• Offering cost-effective, quality audit and tax services.
  • Building long-term and effective professional relationships.
  • Serving the greater Chicago area and beyond.
Accounting Auditing Tax Services

Experience Counts

Welcome to Sassetti LLC !

 
Sassetti LLC is a full-service Certified Public Accounting Firm with a ninety year tradition of quality professional services.  Our clients include businesses, both privately-held and publicly traded, not-for-profit organizations, employee benefit plans and individuals.
 
Sassetti LLC was originally founded in 1921, and has been located in Oak Park, Illinois since 1964.
 
We are members of the American Institute of Certified Public Accountants, the Illinois CPA Society, the Center for Public Company Audit Firms and the AICPA Employee Benefit Quality Center.



2014 Year Under Review

January 2015
Final FASB Guidance 
 

Sassetti NFP Newsletter

1st Quarter 2015

Sassetti EBP Newsletter

1st Quarter 2015


 
 
 
 

 

 

News & Alerts


Tax News

Fri, 01 May 2015 04:00:00 GMT

The May edition of BDO's China Tax Newsletter features recent tax-related developments in China, including adjustments to business tax policies for transfer of housing by individuals. Articles include:
 

  • Promulgation of the Catalogue of Encouraged Industries in Western China
  • Administrative Approval Replaced by Registration When Applying for the General VAT Taxpayer Qualification
  • Further Regulated and Strengthened Administration of Transfer Pricing in Respect of Expenses Paid By an Enterprise to Its Overseas Related Party
  • Expanded Scope of Small Low-profit Enterprises Eligible to Reduce Taxable Income by Half When Computing Enterprise Income Tax
  • Adjustments to Business Tax Policies for Transfer of Housing by Individuals
  • Nationwide Implementation of the Installment Tax Policy for Individual Investments with Non-monetary Assets
 

Wed, 29 Apr 2015 04:00:00 GMT

Maryland Introduced a New Two-Month Tax Amnesty Program in 2015

Summary

On April 14, 2015, Maryland Governor Larry Hogan (R) approved Senate Bill 763, which requires the Comptroller of Maryland to declare a new tax amnesty period that runs from September 1, 2015, through October 30, 2015 (the “Amnesty Period”).  Under this tax amnesty, the Comptroller must waive all civil penalties and one-half of the interest imposed against a qualifying taxpayer for nonpayment, non-reporting and underreporting of individual income tax, corporate income tax, withholding tax, sales and use tax, and admissions and amusement tax delinquent as of December 31, 2014.  In addition, under certain circumstances, a qualifying taxpayer may not be charged with a criminal tax offense arising from a return filed and tax paid during the Amnesty Period.
 

Details

To qualify for interest and penalty relief and relief from criminal charges under this amnesty program, a taxpayer must, during the Amnesty Period, file delinquent returns and pay the entire tax liability and one-half of any interest due.  If a taxpayer is unable to pay the tax and interest in full during the Amnesty Period, the Comptroller is authorized to enter into a payment agreement with the taxpayer to make payment in full by December 31, 2016.

Interest relief does not apply to interest accruing for taxable periods following the Amnesty Period as a result of a payment agreement and amnesty from criminal charges does not apply to charges under investigation or pending in a Maryland court.  In addition, amnesty (i.e., interest and penalty relief and relief from criminal charges) under this program does not apply to a taxpayer that was granted amnesty under a Maryland tax amnesty program held between calendar years 1999 and 2014 or to any taxpayer eligible for the July 1, 2004, through November 1, 2004, settlement period for Maryland corporation income tax assessed by the Comptroller on issues related to the decisions in Comptroller of the Treasury v. SYL, Inc. and Comptroller of the Treasury v. Crown Cork & Seal Company (Delaware), Inc., 375 Md. 78 (2003) for pre-2003 taxable periods.
 

BDO Insights

  • This amnesty program allows filing and non-filing and registered and unregistered businesses to come into compliance with their Maryland taxes.  As such, this program is a great opportunity for a taxpayer to reduce financial accounting reserves, if any, to the extent related to Maryland taxes.
  • Relief from interest and penalties under the amnesty program can be significant given Maryland’s onerous 13% annual interest rate and penalties that may amount to as much as 25% of unpaid taxes.
  • Relief from criminal charges may be meaningful to those taxpayers (and their officers) that have unremitted trust fund type taxes such as sales and use tax or withholding tax.


For more information, please contact one of the following regional practice leaders:
 

West:   Atlantic:
Rocky Cummings
Tax Partner
 
  Jeremy Migliara
Tax Senior Director
 
Paul McGovern
Tax Senior Director
  Jonathan Liss
Tax Senior Director

 
Northeast:   Central:
Janet Bernier 
Tax Partner
 
  Angela Acosta
Tax Senior Director
 
Matthew Dyment
Tax Senior Director
 
  Nick Boegel
Tax Senior Director
 


Southeast:
  Joe Carr
Principal
 
Ashley Morris
Tax Senior Director
 
  Mariano Sori
Tax Partner
 
Scott Smith
Tax Senior Director
  Richard Spengler
Tax Senior Director
   
    Southwest:
    Gene Heatly
Tax Senior Director
 
    Tom Smith
Tax Partner

Assurance News


Thu, 30 Apr 2015 04:00:00 GMT

FASB Issues Proposal to Defer Revenue Standard by One Year

Summary

The FASB issued an exposure draft proposing a one-year delay of the effective date for the new revenue recognition standard that it issued jointly with the IASB in 2014.  Under the proposed amendments, the revenue recognition standard would take effect in 2018 for calendar year-end public entities.  It would take effect for private entities in 2019.  The proposal is open for comment through May 29, and is available here.
 

Main Provisions

The FASB has issued a proposed ASU1 which would defer the effective date of the new revenue standard.2 The deadline for comments on the proposal is May 29, 2015.
 
The FASB’s decision to propose a deferral results from a number of requests to defer the effective date. However, the Board also received feedback from some entities that do not think a deferral is necessary. As a result, the proposal includes an option for public and private entities to early adopt using the original effective dates, which is designed to provide flexibility for different companies in various stages of their implementation efforts. The IASB has also recently indicated it will propose a similar extension of the effective dates in IFRS 15, the companion to the new revenue standard in U.S. GAAP.
 
Specifically, the deferral would require public entities to apply the new revenue standard for annual reporting periods beginning after December 15, 2017, including interim reporting periods therein (i.e., beginning on January 1, 2018 for a calendar year entity). Public entities would be permitted to elect to early adopt for annual reporting periods beginning after December 15, 2016.
 
Nonpublic entities would apply the new revenue standard for annual reporting periods beginning after December 15, 2018 (i.e., January 1, 2019 for a calendar year entity) and interim reporting periods within annual reporting periods beginning after December 15, 2019 (i.e., the quarter ended March 30, 2020 for a calendar year entity). Nonpublic entities may elect to early adopt for annual reporting periods beginning after December 15, 2016, including interim reporting periods therein.
 

BDO Comment

While developing the proposed deferral, the FASB considered a two-year delay.  However, a majority of the Board members concluded one year is appropriate.  Those who respond to the exposure draft might consider addressing the length of the deferral in their comments.
 

On the Horizon

The joint FASB/IASB Transition Resource Group has held a number of meetings to discuss revenue recognition implementation issues. As a result, the Boards have decided certain changes are needed to make the new revenue standard more operational and are planning to propose amendments to that effect, which will also be exposed for public comment.  Additional changes in connection with future TRG deliberations are also possible.  Therefore, stakeholders should monitor these developments during their implementation efforts.

For questions related to matters discussed above, please contact Adam Brown, Ken Gee or Chris Smith.
 

1 Proposed Accounting Standards Update, Revenue from Contracts with Customers (Topic 606) – Deferral of the Effective date
2 ASU 2014-09 Revenue from Contracts with Customers

 

Wed, 29 Apr 2015 04:00:00 GMT

Re: Proposed Accounting Standards Update, Disclosures about Hybrid Financial Instruments with Bifurcated Embedded Derivatives (File Reference No. 2015-220) (“the ED”).
 

General Business News