COVID-19 Archives - Sensiba San Filippo

Cash Flow: The Secret Sauce to Staying in Business, During and After COVID
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Cash Flow: The Secret Sauce to Staying in Business, During and After COVID

Cash Flow: The Secret Sauce to Staying in Business, During and After COVID

Whether your business is in survival mode or experiencing an uptick, the way you manage (or don't manage) cash flow will determine your business's future. Cash management has always been critical, but in this economy, it's essential. If you've been in the dark about your cash flow, can't pull your numbers quickly, or want some tips to improve your cash flow and prepare for additional market disruptions, join our upcoming webinar.

By SSF Admin|2020-06-08T12:49:22-04:00July 30th, 2020|Categories: Join Us!|Tags: accounting, cash flow, COVID-19, food and beverage, manufacturing|Comments Off

Costing Matters: Hold on to Those Margins To Survive COVID
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Costing Matters: Hold on to Those Margins To Survive COVID

Costing Matters: Hold on to Those Margins To Survive COVID

The rising costs of labor, raw materials, coupled with new overhead expenses associated with spacing and retrofitting work stations, temperature checks, and increased sanitation, all impact your bottom line. Manufacturers need to accurately monitor the costs of production, so they can consider adjusting pricing, find new suppliers, or renegotiate fixed contracts to stay profitable.

By SSF Admin|2020-06-08T12:48:57-04:00July 14th, 2020|Categories: Join Us!|Tags: accounting, costing, COVID-19, food and beverage, manufacturing, webinar, wherefour|Comments Off

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

Blog, COVID-19, Tax

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, 2020, and before July 15. [...]

By Thomson Reuters|2020-06-29T14:20:21-04:00June 29th, 2020|Categories: Blog, COVID-19, Tax|Tags: 2019 taxes, business taxes, CARES Act, COVID-19, tax bill|Comments Off

Launching a Business? How to Treat Start-Up Expenses on Your Tax Return
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Launching a Business? How to Treat Start-Up Expenses on Your Tax Return

Blog, COVID-19, Tax

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 to people staying at home. [...]

By Thomson Reuters|2020-06-22T17:23:43-04:00June 22nd, 2020|Categories: Blog, COVID-19, Tax|Tags: COVID-19, startups, Tax returns|Comments Off

Asset Impairment is Expected to Hit 2020 Financial Statements
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Asset Impairment is Expected to Hit 2020 Financial Statements

Audit, Blog, COVID-19, GAAP

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” that warrants interim impairment testing. [...]

By Thomson Reuters|2020-06-19T13:42:33-04:00June 19th, 2020|Categories: Audit, Blog, COVID-19, GAAP|Tags: Asset impairment, coronavirus financial reporting, COVID-19, financial statement, GAAP|Comments Off

Business Meal Deductions: The Current Rules Amid Proposed Changes
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Business Meal Deductions: The Current Rules Amid Proposed Changes

Blog, COVID-19, Tax

Business Meal Deductions: The Current Rules Amid Proposed Changes

Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One of the tax breaks that President Trump has proposed to help them is an increase in the amount that can be deducted for business [...]

By Thomson Reuters|2020-06-09T18:27:46-04:00June 1st, 2020|Categories: Blog, COVID-19, Tax|Tags: COVID-19, entertainment deductions, meal deductions, tax break|Comments Off

Revenue Recognition and Leases: FASB Gives Certain Entities More Time
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Revenue Recognition and Leases: FASB Gives Certain Entities More Time

Blog, COVID-19, Tax

Revenue Recognition and Leases: FASB Gives Certain Entities More Time

Private companies and most nonprofits were supposed to implement updated revenue recognition guidance in fiscal year 2019 and updated lease guidance in fiscal year 2021. In the midst of the novel coronavirus (COVID-19) crisis, the Financial Accounting Standards Board [...]

By Thomson Reuters|2020-06-09T18:28:05-04:00May 29th, 2020|Categories: Blog, COVID-19, Tax|Tags: COVID-19, FASB, revenue recognition|Comments Off

Understanding & Planning for PPP Forgiveness
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Understanding & Planning for PPP Forgiveness

Understanding & Planning for PPP Forgiveness

Join our upcoming webinar to learn about the PPP forgiveness timeline, eligible expenditures, and get guidance maintaining documentation. Our presenters will also cover recent updates, and provide tips on how to integrate PPP into your business planning. This webinar will feature a live Q&A session – so bring your questions!

By SSF Admin|2020-06-01T13:07:14-04:00May 29th, 2020|Categories: Join Us!|Tags: COVID-19, PPP Forgiveness, PPP Loans, webinar|Comments Off

IRS Releases 2021 Amounts For Health Savings Accounts
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IRS Releases 2021 Amounts For Health Savings Accounts

Blog, COVID-19

IRS Releases 2021 Amounts For Health Savings Accounts

The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA [...]

By Thomson Reuters|2020-05-26T12:23:11-04:00May 26th, 2020|Categories: Blog, COVID-19|Tags: COVID-19, Health Savings Accounts, HSAs|Comments Off

Overcoming The Challenges Of Remote Auditing During The COVID-19 Crisis
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Overcoming The Challenges Of Remote Auditing During The COVID-19 Crisis

Audit, Blog, COVID-19

Overcoming The Challenges Of Remote Auditing During The COVID-19 Crisis

Many people are currently working from home to help prevent the spread of the novel coronavirus (COVID-19). Your external auditors are no exception. Fortunately, in recent years, most audit firms have been investing in technology and training to facilitate [...]