Latest News

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

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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Shipping and Offshore Maritime Sectors Must Be Alert To Implications Of New US Lease Accounting Standard

By mspccpas | March 1, 2016

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…

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New 2016 Healthcare Information Reporting Requirements

By mspccpas | December 7, 2015

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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MSPC Named to Inside Public Accounting's Top 300 Firms

By mspccpas | October 1, 2015

MSPC is pleased to announce that we have been named to Inside Public Accounting’s Top 300 firms. This definitive list was developed by gathering information from more than 500 firms that completed IPA’s Survey and Analysis of Firms. Many professional associations also aided in the search for firms to add…

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MSPC Wins Softball Championship

By mspccpas | August 10, 2015

Every Monday for the past couple of months, MSPC have encountered some pretty fierce opponents in a series of friendly (yet competitive!) softball games. On Monday August 3rd, the team faced Frank’s Pizza in the finals and ’knocked it out the park’ winning by a score of 9-1, earning MPSC…

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