MSPC CPAs

Latest News

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

FASB Fact Sheets

By mspccpas | February 27, 2018

MSPC Fact Sheet – ASC 606 Revenue Recognition MSPC Fact Sheet – ASC 842  Leases

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Tax Reform Update

By mspccpas | February 7, 2018

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…

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Cranford-Based MSPC Certified Public Accountants and Advisors, P.C. Acquires Ennis Hargadon LLC

By mspccpas | January 1, 2018

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…

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Regulatory News: Taxpayer Deductions

By mspccpas | August 11, 2017

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…

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Foreign Nationals Investing in U.S. Partnerships May be Entitled to Tax-favorable Treatment

By mspccpas | July 15, 2017

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…

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New lease accounting rules set to lift debt load by 24%

By mspccpas | February 27, 2017

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…

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5 Signs Your Small Business is Ready for a CPA.

By mspccpas | February 20, 2017

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…

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Take Advantages of Education-Related Tax Incentives

By mspccpas | January 25, 2017

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…

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An Update on the Proposed Section 2704 Regulations

By mspccpas | January 24, 2017

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…

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MSPC Named to the IPA 300 List

By mspccpas | August 23, 2016

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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Brexit Is a Reality – Now What?

By mspccpas | July 5, 2016

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…

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Why Aren’t You Maxing Out Your 401(k)?

By mspccpas | April 27, 2016

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…

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