In recent years, the accounting rules for certain balance sheet items have transitioned from historical cost to “fair value measurements.” Examples of assets that may currently be reported at fair value are asset retirement obligations, derivatives, and intangible assets acquired in a business combination. Though it may better align your company’s financial statements with today’s Read more…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
PLEASANTON, Calif., Aug. 18, 2022 — Sensiba, a leading CPA and business consulting firm, today announced the appointment of Dee Bowers as Chief Revenue Officer (CRO). In this newly created role, Bowers will lead the strategy and execution of Sensiba’s marketing, sales, and customer experience initiatives. In announcing the appointment, Managing Partner John D. Sensiba stated Bowers will have Read more…