Welcome to Sensiba San Filippo’s Insights Blog
Providing education and industry insights to stay steps ahead of your competition.
Inherited IRAs May See Unfavorable Regulations
Back in late 2019, the first significant legislation addressing retirement savings since 2006 became law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act has resulted in many changes to retirement and estate [...]
1031 Exchange Rundown: What you Need to Know
A 1031 exchange is a popular way to sell your real estate and exchange it for another piece of real estate without having to pay any tax. The tax deferral allows the taxpayer to [...]
Enhance Your Reconciliations with BlackLine Account Analysis Template Controls
BlackLine’s account analysis template controls provide a powerful way to standardize the commenting and analysis procedures within your organization’s account reconciliation process. Activating account analysis template controls within your BlackLine reconciliation product adds a [...]
Inflation has Boosted the 2023 Health Savings Accounts Amounts
The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in next year’s amounts being increased more than they have been in recent years. [...]
Claiming the ERC as a Recovery Startup Business
The Coronavirus Aid, Relief, and Economic Security Act (CARES) act was signed into law in March 2020 to provide businesses with financial assistance through the Employee Retention Credit (ERC). The ERC was expanded through [...]
How to Act on Your Audited Financial Statements
Maintaining the status quo in today’s volatile marketplace can be risky. To succeed, businesses need to “level up” by being proactive and adaptable. But some managers may be unsure where to start or they’re [...]
Tax Season is Over, Now What?
Now that the April filing deadline is passed it is tempting to put taxes out of your mind until next year. If you're hoping for a smooth tax season in 2023, we recommend taking [...]
What You Need to Know About Annual Recurring Revenue and GAAP Revenue Recognition
What is Annual Recurring Revenue? Annual Recurring Revenue (“ARR”) is a metric that is defined as the value of annual contracts, typically for SaaS or other subscription businesses that offer term subscriptions. ARR is [...]
What to do if your returns don’t match IRS records
It's that time of year again, and post-tax-season notices might start creeping up. The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that doesn’t [...]
Leveraging Internal Audits
Many companies have an internal audit department that tests whether the organization is accurately reporting financial results and complying with U.S. Generally Accepted Accounting Principles (GAAP). But it’s important for internal auditors to think [...]
Accounting for Software Development Costs in the Technology Industry
The technology industry, and in particular the software-as-a-services (SaaS) industry, faces several unique accounting challenges. One common question companies need answered is whether to expense or capitalize software development costs. When software is developed [...]
Tax Considerations for Adding a New Partner to Your Business
Adding a new partner in a partnership has several financial and legal implications. Let’s say you and your partners are planning to admit a new partner. The new partner will acquire a one-third interest [...]
Goodwill in a Bad Economy
In today’s volatile economy, many businesses and nonprofits have been required to write down the value of acquired goodwill on their balance sheets. Others are expected to follow suit — or report additional write-offs [...]
5 Common Pitfalls of a Business Risk Assessment
What to Avoid and How to Maximize Your Risk Assessment The corporate scandals of Enron, WorldCom and Tyco in the early 2000s have forever changed the way management and investors view risk management programs. [...]
Tax Implications of Converting from a C Corp to an S Corp
Operating as an S corporation may help reduce federal employment taxes for small businesses in the right circumstances. Although S corporations may provide tax advantages over C corporations, there are some potentially costly tax [...]
How SECURE 2.0 Might Impact Individuals and Employers
In 2019, the bipartisan Setting Every Community Up for Retirement Enhancement Act (SECURE Act) — the first significant legislation related to retirement savings since 2006 — became law. Now Congress appears ready to build [...]
Wherefour Optimizes Inventory and Co-Packing Success via Linked Accounts
Effective inventory management and communication between companies are critical factors in successful co-packing collaborations – which is why we are excited about Wherefour’s latest release that adds a new level of visibility to help food companies [...]
FAQs about fair value in accounting
In recent years, accounting rule makers have issued guidance that requires certain items on the balance sheet to be reported at “fair value.” Here are some answers to frequently asked questions about this standard [...]
What is SOX and How to Be Compliant
In this blog post, we will break down what SOX is and how your business can be compliant. We'll also provide some resources to help you get started. What is SOX? Since being signed [...]
The Texas Supreme Court Ruling Multistate Businesses Need to Know About
On March 25, 2022, the Texas Supreme Court, in a much anticipated opinion ruled in favor of Sirius XM and rejected the Comptroller’s use of the “receipt-producing, end-product act” test to determine where a [...]
Sage Intacct 2022 Release 1: New Automation Saves Time for Finance Teams
Auto-creating general ledger entries from bank data, improved outlier identification, re-classifying posted entries, and enhanced grant tracking are among the time-saving benefits in the recent Sage Intacct 2022 Release 1. If you prefer video, [...]
Do Your Business and Family Office Need Separate CFOs?
The size and complexity of your business and family offices, the skills of your finance team, and a desire to protect your privacy can all help determine whether your business and family offices needs [...]
You Can Fully Deduct Business Meals this Year
The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19 relief laws, the usual deduction for 50% of the cost [...]
Why Construction Businesses Should Pay Attention to the New Lease Accounting Standard
If you own a business, then you have likely heard the buzz around the new lease accounting standard ASC 842 and the significant impact it will have on the way you record leases. For [...]
Deciding between cash and accrual accounting methods
Small businesses may start off using the cash-basis method of accounting. But many eventually convert to accrual-basis reporting to conform with U.S. Generally Accepted Accounting Principles (GAAP). Which method is right for you? Cash [...]