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…
Office of Management and Budget (OMB) Issues Addenda to 2021 Compliance Supplement OMB issued a Federal Register notice announcing the issuance of Addendum #1 to the 2021 Compliance Supplement (Supplement) on Dec. 3, 2021. Addendum #1 includes the following two programs: (1) the Coronavirus State and Local Fiscal Recovery Fund (CSLFRF), and (2) an update…
The trend of U.S. workers leaving their jobs and employers struggling with high levels of employee turnover continues to gain momentum. Another 4.5 million U.S. workers quit their jobs in November alone, according to data from the U.S. Bureau of Labor Statistics. Meanwhile, the number of job openings in the United States remains elevated at…
By Jake Cook, CPA The IRS Tax Exempt and Government Entities division released its fiscal year 2022 Program Letter on October 7, 2021, summarizing its plans for the upcoming year. The Program Letter addresses the division’s projects and priorities for fiscal year 2022 for tax-exempt organizations, employee benefit plans, Indian tribal government and tax-exempt bonds.…
FASB Issues ASU 2021-09, Leases (Topic 842): Discount Rate for Lessees That Are Not Public Business Entities On Nov. 11, 2021, the Financial Accounting Standards Board (FASB) released Accounting Standards Update (ASU) 2021‑09 entitled, “Leases (Topic 842): Discount Rate for Lessees That Are Not Public Business Entities.” This ASU covers all lessees who are not…
A version of H.R. 5376 (the Build Back Better Act), released on October 28, 2021 by the House Budget Committee, eliminates many of the previously proposed tax increases that would have impacted individuals. The tax proposals eliminated in the rewrite include: Increase in the top marginal individual income tax rate; Increase in the capital gains rate for certain…
The IRS has issued guidance to employers on year-end reporting for sick and family leave wages that were paid in 2021 to eligible employees under recent federal legislation. IRS Notice 2021-53, issued on September 7, 2021, provides that employers must report “qualified leave wages” either on a 2021 Form W-2 or on a separate statement,…
On September 13, 2021, the House Ways and Means Committee released draft legislation that proposes a series of tax increases and tax cuts, which will undergo a round of markups by the committee. Most tax proposals were anticipated; however, the House provided a few surprises. Income Tax Provisions Section 1202 – Qualified Small Business Stock…