If you’ve filed your 2024 tax return, you may be eager to do some spring cleaning, starting with tax-related paper and digital clutter. The documentation needed to support a tax return may include receipts, bank and investment account statements, K-1s, W-2s, and 1099s. How long must you save these records? Three years is the general […]

Payroll fraud schemes can be costly. According to a 2024 Association of Certified Fraud Examiners (ACFE) study, the median loss generated by payroll fraud incidents is $50,000. It’s essential to know the payroll schemes making the rounds and how to prevent them – or at least catch them before they go on very long. Common […]

Whether you’re a casual or professional gambler, your winnings are taxable. However, the Treasury Inspector General for Tax Administration reports that gambling income is vastly underreported. Failing to report winnings accurately can lead to back taxes, interest and penalties. Here’s what you need to know to stay compliant and potentially minimize your tax liability. Reporting […]

The term “sandwich generation” was coined to describe baby boomers caught between caring for their aging parents and their children. The term now applies to whichever generation is grappling with the problem, today most commonly Generation Xers and older Millennials. If you’re in the middle of the sandwich, it may be time for honest discussions […]

April 15 – Individuals must file (or extend) their 2024 personal returns and pay any tax due. Individuals, trusts and calendar-year corporations must pay first-quarter estimated taxes. Individuals must file a 2024 gift tax return or file for an extension and pay any gift tax due. Calendar-year trusts and estates must file 2024 returns or file […]

Any U.S. person with a financial interest in or authority over foreign financial accounts may be required to file a Report of Foreign Bank and Financial Accounts (FBAR). An FBAR is required if the aggregate value of the accounts exceeds $10,000 at any time during the calendar year. FBARs are due April 15 of the […]

If you’re preparing to file your 2024 federal income tax return and your tax bill is higher than you’d expected – or your tax refund is smaller than you’d hoped — there might still be an opportunity to change it. If you qualify, you can make a deductible contribution to a traditional IRA until the […]

After successfully navigating the start-up phase, your business has a strong foundation for growth. At the growth stage, business and financial advisory services become essential. Focus on these two key areas to elevate your company to the next level. 1. Financial and tax reporting Businesses in the growth stage usually have more sophisticated financial reporting […]

If you own or manage a business with employees, you could be personally responsible for paying a harsh tax penalty. It’s called the Trust Fund Recovery Penalty (TFRP). It applies to Social Security and income taxes, which must be withheld from employees’ wages. These taxes are government property employers collect and hold in “trust” for […]

By Alan Sasserath, CPA, Managing Partner I am pleased to announce that Bruce A. Rosen, CPA has joined Sasserath & Co. as a new partner. Bruce brings over 35 years of public accounting experience, the majority of which was spent managing his own firm. He has successfully collaborated with clients across diverse sectors, including real […]

By Dylan Colucci As the incoming administration works on its economic plans, several new tax changes are being proposed. These changes could affect everything from business taxes to taxes on personal income, as well as trade policies. Here’s a breakdown of the main proposals:  CORPORATE TAXES  The proposed plan suggests cutting the corporate tax rate from […]

Sasserath & Co. is pleased to announce Tax Supervisor Sean Laurie has been selected by Long Island Business News as an honoree of the 2024 Business & Finance Awards. The Leaders in Business & Finance awards recognizes financial professionals who have made outstanding contributions to their organizations and to the Long Island community during the past year. Laurie […]

By George Batas Mergers and acquisitions (M&A) are complex transactions that can significantly alter the structure and financial health of a company. Whether you are on the buy or sell side of a M&A transaction, the tax implications can have a significant impact on the value of the transaction. Understanding the tax implication of a […]

A new law is impacting New York State employers using 1099s. Here’s what you need to know:  The Freelance Isn’t Free Act will require employers to possess signed agreements for any contractor paid $800 or more. This total applies to a single service, or multiple services adding up to $800 over a 120-day period.  The […]

Updated Dec. 11, 2024: Due to a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports. As […]

The team at Sasserath & Co. traded hard numbers for hard hats this week when they volunteered with Habitat for Humanity in Riverhead. The crew was joined by the future homeowner, Amanda, who will be moving into the two-bedroom house with her 13-year-old daughter, Aminah. With help from the Habitat team, they worked on tasks […]

Sasserath & Co. is delighted to announce that our client Vicon Machinery Group, the leading U.S. manufacturer of rectangular ventilation duct machinery, has been acquired by Lindab International, a publicly traded billion-dollar corporation. Vicon is the industry leader in North America for the manufacture of HVAC ductwork machinery. Their office is headquartered in Bohemia, New York, […]

Lynn Montag, CPA, is a partner at Sasserath & Co., a boutique CPA firm with offices in Ronkonkoma and New York City. With more than 25 years of public accounting experience and a focus on tax and accounting issues, Montag is an accounting professional and trusted advisor for business clients, not only handling a large […]

By Muhammad Nasir The Corporate Transparency Act (CTA) introduces a significant change starting on January 1, 2024. Eligible corporations are now obligated to submit a report known as the Beneficial Ownership Information (BOI) Report to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). The CTA sets forth strict guidelines and exemption criteria that […]

By Michael Rodriguez, CPA For new and emerging businesses, the topic of sales tax “Nexus” can be tough to wrap your head around. In today’s rapidly changing environment and technology, more companies than ever may be subject to this key area regarding Nexus and sales tax. Sales tax nexus is an important area to focus […]

By Alex vonStrandtmann, CPA, MBA As Software as a Service (SaaS) companies continue to grow and offer more recurring subscription sales, tax compliance can become a complex issue. Sales tax laws and regulations vary by state and country, and failure to comply can result in penalties and fines. In this article, we will discuss how […]

By Alex vonStrandtmann, CPA, MBA We spoke with a number of clients and friends after our last posting about the banking turmoil.  While tracking the banks in the stock market is still like following a roller coaster, it has become apparent that there are still a number of you that aren’t being paid much interest […]

By Alan R. Sasserath, CPA, MS Over the last several days, we, like many of you, have watched with bated breath as the events of the Silicon Valley Bank (”SVB”) collapse unfolded. As of the close of business on Friday, many SVB customers with balances in excess of the $250,000 insured FDIC limit were unsure if […]

For the 2022 holiday season we will be collecting toys and gifts for Family Service League’s (FSL) annual holiday gift drive, Project TOY. Project TOY helps bring joy and toys to families throughout Suffolk County by providing gifts for children and teens in need. FSL deeply appreciates and accepts donations for children of all ages. Gifts/gift […]

Getting paid for keeping employees on payroll? Sounds like some sort of utopia. Or maybe it’s just a tax incentive for business owners during the pandemic called the employee retention credit. What is the Employee Retention Credit? The employee retention credit (ERC) is a tax credit established under the CARES Act in 2020 as a […]

Boutique Firm to Focus on Sophisticated Tax and Accounting, Private Equity, Mergers & Acquisitions, International Tax Services, and Private Client Services Alan R. Sasserath, CPA, MS, is pleased to announce the launch of a new firm, Sasserath & Co. The boutique firm focuses on sophisticated and technical tax and accounting for closely held businesses, private […]

CMM Cares, Inc. has announced the election of Alan R. Sasserath, CPA, MS, Partner at Sasserath & Zoraian, LLP, to their Board of Directors. CMM Cares is a 501(c)3 and major supporter of veterans, children, and the arts on Long Island through fundraising, volunteering, and awareness campaigns. With the addition of Sasserath to its Board, […]

Getting Ahead of the March 31st Deadline for Each By Alan R. Sasserath, CPA, MS A number of our friends and clients were/are eligible for Paycheck Protection Program (“PPP”) second draw loans AND the expanded Employee Retention Credit (“ERC”). March 31, 2021 is a critical day for each program. With regard to the ERC, March 31st marks […]

Sasserath & Zoraian, LLP, a New York CPA firm providing accounting, tax, and business advisory services, is pleased to announce that George Batas has been promoted to Partner as of January 1, 2021. George Batas joined Sasserath & Zoraian in 2017, where he quickly became instrumental in establishing and running the firm’s State and Local […]

By Alan R. Sasserath, CPA, MS; Michael D. O’Brien, EA; and Richard Weber; CA March 2012 Vol. 3 No. 3 The Tax Stringer – The global economy has produced a growing need for individuals flexible enough to work outside of their home countries, especially among companies with operations in both Canada and the United States. […]