Ideas and Opportunities

Meet Our Firm

Patricia Selva

Pat Selva grew up and still resides in West Springfield with her family and is a graduate of West Springfield High School. She was the first employee hired when Rick Moriarty started the firm in 1993, which remains her favorite memory with MP CPAs. While Pat left the firm for many years to raise her two boys, she seamlessly jumped back into her role upon returning. Outside of work, Pat enjoys vacationing, eating lobster, and lives by her favorite quote, "Everything happens for a reason."

It's Time to Embrace Boredom

To make the most of our work hours, we're often told to "eat the frog in the morning," mute notifications or try Pomodoro-like techniques. (More)

How CEOs Can Take Control of Their Emails

Although there are many methodologies that a leader can practice to manage their emails effectively, a consistent and thought-through...(More)

Injunction Temporarily Blocks Enforcement of the Corporate Transparency Act Nationwide

On December 3, 2024, the U.S. District Court for the Eastern District of Texas granted a nationwide preliminary injunction that enjoins the federal government from enforcing the Corporate Transparency Act (the CTA).1 The CTA, which became effective on January 1, 2024, requires that “reporting companies” doing business in the United States disclose information about their beneficial owners to the Financial Crimes Enforcement Network (more)

To combat fraud, IRS steps up ERC claim enforcement

Reporting companies may continue to voluntarily file beneficial ownership information (BOI) reports while the Corporate Transparency Act (CTA), P.L. 116-283, is on hold, the Financial Crimes Enforcement Network (FinCEN) said in an alert this week. The alert followed a district court order last week that placed a preliminary injunction on enforcement of the CTA and its requirement for BOI reporting. (More)

Disproportionate distributions did not terminate corporation’s S status

Unauthorized distributions to a corporation’s shareholders did not terminate an entity’s S status since the shareholders did not authorize or create a second class of stock in the entity’s governing documents, the Tax Court held.James J. Maggard, along with his wife, Szu-Yi Chang, lived in the Silicon Valley, Calif., community of Saratoga. Maggard was an innovator and inventor in chemical engineering, particularly in designing manufacturing facilities and structures. He founded Schricker Engineering Group (SEG)... (More)

IRS grants partnerships additional time to furnish complete Forms 8308

The IRS said Friday that it is providing relief from certain penalties imposed solely for failure of a partnership with unrealized receivables or inventory items to furnish Part IV of Form 8308, Report of a Sale or Exchange of Certain Partnership Interests, to the transferor and transferee in certain transfers of partnership interests in calendar year 2024. Notice 2025-02 provides relief similar to the relief provided in Notice 2024-19 from penalties under Sec. 6722 for failures by certain partnerships to furnish correct payee statements. (More)

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