Secure 2.0 Act of 2022 Introduces Key Changes for Workplace Retirement Plans The Consolidated Appropriations Act, 2023 (Public Law No. 117-328) that was signed into law on December 29, 2022 by President Joe Biden includes the SECURE 2.0 Act of 2022, which introduces over 90 changes to the federal rules governing workplace retirement plans. This…
By Matt Cromwell In September 2020, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2020-07 Not-For-Profit Entities (Topic 958): Presentation and Disclosures by Not-For-Profit Entities for Contributed Nonfinancial Assets. The intent of ASU 2020-07 is to provide enhanced transparency related to the presentation and disclosure of contributed nonfinancial assets. These enhancements will allow…
By David Clark and Jackie Bernal On Jan. 14, 2021, just one week before the end of his term in office, former President Trump signed National Security Presidential Memorandum 33 (NSPM-33) to “direct actions to strengthen protections of the United States Government-supported Research & Development (R&D) against foreign government interference and exploitation.” NSPM-33 was formally…
Shuttered Venue Operators Grant (SVOG) Updates The Small Business Administration (SBA) has updated the SVOG Post-Application Guidance and the Post-Award Frequently Asked Questions. These documents apply to both non-federal entity recipients (these include nonprofit entities, state and local governments and Native American tribes, and institutions of higher education) and for-profit recipients. Included in the updates made by SBA…
President Biden signed the Inflation Reduction Act into law at a White House ceremony on August 16, finalizing a legislation intended to address inflation by paying down the national debt, lower consumer energy costs, provide incentives for the production of clean energy, and reduce healthcare costs. The bill moved through the legislative process in near-record…
For-Profit SVOG Recipients In February 2022, the Small Business Administration (SBA) issued updated Post-Application Guidance for Shuttered Venue Operators Grant (SVOG) applicants, as well as Post-Award Frequently Asked Questions (FAQs). The SBA also issued a new set of Post-Award FAQs, which contain answers to many common compliance-related questions for the program. The Post-Application Guidance, among…
By Tammy Ricciardella On May 12, 2022, the Office of Management and Budget (OMB) issued the 2022 Compliance Supplement (Supplement). The Supplement is effective for fiscal years beginning after June 30, 2021 and can be accessed on the OMB website. The Supplement is issued to assist auditors by providing a source of information related to various…
We are pleased to announce that Sassetti LLC has been selected as one of the 2022 award winners of Chicago’s Best and Brightest Companies to Work For®. The award review process was organized by the National Association for Business Resources (NABR). Sassetti was evaluated on criteria such as Employee Engagement and Retention, Work-Life Balance, Education…
By: David Clark, CIA, CFE, CRMA and LaShaun King, CPA Like many organizations, colleges’ and universities’ worlds were flipped upside down when COVID-19 emerged in the spring of 2020. To maintain their mission of reshaping the future through educating future generations, colleges and universities had to reimagine their own operations and adapt to a digital…
By: Stacey Powell, CPA, CFE, CICA The U.S. Department of the Treasury (Treasury) released the Final Rule for Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) on Jan. 6, 2022. The Final Rule provides broader flexibility and greater simplicity in the program and is effective April 1, 2022. Until that time, the Interim Final Rule…