Welcome to Sensiba San Filippo’s Insights Blog
Providing education and industry insights to stay steps ahead of your competition.
The New Book Minimum Tax Rule in the IRA 2022
The Financial Accounting Standards Board (FASB) could have congressional lobbyists nipping at its heels over a “book minimum tax” rule in the newly enacted Inflation Reduction Act of 2022 (IRA). This would be the [...]
Is your current allowance for bad debts reasonable?
In today’s volatile market conditions, it’s important to review your accounts receivable ledger and consider writing off stale, uncollectible accounts. The methods that you’ve used in the past to evaluate bad debts may no [...]
Why Auditors Prefer In-Person Interviews
Auditing standards require financial statement auditors to identify and assess the risks of material misstatement due to fraud — and to determine overall and specific responses to those risks. Here’s why in-person interviews are [...]
The Inflation Reduction Act Summary
President Biden signed the Inflation Reduction Act (IRA) into law on August 16, 2022. This bill includes provisions related to taxes, health care, and climate change. The act will impact many taxpayers in a [...]
Restrictions in the Clean Vehicle Credit 2022
The Inflation Reduction Act (IRA) includes a wide range of tax incentives aimed at combating the dire effects of climate change. One of the provisions receiving considerable attention from consumers is the expansion of [...]
Sage Intacct 2022 R3 Improves Dashboards and Accounts Receivable Automation
Role-based dashboards, accounts receivable improvements, and contract automation are among the powerful features designed to help finance teams save time in the recent Sage Intacct 2022 R3 update, which went live on August 19, [...]
Oregon Paid Family Leave Begins 2023
The new Oregon paid family leave program, Paid Leave Oregon, is set to begin next year. This program is designed to give families, individuals, and employees the time and support they need to care [...]
4 Steps for an Accounts Payable Audit
At most companies, the accounts payable (AP) department handles an enormous volume of transactions. So, the AP ledger may be prone to errors or used to bury fraudulent journal entries. How do auditors get [...]
R&D Credit Payroll Tax Offset Enhanced by the Inflation Reduction Act
The Inflation Reduction Act of 2022 (IRA) was signed into law on August 16, 2022. The legislation enhances the benefit for start-up companies by expanding the amount of the Research and Experimentation tax credit [...]
The Reinstated Superfund Excise Tax for Chemicals and Imported Substances
As of July 1, 2022, The Infrastructure Investment and Jobs Act (IIJA) has reinstated excise taxes imposed on certain chemicals and imported chemical substances. The original excise tax expired on December 31, 1995. This [...]
Evaluating Going Concerns
Under U.S. Generally Accepted Accounting Principles (GAAP), financial statements are normally prepared based on the assumption that the company will continue normal business operations into the future. When liquidation is imminent, the liquidation basis [...]
BlackLine’s Smart Close and Alternatives for Streamlining Your Financial Processes
What is BlackLine Smart Close? BlackLine Smart Close is a module that enables a standardized and automated financial close and is embedded directly within SAP. BlackLine close management tools provide clear, real-time visibility into [...]
FAQs About Audit Confirmations
Audit confirmations are typically used to verify such items as cash, accounts receivable, accounts payable, employee benefit plans and pending litigation. Under U.S. Generally Accepted Auditing Standards, an external confirmation is “a direct response [...]
What is the CHIPS Act?
The Creating Helpful Incentives to Produce Semiconductors for America Act (CHIPS Act) was recently passed by Congress as part of the CHIPS and Science Act of 2022. President Biden is expected to sign it [...]
Transitioning to Remote Audits
The pandemic has presented numerous challenges for businesses, but it also taught us how to be resilient, cost-conscious, and adaptable. Over the last few years, we’ve learned that remote working arrangements offer many benefits, [...]
5 Brewery Tax Saving Tips
Today, the combination of innovative flavors and unique branding has led to the success of the craft beer industry. With an ever-growing demand for more and more unique varieties, it’s no mystery why breweries [...]
Hobby Loss Rule: Hobby vs Business
So, you love your job. But did you know that combining business and pleasure could affect your tax deductions? While there are no laws against enjoying your profession, it is important to distinguish between [...]
The Best Way to Find the Right Construction Accountant
If you’re a construction contractor, the odds are you’ll require the services of an outside accountant from time to time. At first glance, it can be difficult to tell the difference between all of [...]
8 Tips to Maximize Your Valuation When Preparing for Exit by Acquisition
In the current economic landscape, it’s common for startups and businesses to seek a buyout or acquisition — in fact, it’s frequently the goal from the start. Preparing for acquisition as early as possible [...]
3 Exciting New Sage Intacct Features in Release 2 of 2022
Automating the creation of general ledger entries from bank feeds, enhancing inventory management, and hiding inactive dimensions and reports are among the new features in Sage Intacct Release 2 of 2022. Automatically Create GL [...]
Simple Steps for Setting Up a Family Office
Outlining your goals, setting a budget, and choosing the best technology are among the keys to establishing and running an effective family office. What is a Family Office? A family office is an organization [...]
Tax Obligations for Permanently Closing a Business
Sadly, many businesses have been forced to shut down recently due to the pandemic and the economy. If this is your situation, we can assist you, including taking care of the various tax responsibilities [...]
Last Call for Lease Accounting Standard
The updated lease accounting standard is currently in effect for private companies. After several postponements during the pandemic, the Financial Accounting Standards Board (FASB) voted unanimously to move forward with the changes. That means [...]
What is Auditor Independence?
Auditor independence is one of the most important requirements for audit firms. It’s why investors and lenders trust CPAs to provide unbiased opinions about the presentation of a company’s financial results. The Association of [...]
How to Find the Right Co-Packer
For startup food, beauty, and natural product companies that are interested in outsourcing their manufacturing, choosing the best co-packer is a critical decision that can impact their long-term success. Outsourced manufacturing — often referred [...]