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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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Take 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 other meaningful tax-related activities during…

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An 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 liabilities. The Section 2704 regulations,…

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MSPC 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.

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