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 […]