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Insight
ERC Scam – Buyers Beware
The IRS warns employers to be 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 claims based on extremely questionable qualifications. These bad actors often inform employers they qualify for the credit with little or no information regarding Read more…
Insight
GAAP vs. Tax-Basis: Which is Right for your Business?
Most businesses report financial performance using U.S. Generally Accepted Accounting Principles (GAAP). However, the income-tax-basis format can save time and money for some private companies. Comparing GAAP vs. tax-basis is essential for a company’s success. Here’s information to help you choose the financial reporting framework that will suit your situation. The Basics of Gaap and Read more…
Insight
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 East is produced by New Hope Network, which is “working to cultivate a prosperous high-integrity CPG and retail ecosystem that creates Read more…
Insight
How SOX Internal Controls Help Companies Manage Risk
Creating internal controls over financial reporting (ICFR) is mandated under the Sarbanes-Oxley Act (SOX). SOX internal controls provide important insights into the accuracy and presentation of a company’s financial position while serving as a valuable risk management tool. The Purpose of SOX and Who is Required to Follow the Standards Section 404 of the Sarbanes-Oxley Read more…
Insight
Standard Costing Through Supply Chain Disruption
The past three to four years have wreaked havoc on supply chains. First came the imposition of stiff tariffs on foreign imports, then COVID-19 global supply bottlenecks, followed by labor and shipping container shortages, and the invasion of Ukraine. Does anyone remember that the Suez Canal was blocked for a hot minute? Input price volatility Read more…
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Avoiding Conflicts of Interest With Auditors
A conflict of interest could impair your auditor’s objectivity and integrity and potentially compromise your company’s financial statements. That’s why it’s important to identify and manage potential conflicts of interest with auditors. What is a Conflict of Interest? According to the America Institute of Certified Public Accountants (AICPA), “A conflict of interest may occur if Read more…
Insight
What is Outsourced Accounting?
Reviewed by: Elizabeth Houseman Outsourced accounting, or the practice of transferring accounting functions to a third-party provider, has increased in popularity due to world-shifting events like the pandemic and the Great Resignation. The reason for the change? As available resources diminish, more and more companies are moving to the cloud. Outsourced accounting is a cost-effective, Read more…
Insight
Improving Your Month and Year-End Close Process
Have you started thinking about your month and year-end closing? This time of year, we turn our focus to the calendar year-end and start to plan the rest of our year. It might seem early to begin, but we’re operating in an environment that is not “business as usual”. Some questions you might start asking Read more…
Insight
Tax Implications of Remote Workers
In today’s business landscape, more companies are opting for remote workers. While this can be a great way to save on office space and other overhead costs, there can be significant state income tax implications from having remote workers. Set Remote Work Policies As remote work thrives, consider creating policies around employee movement out of Read more…
Insight
Sales Tax Trends in 2023 to Watch Out For
What sales tax trends should businesses keep an eye out for in 2023? As a business owner, you need to be aware of issues that might impact your bottom line, and sales tax is one that is often in flux. Here’s our rundown of sales tax trends in 2023 to watch out for. South Dakota Read more…
News
Sensiba LLP Announces DataBlend Partnership
Sensiba LLP, one of the region’s top 20 accounting firms, announced today a partnership with Integration Platform-as-a-Service (iPaaS) leader DataBlend. Together, Sensiba and DataBlend will help mid-market companies automate and modernize their finance and accounting (F&A) departments by streamlining integration across a variety of platforms, including, Sage Intacct, BlackLine, and countless financial management solutions and Read more…
Insight
The New Book Minimum Tax Rule in the IRA 2022
The Financial Accounting Standards Board (FASB) could have congressional lobbyists nipping at its heels over a “book minimum tax” rule in the newly enacted Inflation Reduction Act of 2022 (IRA). This would be the first corporate alternative minimum tax based on financial statement book income since the 1980s. And many in the accounting profession are Read more…
Insight
Is Your Current Allowance for Bad Debts Reasonable?
In today’s volatile market conditions, it’s important to review your accounts receivable ledger and consider writing off stale, uncollectible accounts. The methods that you’ve used in the past to evaluate bad debts may no longer make sense. Here’s how to keep your allowance for bad debts up to date. Bad Debt Allowance Rules Under the Read more…
News
Sensiba LLP and Impakt IQ Partner to Launch ESG Assessment Tool
ESG assessment tool that aligns with the world’s leading ESG and sustainability standards Sensiba, an accounting and business-consulting firm, and Impakt IQ (IIQ), a leading environmental, social, and governance (ESG) assessment, reporting and intelligence tool, are excited to announce an exclusive deployment partnership to connect the dots between ESG opportunities and risk, and their impacts Read more…
Insight
The Inflation Reduction Act Summary
President Biden signed the Inflation Reduction Act (IRA) into law on August 16, 2022. This bill includes provisions related to taxes, health care, and climate change. The act will impact many taxpayers in several ways. Here’s an overview of how this new legislation may impact you and your business. Inflation Reduction Act 2022 Tax Provisions Read more…