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New Client Portal
With increasing compliance regulations and concerns about protecting your information privacy, Sassetti LLC is providing our clients a secure web-based portal, which offers a safer, more secure method of sending to us or receiving from us your financial or tax documents. This also includes software backups or downloads such as QuickBooks files. If you are interested in using this more secure method of transferring your data to and from Sassetti LLC, please contact Lori Malinski at 708-386-1433 ext. 112. We will follow up with you to provide your own unique log-in for your use, and instructions on how to access our web portal.
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Sassetti LLC is a full-service Certified Public Accounting Firm with a ninety year tradition of quality professional services. Our clients include businesses, both privately-held and publicly traded, not-for-profit organizations, employee benefit plans and individuals.
Sassetti LLC was originally founded as Frank L. Sassetti & Co. in 1921, and has been located in Oak Park, Illinois since 1964.
We are members of the American Institute of Certified Public Accountants, the Illinois CPA Society, the Center for Public Company Audit Firms and the AICPA Employee Benefit Quality Center.
Sassetti News Updates
Tax and Accounting Updates
Sassetti LLC prides itself on being able to provide timely news to address individual needs. Please click here to read the latest tax and accounting updates.
New Reporting Requirement for Organization Actions Affecting Basis of Securities
The IRS recently released the new Form 8937 Report of Organizational Actions Affecting Basis of Securities and instructions. This form is now required to be filed and given to each security holder or posted to your website by or before January 15th of the following year or within 45 days of Organizational actions that affect the Organization's basis of securities.
Form 8937 is generally required to be filed if you are a public or private issuer of a specified security, such as any share of stock in a corporation, and the Organization takes an action that affects the basis of the security, such as a merger, spin off, stock split or nontaxable cash or stock distribution to shareholders. The effective filing reporting requirement for any note, bond, debenture or other security impacted will be January 2013. There are exceptions and special rules, so please contact us to discuss your specific facts and Organization filing requirements.
S-Corporations can satisfy the reporting requirement for any organization action affecting basis of its stock if they report the effect of the organizational action on a timely-filed Schedule K-1 for each shareholder, and gives copies to all proper parties.
The IRS recently announced (in Notice 2012-11) that, due to its late release of the form, it will not impose penalties on issuers of stock who report incorrect 2011 information required under Section 6045B, as long as they make a good-faith effort to timely comply with the requirements, with respect to the January 17th, 2012 reporting requirements. The penalties for late filing can be significant. Please contact us if you are considering a transaction that would require this new reporting.