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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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Taxes

Bloomberg Tax Predicts 2025 Standard Tax Rates, Standard Deductions, and AMT

Bloomberg Tax's annual Projected U.S. Tax Rates Report provides early, accurate notice of the potential tax savings that could be realized due to increases in deduction limitations, upward adjustments to tax brackets, and increases to numerous other key thresholds.

Payroll

U.S. Household Income Rose 4 Percent in 2023, Median Level at $80,610

The U.S. Census Bureau has announced that real median household income increased by 4.0% between 2022 and 2023. At the same time, the official poverty rate fell 0.4 percentage points, to 11.1%, in 2023.

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Small Business

September Retail Imports Forecast to Remain High Ahead of Possible Port Strike

The nation’s major container ports are expected to see another busy month in September ahead of a potential labor strike at East Coast and Gulf Coast ports.

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Accounting

Rising Cyber Threats Drive CFOs to Prioritize Data Security and Privacy, Increasing Focus on FP&A and Gen AI

The survey also found that generative AI is now being employed by one in three finance organizations, with process automation and financial forecasting representing the most common uses of the technology.

Firm Management

Eide Bailly’s Wealth Management Practice Joins Sequoia Financial Group

Eide Bailly, a national certified public accounting and business advisory firm has announced that Eide Bailly Advisors, LLC’s wealth management team will join Sequoia Financial Group.

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Stampli Introduces Stampli Cognitive AI, Debuts Human-Level PO Matching

By combining LLMs with meticulously mapped business logic, it understands the nuanced context of financial operations and replicates human decision-making processes.

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Small Business

Sales Tax Holidays Are Not Profitable for Most Small Retailers, Says Report

While these holidays are designed to boost consumer spending and businesses’ sales, the complexities involved have actually left nearly 60% of retailers struggling to make a profit.

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Sales Tax

Avalara Names Kevin Sellers as Chief Marketing Officer

Sellers brings more than 25 years of broad-based global marketing expertise to Avalara with a proven track record of driving growth and relevance for world-class brands and moving buyers to action.

Firm Management

Forvis Mazars Adds Technology Consulting Practice to Serve Construction Clients

The practice is designed to help construction companies move forward with digital-first strategies to streamline financial reporting and project operations, enhance communication and

Small Business

Short Term Rentals Gain Traction as Vacation Preference

Half of respondents have stayed in an STR and 41% of respondents think STRs provide the best accommodations for those traveling with a family or large group.

Small Business

Retail Group Says Recession Unlikely

Lower rates will also make it more affordable to borrow through mortgages, home improvement loans, car loans and credit cards, encouraging spending and increasing demand for goods and services.

Taxes

AICPA Comments on Interaction between Section 266 and Section 163(j)

The Tax Cuts and Jobs Act (TCJA) rewrote section 163(j) to enact significant new limitations on the deduction of “business interest expense.”