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Isaac M. O'Bannon

Managing Editor

isaac.obannon@cpapracticeadvisor.com

Isaac M. O'Bannon is the managing editor and digital content manager for CPA Practice Advisor (www.CPAPracticeAdvisor.com), drawing on two decades of experience covering the areas of professional accounting, taxation, business productivity and consumer technologies. Prior to CPA Practice Advisor, O'Bannon was a consultant at firms in San Francisco, Denver and Tulsa, serving clients that included Logitech, Polycom, Hilti, Microsoft, the Stanford Research Institute, the University of Oklahoma's College of Engineering and other technology leaders. He is a U.S. Navy veteran. Email: isaac.obannon - @ - cpapracticeadvisor.com

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Small Business

Small Business Optimism Decreases: Owners Uncertain About Future Business Conditions

As reported in NFIB’s monthly jobs report, 49% of owners reported job openings that could not be filled, a decrease of two points from September. A net 44% of owners (seasonally adjusted) reported raising compensation, a 48-year record high reading.

Accounting

Report Reveals Audit Committee Disclosures in Proxy Statements Continue to Increase

The Barometer analyzes S&P Composite 1500 proxy disclosures to understand transparency around audit committee oversight of the external auditor and other key audit-related topics. This year’s report provides examples of effective disclosure from ...

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More Americans Expected to Claim Home Office Tax Deductions

The regular method is more difficult and uses actual expenses. Direct expenses (expenses directly related to the home office such as painting or repairs, depreciation deduction for furniture and fixtures used in the home office, etc.) are allowed in ...

Accounting

Modern Treasury and Metropolitan Commercial Bank Partner to Provide Automated Payment Operations

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Firm Management

Baker Tilly Acquires The Compliance Group

Accounting

Trovata Launches its Integrated API Bank Connector for Sage Products

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Benefits

Zenwork Receives $163 Million in Funding for Tax and Compliance Solutions

The investment will enable Zenwork, operating under the Tax1099 and Compliancely brands, to accelerate product innovation and meet growing business demand for modern, automated technology solutions that address regulatory compliance and power ...

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Payroll

401(k) Max Contribution Limit Increased to $20,500 Starting in 2022

For single taxpayers covered by a workplace retirement plan, the phase-out range is increased to $68,000 to $78,000, up from $66,000 to $76,000.

Intuit Path

Advisory

Intuit ProConnect Launches The Path to Advisory Guide

Staffing challenges, compliance obligations, technology advances and world events are changing the way tax professionals work. The in-depth guide offers testimonials and coaching tips from Intuit Tax Council Members who have made the move towards ...

tax-deductions

Special Charity Tax Deduction Still In Effect for 2021

Under this provision, individual tax filers, including married individuals filing separate returns, can claim a deduction of up to $300 for cash contributions made to qualifying charities during 2021. The maximum deduction is increased to $600 for ...

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IRS Offers Reporting Guidance for Partnership Interests

The FAQs contain sample worksheets that certain passthrough entities and taxpayers may be required to use in reporting “carried interests,” partnership interests held in connection with the performance of services for tax returns, filed after Dec. 31...

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Tax Roundtables to Address Issues Facing Tax Pros

The National Association of Tax Professionals (NATP) and Drake Software are hosting “Taxes Today,” a virtual roundtable discussion that is free and open to tax professionals of all levels of experience. The first discussion will focus heavily on the ...