Sasserath & Co. Welcomes Fred Rook as Partner

Sasserath & Co., a New York CPA firm providing accounting, tax, and business advisory services, is pleased to announce that Fred Rook has been promoted to Partner as of January 1, 2022.

Fred Rook joined the firm in 2018 after a career in the real estate practice group of Ernst & Young and in the audit groups of two large regional firms. At Sasserath & Co., Rook services large corporations, small businesses, and individuals on Long Island, across the country, and around the world.

“I’ve been a CPA and have had the privilege of working in various firms over numerous years, however, it wasn’t until I found Sasserath & Co. that I felt I truly had found a place where I could put down roots for good. I look forward to all that the future holds here, and I am eager to dedicate myself to the continued success of Sasserath & Co. and our clients,” said Rook.

Rook will continue to focus on accounting and audit services in his new role. He brings over two decades of public accounting firm experience to his clients, and his industry experience includes working with medical practices, real estate operators and developers, staffing companies, restaurants, and many other industries. This depth of experience enables him to serve as a trusted business advisor to help his clients see the whole picture and position themselves for success.

As a mentor at Sasserath & Co., Rook spearheads the firm’s training initiatives through his work on the firm’s Leadership Team. He is an accomplished lecturer, teaching a number of CPE classes on various subjects, and is always available to help the team in any way he can.

“Fred always goes above and beyond not only for clients but the rest of the team,” said Sasserath & Co. Managing Partner Alan Sasserath. “His experience, leadership qualities, and dedication to seeing the entire team grow is a major asset to our partner group, and we look forward to seeing how Fred evolves with our growing firm.”

To contact Fred Rook, call (631) 368-3110 ext. 138 or email frook@sasscpas.com.

Hurricane Ida Tax Relief in NY: Updates and Extensions

In the wake of Hurricane Ida’s destruction across parts of New York and New Jersey, lawmakers have extended certain federal tax deadlines. Various individual and business tax returns and payments, previously due on September 15 or October 15 of 2021, will now be accepted until January 3, 2022. The new federal deadline also applies to:

  • Individuals who had a valid extension to file their 2020 return that is due to run out on Oct. 15
  • Quarterly estimated income tax payments, due on Sept. 15
  • Quarterly payroll and excise tax returns, normally due on Nov. 1
  • Tax-exempt organizations, operating on a calendar-year basis, that had a valid extension due to run out on Nov. 15

Penalties on payroll and excise tax deposits, due on or after Sept. 1 and before Sept. 16, will be abated as long as the deposits are made by Sept. 16.

Regions Affected

According to the IRS, they are offering relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual or public assistance. In New York, this currently includes Bronx, Kings, New York, Queens, Nassau, Richmond and Westchester counties, and in New Jersey, it includes Bergen, Gloucester, Hunterdon, Middlesex, Passaic and Somerset counties.”

Suffolk County on Long Island has been declared ineligible to qualify for these tax deadline extensions.

Visit the IRS website for updates on eligible localities.

Additional Guidance

The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area.

Further, they will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area. Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS at 866-562-5227.

Not sure whether your tax payments fall under these deadline extensions? As always, we are here to help. Contact us at (631) 368-3110.

CEO Brief: Alan Sasserath Spotlighted in HIA-LI Reporter

Learn more about Managing Partner Alan Sasserath, CPA, MS and the future of Sasserath & Co.

Tell us about how you/your company started.

I started my career at Ernst & Young, later working at two large regional firms before being a named partner at my own firm for over two decades. Over the years, I’m thankful to have become the go-to advisor for my clients – from domestic and international businesses to high-net-worth individuals – on their most sophisticated tax, M&A, planning, and business issues.

In 2021, it was time for me to launch my new firm, Sasserath & Co., to pursue my passion of helping clients solve their most complex business and financial challenges. Our technical expertise and holistic approach are unique among accounting firms, enabling us to provide clients with extraordinary value. In addition to our tax, M&A, and planning services, I am also proud to offer critical family office services, helping clients navigate tax, estate, and financial planning in the most comprehensive, streamlined, and efficient manner possible.

What was a turning point for you/your company?

A turning point for Sasserath & Co. was the launch of the new firm this year! The firm was created with a laser-focus on clients and ensuring they receive the attention they deserve. We are thrilled to launch this new chapter and are ready to help clients navigate the many opportunities and challenges that are presented now and in the future.

At the new firm, our sophisticated offerings in tax and accounting for closely held businesses, private equity services, M&A, and international tax are coupled with the superior level of service, value, and professionalism that our clients have come to expect. While it’s a new firm and new location, I’m happy to be joined by my partners Lynn Montag and George Batas, as well as many other longtime colleagues.

What is your philosophy at Sasserath & Co.?

At Sasserath & Co., we help clients grow and prepare for future transitions. We understand that every client has unique and individual needs. That’s why our philosophy is to approach all clients and matters holistically. If you are looking for an accounting firm to meet with once a year to get your taxes done, we’re not the firm for you. We don’t operate in a vacuum; we endeavor to become our clients’ partners and understand all aspects of their business, so we can provide them with immense value. As part of this approach, we also work closely with carefully and strategically chosen partners in law, M&A, and other professional services, enabling us to evaluate our clients’ businesses from all critical angles and help them best plan for the future.

Tell us about your company’s profile today.

Sasserath & Co. is focused on service. Whether the client is a closely held business, a large or small company with international operations, or a high-net-worth family, they will receive the dedication and broad approach we are known for. The firm serves as a tax and business advisor to both corporations and small businesses, understanding the inner workings of their companies and advising on both complex and routine matters that affect their bottom line.

The depth and breadth of our services is unique, particularly among Long Island firms. On the international side, the firm works with both foreign corporations as well as U.S. entities doing business abroad. We make sure to advise on the ever-changing rules, regulations, and tax strategies by tapping into our international network of talented individuals at the top of their fields from all over the globe.

What opportunities do you see in the future?

The next phase of Sasserath & Co. is to continue to build our services and take care of our clients using our technical expertise and critical guidance. Our goal is for clients to feel like they have a trusted partner at their side that can manage all aspects of their most complex and important affairs.

As we continue to navigate the pandemic and beyond, we aim to be a leader in the accounting world, providing up-to-date knowledge on state and federal programs that impact our clients’ business planning. As new programs and initiatives are rolled out post-pandemic, Sasserath & Co. will continue to advise clients and assist Long Islanders and worldwide clients in their tax and accounting needs.

The new firm is headquartered in Ronkonkoma, a hub of Long Island businesses and steps from MacArthur Airport, which places Sasserath & Co. in the epicenter of economic advancement. As the firm continues to grow, now is the time to find new people to grow with us as we continue to expand.