Welcome to Sensiba San Filippo’s Insights Blog
Providing education and industry insights to stay steps ahead of your competition.
Forms W-2 and W-3 Are Due to Be Filed Soon
With the 2023 filing season deadline drawing near, be aware that the deadline for businesses to file information returns for hired workers is even closer. By January 31, 2023, employers must file W-2 and [...]
Form 1099-NEC
Are you a business that pays creative freelancers, independent contractors, and other non-employees? If so, then understanding Form 1099-NEC is essential for staying compliant with tax regulations. This article breaks down everything you need [...]
Getting your BlackLine Admins Prepared for the New Year
As we get ready for a new calendar year, BlackLine admins can take several steps to ensure a smooth transition from 2022 to 2023. Although not every suggestion below may apply to your organization, [...]
How to Improve Your Internal Audit Process
While an effective internal audit function can help an organization mitigate organizational risks, identify inefficient processes, enhance compliance, and reduce the potential for fraud, it’s important to review the process itself. Reviewing the internal [...]
What is ESG?
ESG is becoming a significant topic in the investing and corporate world, and for a good reason. But what does ESG entail? How is it different from sustainability and Corporate Social Responsibility (CSR)? And [...]
2023 Tax Calendar
To help you make sure you don’t miss any important 2023 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. January 10 Individuals: Reporting December 2022 tip [...]
How Finance and Accounting Outsourcing Helps Companies Grow
As companies grow their operations, finance and accounting outsourcing provides a cost-effective way to optimize their financial management while obtaining business insights that go beyond the information available from basic accounting. Outsourced Finance and [...]
How Sage Intacct Real Estate Simplifies Property Management and Reporting
As real estate investors, family offices, developers and property managers confront dynamic markets, the Sage Intacct Real Estate module can help them automate and streamline lease management and financial reporting. Sage released the Real [...]
B Lab Standards in 2024
As the world evolves and the B Corp movement grows (both in size and strength), its standards must also progress to ensure B Corps are making meaningful impacts towards an equitable and regenerative economy. [...]
Year-End Spending Package Tackles Retirement Planning (SECURE Act 2.0) and Conservation Easements
On December 23, 2022, Congress passed the Consolidated Appropriations Act of 2023. The sprawling year-end spending “omnibus” package includes two important new laws that could affect your financial planning: the Setting Every Community Up [...]
How a Family Office Helps Busy CEOs
Can you imagine a CEO of a fast-paced, growing company getting up before dawn to pay bills and keep the family accounting straight? Wondering if the insurance might lapse or the lights could go [...]
Understanding and Avoiding a Cash Gap
Every business experiences occasional cash shortages. When this happens, owners often assume they should go out and sell more. But this strategy can sometimes compound money troubles over the short run. Why? The answer [...]
Protect Family Assets by Shifting to a Family Enterprise Mindset
A common mistake many high-net-worth individuals and families make is failing to treat their family’s financial affairs as a business entity in their own right. Managing the business of the family’s assets is a [...]
The Importance of an Accounting Firm for ESG Reporting
Corporate responsibility is a growing priority and has significantly increased in importance to consumers, investors, and other key stakeholders for both public and private companies. This emerging cultural movement, in relation to Environmental, Social, [...]
Preparing for Your First Financial Statement Audit with BlackLine
A company’s first financial statement audit can be an administrative challenge, but effective planning and implementation tools such as BlackLine can help streamline the process, improve internal controls, and potentially reduce audit fees. BlackLine’s [...]
Claiming Section 179
Section 179 allows businesses to take a deduction for the full purchase price of qualifying equipment, vehicles, and/or software purchased in that tax year. This deduction is beneficial to businesses as it can help [...]
Types of Distribution Channels
We live in an age of convenience —a time when just about anything can be ordered online and delivered straight to your doorstep. As more consumers choose the convenience of online outlets over in-store [...]
What to do if Your Controller or CFO Leaves
A leadership departure in your accounting department can create turmoil, at least temporarily. However, it also provides an opportunity to assess the department’s performance and create a vision for how it should perform in [...]
What is Fair Value in Accounting?
In recent years, the accounting rules for certain balance sheet items have transitioned from historical cost to “fair value measurements.” Examples of assets that may currently be reported at fair value are asset retirement [...]
How Auditors Assess Cyber Risks
As businesses and not-for-profit entities increasingly rely on technology, cyber risks are becoming more sophisticated and aggressive. Auditors must factor these threats into their risk assessments. They can also help you draft cybersecurity disclosures [...]
ERC Scam – Buyers Beware
The IRS is warning employers to be very careful when engaging with companies claiming to help secure Employee Retention Credits (ERC). ERC Mills Companies the IRS deems “ERC mills” are advising employers to make [...]
How to Prepare for Year-End Physical Inventory Counts
As year-end approaches, it’s time for calendar-year entities to perform physical inventory counts. This activity is more than a compliance chore. Proactive companies see it as an opportunity to improve operational efficiency. Inventory basics [...]
GAAP vs. Tax-Basis: Which is Right for your Business?
Most businesses report financial performance using U.S. Generally Accepted Accounting Principles (GAAP). But the income-tax-basis format can save time and money for some private companies. Here’s information to help you choose the financial reporting [...]
R&D Capitalization and Amortization Changes Take Effect
R&D capitalization and amortization are here, and we recommend planning as though it’s here to stay. Since the 1950s businesses who’ve incurred R&D expenses under Section 174 have been able to deduct them as [...]
Natural Products EXPO East: Regenerative Possibilities
In the heart of Philadelphia, this past September was the annual Natural Products Expo East. The show included events, education, and a tradeshow floor featuring natural product companies from all over the world. Expo [...]