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 Mark Antalik In Part One of this two-part data breach triage series, we discussed identifying, understanding and communicating during a breach situation and how breaches should be managed. In this article, we will elaborate on perpetuation through digital forensics, as well as outline approaches to notification and identity monitoring. As discussed in Part One…
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…
By Divya Gadre, CPA Many nonprofits are dealing with the uncertainty of the ongoing pandemic as well as increased demand for their services. It’s a delicate balancing act, but with proper systems and support, nonprofits are up for the challenge. The first article of this two-part series covered how the sector has benefited from COVID-19…
With great enthusiasm, the Sassetti Partners want to announce the admission of Izabela Poludniak to partnership. Over her fourteen years with Sassetti, she has helped us grow strategically through her dedication to client service, technical know-how, leadership and staff development. She is a wonderful asset to the Sassetti team and we are excited for her to…
By Susan Penno & Thomas Kross On October 1st we sent a communication to our clients advising that Illinois enacted a bill allowing for a pass-through entity to elect to be taxed at the entity level, in an effort to help individual residents mitigate the impact of the federal $10,000 cap on state and local…
By Alicia Young As 2021 comes to a close, there are steps you can take now to minimize the amount you may owe with your 2021 tax return. There are also planning opportunities to minimize future tax liabilities. Below are some actions to consider. If you have any questions or would like to discuss further,…
