Companies engaging in business within San Francisco (“the city”) need to understand their potential obligations associated with more than 180 taxes and fees required by the city’s Business and Tax Regulations code, and to keep up with the latest regulatory changes. In this article, we’ll review new and amended requirements under Proposition F, the Gross Read more…
Sensiba LLP, a leading US-based accounting and business consulting firm, is honored to announce its place among the Real Leaders 2023 “Top Impact Companies” from around the world. For the fourth year in a row, Sensiba has been awarded this great honor as Real Leaders recognizes people and organizations who are making a positive social Read more…
Do you buy or lease computer software to use in your business? Do you develop computer software for use in your business, or for sale or lease to others? Then you should be aware of the complex tax rules that apply to determine the treatment of the costs of buying, leasing, or developing computer software. Purchased Read more…
ASC 842 lease accounting is effective for calendar year-end entities for the 2022 fiscal year. The core concept of ASC 842 is the intention of the FASB to move previously off-balance-sheet operating leases to the balance sheet to better reflect the contractual liabilities owed under these arrangements. Many venture-backed early-stage startup companies, or remote-enabled companies, Read more…
The IRS uses Audit Techniques Guides (ATGs) to help IRS examiners get ready for audits. Your business can use the same guides to gain insight into what the IRS is looking for in terms of compliance with tax laws and regulations. Many ATGs target specific industries or businesses, such as construction, aerospace, art galleries, child Read more…
This article explores the definition of internal controls and explains why they’re important to your organization.
Sensiba wins ClearlyRated’s 2023 Best of Accounting Diamond Award for the 5th straight year, recognized as an industry leader for exceptional service and high client satisfaction.
As organizations consider sale-leaseback transactions, they must understand the financial reporting implications under the new lease accounting standard, ASC 842. What is a Sale-Leaseback Transaction? A sale-leaseback transaction typically occurs when an organization sells an asset, such as real estate, and immediately (or soon thereafter) leases the asset back from the purchaser. The organization that Read more…
Outsourcing offers unique solutions to some of today’s biggest accounting challenges. If your company is debating how to best account for its transactions, consider the advantages of outsourcing accounting. Advantages of Outsourcing Accounting Services 1. Outsource Accounting Cost Outsourced accountants can cost a fraction of what you pay to recruit, hire, supervise, and retain an Read more…
While an effective internal audit function can help an organization mitigate organizational risks, identify inefficient processes, enhance compliance, and reduce the potential for fraud, it’s important to review the process itself. Reviewing the internal audit process ensures it delivers relevant insights to management and the audit committee. The Benefits of Reviewing Your Internal Audit Process Read more…
ESG is becoming a significant topic in the investing and corporate world and for a good reason. But what does ESG entail? How is it different from sustainability and Corporate Social Responsibility (CSR)? And in what ways is it valuable and material to my company? What is ESG and What Does it Stand For? ESG Read more…
As the world evolves and the B Corp movement grows (both in size and strength), its standards must also progress to ensure B Corps are making meaningful impacts towards an equitable and regenerative economy. At the end of 2020, B Lab announced their standards (also called performance requirements) were undergoing a review. Now that the Read more…
Sensiba LLP joins a new partnership network aimed at helping companies measure and eliminate their carbon emissions. Sensiba LLP, an accounting and business-consulting firm, is pleased to announce a partnership with Climate Neutral (a.k.a. the Change Climate Project as of 2023), a mission-driven nonprofit organization working with brands and consumers to measure and eliminate carbon Read more…
Corporate responsibility is a growing priority and has significantly increased in importance to consumers, investors, and other key stakeholders for both public and private companies. This emerging cultural movement concerning Environmental, Social, and Governance (ESG) metrics from corporations has caused an exponential increase in the number of ESG reports conducted by companies across all sectors. Read more…
A company’s first financial statement audit can be an administrative challenge. Still, effective planning and implementation tools such as BlackLine can help streamline the process, improve internal controls, and potentially reduce audit fees. BlackLine’s MAP Framework BlackLine and its Modern Accounting Playbook (MAP) framework help growing and mid-sized companies optimize and automate key aspects of Read more…
Section 179 allows businesses to take a deduction for the full purchase price of qualifying equipment, vehicles, and/or software purchased in that tax year. This deduction is beneficial to businesses as it can help lower their current year tax liability. Below are answers to some of the most frequently asked questions about the tax deduction. Read more…
We live in an age of convenience —a time when just about anything can be ordered online and delivered straight to your doorstep. As more consumers choose the convenience of online outlets over in-store retailers, manufacturers are flocking toward selling their products on an easy-to-use online platform. Aside from ditching the storefront, there are some Read more…