Welcome to Sensiba San Filippo’s Insights Blog
Providing education and industry insights to stay steps ahead of your competition.
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, [...]
Establishing Your Company’s Risk Appetite
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) recently published new guidance on how companies can promote “risk appetite” as part of decision-making. It’s especially relevant in today’s uncertain marketplace. Digesting the [...]
IRS Notice 1444 and the Tax Implications of CARES Act Payments
Dear Clients, Over the next few weeks, you may receive a notice from the IRS after receiving your economic impact payments. Notice 1444 is the form that shows the amount of the recipient’s Economic [...]
Launching a Business? How to Treat Start-Up Expenses on Your Tax Return
While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being launched online to provide products and services [...]
Asset Impairment is Expected to Hit 2020 Financial Statements
Some companies are expected to report impairment losses in fiscal year 2020 because of the COVID-19 crisis. Depending on the nature of your operations and assets, the pandemic could be considered a “triggering event” [...]
Good Records Are The Key To Tax Deductions And Trouble-Free IRS Audits
If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in [...]
From QuickBooks to Cloud Accounting With Sage Intacct: Enabling Your Finance Teams from Anywhere
Your accountants may be working from home, but what about your accounting processes? In many cases, working from home means “making do” with a lesser version of the office that lacks the same tools, data, [...]
Is It Time To Outsource Finance and Accounting?
Outsourcing may appeal to organizations that are currently struggling with mounting overhead costs during the COVID-19 crisis. By outsourcing, you convert certain fixed overhead costs associated with compensating and supporting employees into variable costs [...]
Rioting Damage At Your Business? You May Be Able To Claim Casualty Loss Deductions
The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. In the case of stores or other businesses with inventory, some of these businesses lost products [...]
Congress Loosens PPP Loan Restrictions
Congress recently passed legislation to loosen some of the restrictions that came with the popular Payroll Protection Program; the president signed it into law on June 5. The new law runs only about 1,000 [...]
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