Sassetti LLC celebrates 100 years of exceptional accounting, auditing, tax and advisory services. Started by Frank L. Sassetti in Chicago in 1921, the firm has grown to seven partners and two offices in the western suburbs of Chicago. We are grateful for our loyal clients and dedicated employees who have helped us to reach this…
The U.S. House of Representatives and U.S. Senate passed the Consolidated Appropriations Act, 2021 (bill), a massive tax, funding, and spending bill that contains a nearly $900 billion coronavirus aid package. The emergency coronavirus relief package aims to bolster the economy, provide relief to small businesses and the unemployed, deliver checks to individuals and provide…
Transitioning Ownership The decisions made regarding ownership of the family office or closely held business may not necessarily be the same decisions that are required for leadership and management. It’s critical to understand and acknowledge the different elements that proper succession planning entails. The family wealth enterprise has three interconnected circles of participation—the family members,…
Businesses that would typically provide a Form 1099-MISC to independent contractors (and certain others) and the IRS need to be aware of new IRS Form 1099-NEC. For non-employee compensation paid during 2020, payers must provide Form 1099-NEC (instead of Form 1099-MISC) to the recipients and to the IRS no later than January 31, 2021. In addition,…
On March 27, 2020, the CARES ACT (Coronavirus Aid, Relief and Economic Security) was enacted. The Act includes provisions to encourage immediate action by donors to Section 501(c)(3) charitable organizations. These provisions are for the 2020 tax year only. For donors who no longer itemize their deductions (for example, retirees who have moved into a…
We understand that there has been much media coverage of various government subsidies and concessions now available to small businesses to relieve the economic impacts of the COVID-19 crisis. To help you navigate what is available and whether it makes sense for your business to apply for any of these programs, we offer the following…
Businesses of all sizes are experiencing increasing scrutiny by taxing authorities, at the federal, state and local levels. Fees and penalties are increasing at alarming rates, making the stakes higher and more costly than ever for issues of noncompliance. The end of the year is a good time to take stock of your business practices…
Let’s face it, most individuals panic when a letter from the IRS arrives in the mail. Take a deep breathe, splash your face with cold water, and be prepared to respond within 30 days.
