Sasserath & Zoraian, LLP

Sasserath & Zoraian, LLP is a full service CPA firm located in Melville, New York.

Sasserath & Zoraian, LLP is a CPA firm who tailors its services to meet each client's specific needs and goals. We cover numerous specialty areas, including Hedge Fund Services, International Tax, and Technology Companies.

At Sasserath & Zoraian, LLP, we provide a wide variety of accounting, tax, and financial management services tailored to meet the needs of our business clients. We care about our clients success and keep abreast of tax law changes throughout the year to ensure that you are taking advantage of ALL tax incentives. To better meet the needs of our accounting and tax clients, we also have individualized services for small businesses in industries such as real estate, construction, retail, financial services, professional services and other service businesses. These individualized services have enabled us to address your industry specific challenges, compliance needs and industry standard tax practices.

Mission: Our services strive to make your job easier so you have more time to focus on building your business in Long Island, across the country, and around the world.

Operating as usual

The implementation of payroll tax deferral, which began September 1, comes just after the IRS issued highly anticipated new guidance. In short, employers are responsible for implementing the deferral and it applies only to employees who earn less than $4,000 on a bi-weekly basis. S&Z is here to help you navigate the challenges. Call on us for guidance: https://bit.ly/3hOxazb

Last week the U.S. Small Business Administration issued a new Interim Final Rule addressing the complex PPP forgiveness requirements regarding owner-employee compensation and nonpayroll costs. For guidance on how this may apply to your business and which of your nonpayroll costs are forgivable, call us at (631) 368-3110. Our team is here to help you navigate these evolving requirements.

College may look different this year, but the challenges of paying for it remain! Take this opportunity to connect with your S&Z accounting professional to review your savings goals, how those goals may have changed as a result of COVID’s economic impact, and the tax implications: (631) 368-3110.

The new audit evidence standard helps auditors work remotely and also bolsters audit quality. What does your business need to know about the new standard? Connect with your S&Z professionals today: (631) 368-3110 | www.sz-cpas.com

Taxpayers working from home during the pandemic may be concerned about the impact of remote work on their state and local taxes. Will they be taxed on the same income by multiple states or even pay taxes to the wrong state? Whether you’re a taxpayer with questions or a business on the receiving end of those questions, contact S&Z today for guidance at 631-368-3110.

Earlier this month, the President signed an Executive Order providing for the deferral of the employee’s portion of Social Security taxes from September through December, but many questions remain. Is the Order enforceable? Which employees would be eligible? When would the deferred taxes need to be paid? To help you and your business plan, contact your S&Z professional at 631-368-3110 for the latest guidance.

Thinking about pulling money out of your retirement savings? The CARES Act provides for special distribution options and rollover rules for retirement plans and IRAs. While some COVID-19 withdrawals may be penalty-free, make sure you understand the potential tax implications. Call us today at 631-368-3110 for guidance.

Staying on top of your cash flow is more critical than ever. With regard to receivables, a few ideas are to accelerate them where possible, review payment terms, give incentives for early payment where practicable, and ask for deposits up front. For payables, review your contracts and expenses, defer payments where possible, and prioritize suppliers and vendors that are critical to maintaining status quo and top line growth. Contact us for guidance: https://www.sz-cpas.com/ or 631-368-3110. #cashflow

The team at Sasserath & Zoraian wishes our clients and friends a happy and safe Fourth of July!

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Confronting the Brutal Facts – Sasserath & Zoraian, LLP

“You must never confuse faith that you will prevail with discipline to confront the most brutal facts of your current reality, whatever they might be.” – Admiral Jim Stockdale

In this week’s blog, Alan Sasserath encourages the business community to make decisions based on our current “brutal facts” – we can’t look past the pandemic or make decisions based on what we hope will happen. Read on for guidance on how to navigate these challenges head-on, the latest PPP updates, critical payroll tax deferral opportunities, and more. https://bit.ly/2ZrxbS1

sz-cpas.com Confronting the Brutal Facts “You must never confuse faith that you will prevail in the end – which you can never afford to lose – with discipline to confront the most brutal facts of your current reality, whatever they might be.” – Admiral Jim Stockdale Admiral Stockdale was the highest-r...

Payroll tax deferral: every business that carries debt and has payroll should consider taking advantage of this opportunity. Employers are permitted to defer the employer share of Social Security taxes for the period 3/27/20 – 12/31/20. Since the second quarter is coming to an end tomorrow, June 30, 2020, you should notify your payroll company of the desire to take advantage of this IMMEDIATELY. Call us for guidance: 631-368-3110

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Paycheck Protection Flexibility Act – Sasserath & Zoraian, LLP

Late Wednesday, the Senate passed the House version of the Paycheck Protection Flexibility Act, adjusting some of the rules under the Paycheck Protection Program, and the President is expected to sign it. Head over to the S&Z blog for guidance from Alan Sasserath about the key provisions of the legislation and what it means for PPP borrowers.

sz-cpas.com Paycheck Protection Flexibility Act Late yesterday, the Senate passed the House version of the Paycheck Protection Flexibility Act (“PPFA”), adjusting some of the rules under the Paycheck Protection Program (“PPP”). The bill will now go to President Trump, who is expected to sign it. Like mu...

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PPP Webinar Workbook: Updated – Sasserath & Zoraian, LLP

Have you tried our updated PPP loan forgiveness workbook? Download the workbook, view the tutorial by Fred Rook, and access other helpful resources on the S&Z blog. You can also watch a video replay of Alan Sasserath’s most recent webinar. Head over to https://bit.ly/2AxK9ok

sz-cpas.com PPP Webinar Workbook: Updated We hope you are all well and getting back up and running in a safe manner. As promised, attached is our Paycheck Protection Program (“PPP”) loan forgiveness workbook. We have also attached a short instructional video to show you how to use it. As the calculations ar...

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COVID-19: Summary of Several Available Loan Programs – Sasserath & Zoraian, LLP

PPP isn’t a cure-all. Learn more about other federal and New York State loan programs available that aren’t forgivable, but have favorable terms. Visit the S&Z blog for details: https://bit.ly/3ds5FcL

sz-cpas.com COVID-19: Summary of Several Available Loan Programs   Covid-19 Small Business Administration and New York State Summary of Several Available Loan Programs Economic Injury Disaster Loan (EIDL) – This program is currently only accepting applications from agricultural businesses but is expected to ...

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PPP Loan Update – June 1, 2020 – Sasserath & Zoraian, LLP

In late March and April, many businesses lived off existing receivables and made tough changes to their businesses. As the calendar turned to May, PPP money, while not a cure-all, was a temporary life preserver. Now, as we stare at June, some are looking at PPP money being exhausted and opening for business or continuing their businesses amid a lot of uncertainty. Read on for an update from Alan Sasserath about potential PPP changes, looking beyond PPP, and more. https://bit.ly/3gK1I56

sz-cpas.com PPP Loan Update – June 1, 2020 We hope you are all well and getting back up and running in a safe manner. As you know, there is more to this pandemic than the Paycheck Protection Program (“PPP”). Things have been and continue to change rapidly. If you are not ahead of the curve, you are behind...

The highly anticipated PPP Loan Forgiveness Application has now been released. Please join Alan Sasserath tomorrow, May 20, at 3pm for Part 2 of our successful PPP Webinar where we break down the application and empower you with the tools you need to maximize your loan forgiveness. We will discuss a multitude of topics and introduce an updated workbook based on the application to help you calculate your loan forgiveness. Limited spaces available. Register here: https://bit.ly/2zNIUkH

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PPP Update – May 16, 2020 – Sasserath & Zoraian, LLP

Yesterday the SBA, in conjunction with the Treasury, released the #PPP Loan Forgiveness Application. There’s a lot to digest, but Alan Sasserath breaks it down in his latest blog post. Read it here: https://bit.ly/2ZcbeYG

sz-cpas.com PPP Update – May 16, 2020 By Alan R. Sasserath, CPA, MS Over the last week, we have received further guidance on the Paycheck Protection Program (“PPP”) regarding: 1. Certification including clarity on safe harbor provisions, 2. An extension of time to May 18, 2020 to return PPP loan proceeds ...

Has your business received PPP funds? If so, now’s the time plan accordingly to maximize your loan forgiveness. Check out our webinar led by Alan Sasserath for a breakdown of the provisions and access to critical tools to calculate loan forgiveness. Find it all here: https://bit.ly/2AzPxrf. Be sure to follow us for news on upcoming webinars.

More than 300 business owners joined us for last Friday’s webinar about PPP loan forgiveness, led by Alan Sasserath with Q&A by George Batas and Fred Rook. We were thrilled to be able to help so many members of the business community and receive such wonderful feedback. Missed it? Check out our blog for helpful links from the webinar, and be sure to follow us on social media for details of our upcoming seminars. https://www.sz-cpas.com/blog/

Due to an overwhelming response, we've added more spots to our webinar tomorrow at 10AM! There is still time to register to hear Alan Sasserath discuss critical information on Loan Forgiveness Under the Paycheck Protection Program and show how our custom workbook can help calculate loan forgiveness. Don't miss out. Register here: https://bit.ly/3bbEj8W

The PPP application process has been one of the most fraught experiences for the business community – reminiscent of the saying, “Ready, Fire, Aim!” Managing the forgiveness aspect is just as challenging. Fortunately, the team at Sasserath & Zoraian dove in headfirst to break down the PPP’s forgiveness provisions and has developed a workbook to help entrepreneurs and business owners calculate their loan forgiveness. Join us for a webinar this Friday, May 8 at 10 A.M. as Alan Sasserath introduces this critical tool and how to use it. Limited spots available. Register here: https://bit.ly/3flSmMh

Thank you so much to James Brennan and SUNation Solar Systems for taking the time to share this wonderful feedback about Alan Sasserath and the team at S&Z. Seeing our clients grow and succeed is incredibly motivating. We are always here for you.

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PPP Loan Update – April 29, 2020 – Sasserath & Zoraian, LLP

“The PPP process is one of the most frustrating processes I have gone through in my career. It reminds me of the saying, ‘Ready, Fire, Aim.’” In his latest blog post, S&Z’s Alan Sasserath provides some clarity with respect to the complex forgiveness provisions of the PPP. The takeaway? Prepare and adapt. Read more here: https://bit.ly/3cTFrz4

sz-cpas.com PPP Loan Update – April 29, 2020 By Alan R. Sasserath, CPA, MS As I have said before, this whole Payroll Protection Program (“PPP”) process is one of the most frustrating processes I have gone through in my career. It reminds me of the saying, “Ready, Fire, Aim.” Fortunately, our practice ...

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PPP Loan Update – April 27, 2020 – Sasserath & Zoraian, LLP

Last week, the Treasury issued further guidance relating to eligibility for the #PPP loan. True to form, the guidance was sufficiently vague to have many wondering whether they are eligible for the loan and can sign off on the certification, “Current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”

Why does this matter? Absent eligibility and a good faith sign-off on the statement, at best the loan will not be forgiven, and at worst you will also have additional penalties for making a false statement. Check out the first in a series of blogs by S&Z’s Alan Sasserath regarding PPP loan forgiveness: https://bit.ly/2Y7vgmt

sz-cpas.com PPP Loan Update – April 27, 2020 By Alan R. Sasserath, CPA, MS Last week, the Treasury issued further guidance relating to the eligibility to qualify for the Paycheck Protection Program (“PPP”) loan. In fashion true to form, the guidance issued was sufficiently vague to have many wondering whe...

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PPP Loan Update – April 21, 2020 – Sasserath & Zoraian, LLP

By now, many businesses have been approved for a Paycheck Protection Program loan – and many have not. Whether businesses were approved seemed to depend as much on the bank that they applied with as anything else. At this point, everyone either loves their bank or hates them, depending on whether they received the loan. PPP round two funding will be an opportunity for banks to earn credibility back. In this blog post, Alan Sasserath discusses what you should be thinking about for the second round of funding. https://bit.ly/2KnbtY7

sz-cpas.com PPP Loan Update – April 21, 2020 By Alan R. Sasserath, CPA, MS It’s been a while since our last update. Since then, many of you were either approved for the Paycheck Protection Program (“PPP”) loan or you were not. More fell into the latter category. For those that received it, congratulatio...

A law providing relief due to the coronavirus (COVID-19) crisis contains a valuable change in the tax rules for improvements to interior parts of nonresidential buildings. You may recall that under the Tax Cuts and Jobs Act, any qualified improvement property (QIP) placed in service after Dec. 31, 2017 wasn’t eligible for 100% bonus depreciation. The cost had to be deducted over 39 years rather than entirely in the year the QIP was placed in service. This was due to a drafting error by Congress. But the new CARES Act now allows most businesses to claim 100% bonus depreciation for QIP as long as requirements are met. The correction is retroactive to QIP placed in service after Dec. 31, 2017. Please contact us with any questions.

The CARES Act contains a range of relief, notably the “economic impact payments” that will be made to people under a certain income threshold. But the law also makes some changes to retirement plan rules. The additional 10% tax on early distributions from IRAs and 401(k) plans is waived for distributions made between Jan. 1 and Dec. 31, 2020 by a person who (or whose family) is infected with COVID-19 or is economically hurt by it. Penalty-free distributions are limited to $100,000, and may, subject to guidelines, be re-contributed to the plan or IRA. Income from the distributions may be spread out over 3 years. Other rules may apply. Contact us with any questions.

This morning Alan Sasserath participated in an international Zoom meeting with members of SBC Global Alliance. He joined professionals from Ireland, France, Italy, Morocco, the Netherlands, the UK, Singapore, Cyprus, Australia, the UAE, and others to share experiences and discuss what governments are doing for the economy. Some nations have similar provisions to the PPP, with a patchwork of differences regarding the qualification and application process. These accounting and advisory leaders also discussed how their firms are coping in these unprecedented circumstances. The challenges and emotions we're all experiencing are truly global. As in good times, S&Z is here to help wherever you do business - please reach out to us with any need. #movingforward

It has been a confusing time for business owners navigating the Paycheck Protection Program loan application. The business community has raised many critical questions and in response, the Treasury Department released an FAQ to assist. Here, Alan Sasserath rounds up the key questions and answers from the FAQ, along with a bank worksheet to help calculate loan amount. As always, please let us know how we can help. https://bit.ly/2UQ3GrT

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Paycheck Protection Program Loan Update – April 5, 2020 – Sasserath & Zoraian, LLP

Last week and throughout the weekend we have worked with many clients to prepare the Paycheck Protection Program Loan application and pull together the many ancillary documents required by lenders. But where do these lenders stand? Here, Alan Sasserath shares the PPP loan status of some of the largest lenders: https://bit.ly/3aLfhhh See where your bank is on the list and call us to help you with the next steps in the process. Thank you for the opportunity to work with you on this.

sz-cpas.com Paycheck Protection Program Loan Update – April 5, 2020 By Alan R. Sasserath, CPA, MS Last week and throughout the weekend we worked with many of you to prepare the Paycheck Protection Program Loan (“PPPL”) application, apply for the PPPL, put your name on a list with your lender to be able to...

Chase and several other major banks said this afternoon that they will NOT be ready to accept applications for the Paycheck Protection Program loans tomorrow. In this up-to-the-minute blog post, Alan Sasserath shares additional lending options, critical guidance revealed today regarding the application materials and calculations, and the next steps to take if you plan to apply. Read it here: https://bit.ly/2X74MRs and please contact us for help walking through the application. It’s a complicated process and we are here to help.

There’s a great deal of confusion surrounding the Paycheck Protection Program – maybe more confusion than certainty. Many of you have taken advantage of S&Z’s workbook to calculate your loan amount under the PPP. Read Alan Sasserath’s latest blog post for up-to-the-minute guidance on completing your PPP loan application and download our updated workbook, which we’ve adjusted based on the most recent information from lenders: https://bit.ly/2UTjSr2 We stand ready to help you – call us now at 631-368-3110.

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Melville, NY
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