting rules set to lift debt load by 24%
Companies with chartered-in fleets face changing rules when presenting their accounting statements.Although it will have little impact on actual cash flows, investors and creditors will have to adjust their performance measurements to account for the changes.A year ago, Although it will have little impact on actual cash flows, investors and…
Read More5 Signs Your Small Business is Ready for a CPA.
Small business owners are used to assuming multiple roles within their companies including working on accounts and sales, human resource tasks, marketing and accounting. This is a common approach because of the lack of resources to hire dedicated professionals for each function. However, when business growth occurs the demands change…
Read MoreTake Advantages of Education-Related Tax Incentives
Tax time – it comes once a year, but unlike the holidays, it’s certainly not as festive or well-received. It can be an anxious period, as taxpayers compile essential documentation showing their income, withholdings, financial transactions (such as a new home purchase or the sale of stocks or bonds), and…
Read MoreAn Update on the Proposed Section 2704 Regulations
New regulations by the Treasury Department proposed earlier this year, formally entitled “Estate, Gift and Generation-Skipping Transfer Taxes; Restrictions on Liquidation of an Interest Regulations” (the Section 2704 regulations”) has business owners, accountants, and estate attorneys considering the best approach to deal with the potential for significantly higher estate tax…
Read MoreMSPC Named to the IPA 300 List
MSPC has been ranked #266 on Inside Public Accounting’s Top 300 Firms list. The firm is proud to have moved up three spots from its 2015 position of #269. View Inside Public Accounting’s Top 300 List.
Read MoreBrexit Is a Reality – Now What?
Brexit Is a Reality – Now What? By Jesper Rindboel, CFA, FRM – Portfolio Manager, 1st Global Investment Management Research Group (IMRG) With the U.K.’s exit from the European Union — the Brexit — now a reality, there is a great level of uncertainty among investors as they try to discern…
Read MoreWhy Aren’t You Maxing Out Your 401(k)?
Your 401(K) may be the best retirement planning tool you have. Do you have a million dollars? At the moment, probably not. But if you invest and save diligently and let your assets compound, who knows? You may be a millionaire someday. In fact, you may need to be a…
Read MoreShipping and Offshore Maritime Sectors Must Be Alert To Implications Of New US Lease Accounting Standard
The Financial Accounting Standards Board (FASB) in the United States has issued a lease accounting standard update following the release in January 2016 of an International Financial Reporting Standard (IFRS) dealing with the same subject. Although it had been expected that the FASB and IFRS standards would be identical, there…
Read MoreNew 2016 Healthcare Information Reporting Requirements
Background The Patient Protection and Affordable Care Act of 2010 (the “ACA”) imposes significant information reporting responsibilities on certain employers starting with the 2015 calendar year. These employers must file annual information returns with the Internal Revenue Service (the “IRS”) and provide annual statements to their employees containing health plan…
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