Insights Blog2021-09-02T16:26:43-04:00

Welcome to Sensiba San Filippo’s Insights Blog

Providing education and industry insights to stay steps ahead of your competition.


Are You at Risk? 7 Common SOX 404 Compliance Challenges to Avoid

Several challenges can affect a company’s ability to maintain an effective controls framework, or potentially hinder its ability to demonstrate that its ICFR efforts are serving their intended purpose. The most prevalent SOX challenges [...]

What you need to know about your COVID Relief Funds and R&E Tax Credit (PPP, ERC, and R&E)

When COVID-19 relief funding became available, businesses were quick to hop on the much-needed lifelines. For businesses who have taken either the Employee Retention Credit (ERC) or received a Paycheck Protection Program (PPP) loan [...]

Businesses must navigate year-end tax planning with new tax laws potentially on the horizon

The end of the tax year is fast approaching for many businesses, but their ability to engage in traditional year-end planning may be hampered by the specter of looming tax legislation. The budget reconciliation [...]

Elevate Your Process Management with BlackLine’s Task Management Module

If You’ve Implemented BlackLine’s Task Management Module for Your Accounting Period Close, Don’t Stop There! The Task Management module can be used to automate numerous tasks across your organization and maximize the value of [...]

Reduce Family Office Accounting Complexity by Choosing the Right Software

Prioritize Your Accounting Software One of the most effective ways for a family office to improve efficiency and reduce complexity is selecting the best accounting software for its needs. While popular accounting software such [...]

Private companies: Are you on track to meet the 2022 deadline for the updated lease standard?

Updated accounting rules for long-term leases took effect in 2019 for public companies. Now, after several deferrals by the Financial Accounting Standards Board (FASB), private companies and private not-for-profit entities must follow suit, starting [...]

Improving and automating your company’s account reconciliation process with BlackLine

Many companies don’t realize they can use BlackLine to achieve account accuracy, systematic consistency, accountability and transparency while automating the reconciliation process - saving dozens of hours per month that can be redirected to [...]

What Pass-Through Businesses Need to Know About California Assembly Bill 150

Since the passage of the Tax Cuts and Jobs Act (TCJA) in 2017, individuals who itemize their federal tax deductions have been limited to a $10,000 deduction for state and local income taxes (“state [...]

6 Steps Private Companies Should Take to Prepare for ASC 842 Lease Accounting

Get Prepared for ASC 842 Lease Accounting Standard Private companies and nonprofits will soon be subject to the ASC 842 lease accounting standard. Adoption of this standard is effective for annual reporting periods ending [...]

California Community and Neighborhood Tree Voluntary Contribution Fund

New legislation has established the California Community and Neighborhood Tree Voluntary Contribution Fund. The name of the fund will appear on CA personal income tax returns, with other authorized funds, which individuals may contribute [...]

Why Use BlackLine for Variance Analysis (Flux) Monitoring?

BlackLine’s Variance Analysis Monitoring module uses standardized configurable templates and rule-based workflows intelligently designed to quickly identify unusual account activity and automatically flag and route outliers for review. With this module, you can automate [...]

Auditing WIP

Many types of businesses — such as homebuilders and manufacturers — turn raw materials into finished products for customers. Production is a continuous process. So, any work that’s been started but isn’t yet completed [...]

Automate High Volume Transaction Reconciliations with BlackLine

BlackLine’s transaction matching engine saves valuable time by quickly and accurately reconciling high-volume complex one-to-many and many-to-many financial transactions including bank, credit and purchasing cards, Point of Sale and many other use cases. BlackLine [...]

Employers Must Rehire COVID-19 Layoffs in these Industries

California Governor Gavin Newsom signed “Right to Recall Legislation for Certain Industries.” This statewide policy affects employers in the hospitality and business services industries, including hotels, airports and large event centers. Employers must offer [...]

The Benefits of Replacing Grant-Tracking Spreadsheets with Sage Intacct

Effective grant management is key for nonprofits in fulfilling their mission, and tracking grant-related activities with Sage Intacct offers nonprofits a powerful way to enhance efficiency and their ability to serve their constituents. Grant [...]

Good News for Taxpayers: Individual Deadline Extended

Due to the ever-evolving financial state, the IRS and California FTB have decided to give taxpayers a month-long respite. This change only applies to individuals and does not impact other taxpayers like corporations and [...]

“Let’s Put Our Differences Aside” The Importance of Empathy and Combatting Bias

Imagine you’re driving on the freeway. You’re maintaining the speed limit, abiding by all traffic laws, going about your typical morning commute. A flashy red sports car suddenly appears in your [...]

Why Private Equity & Venture Capital Fund Managers Should Care About Startup Accounting Changes: New Rev Rec, Lease Accounting & More

New Accounting Standards Codification (“ASC”) 606 and 842 apply to revenue from contracts with customers and accounting for lease arrangements. Private equity and venture capital funds do not generally have either [...]

New COVID-19 Relief Bill Doubles Business Meal Deductions and Makes Favorable PPP Loan Changes

The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for businesses. Here are some highlights of [...]

Improving Restriction Tracking and Revenue Recognition for Nonprofits

Tracking donor restrictions and understanding the implications of those restrictions on revenue recognition are common challenges for nonprofits — especially if they try to manage these important metrics with spreadsheets. Updated revenue recognition standards [...]

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 [...]

The President’s Action To Defer Payroll Taxes: What Does It Mean For Your Business?

On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort to offer more [...]

Haven’t Filed Your 2019 Business Tax Return Yet? There May Be Ways to Chip Away at Your Bill

The extended federal income tax deadline is coming up fast. As you know, the IRS postponed the payment and filing deadlines until July 15 that otherwise would have fallen on or after April 1, [...]

Independent Assurance Inspires Confidence in Sustainability Reports During COVID-19

Sustainability reports explain the impact of an organization’s activities on the economy, environment and society. During the novel coronavirus (COVID-19) pandemic, stakeholders continue to expect robust, transparent sustainability reports, with a stronger emphasis on [...]

New COVID-19 Law Makes Favorable Changes To “Qualified Improvement Property”

The law providing relief due to the Coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred to as qualified improvement [...]

Research and Development Tax Credit: A Powerful Tool to Build Your Business

Staying ahead of the competition is a challenging and often expensive task.  While many economic incentives are targeted at a particular industry or even a specific company, the Research and Development (R&D) tax credit [...]

R&D Tax Credit for Food and Beverage: Make Your Cake and Eat it Too!  

One of the most overlooked (and fascinating) industries that should be taking advantage of the R&D tax credit is food and beverage.  Whether it’s a manufacturer of finished food products, an ingredient or flavor [...]