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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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Accounting

How Safe is Your Business? Survey Shows Only Half of Employees Feel Prepared

Only half of employees believe their workplaces are prepared for a severe emergency, according to the third annual workplace safety survey by Staples, Inc.. Nearly two-thirds of those polled said recent natural disasters have not led to their employers reassessing company safety plans. The survey, in honor of National Safety Month, also reveals that in the past six months nearly half of businesses have closed due to severe weather, costing the economy nearly $50 billion in lost productivity.

Accounting

Unemployment Claims Up Slightly, 4-Week Average Lowest Since 2007

The U.S. Department of Labor announced today that the initial claims for unemployment insurance benefits increased by 8,000 last week compared to the previous week. However, the "4-week moving average" saw a decrease of 2,250, bringing that measure to the lowest level it has been since June 2, 2007.

Income Tax

Report: IRS Not in Compliance with Improper Payments Act, EITC

The Internal Revenue Service (IRS) has not made enough progress in reducing improper payments of Earned Income Tax Credits (EITC), according to a new report by the Treasury Department agency that oversees the nation's tax collectors.

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Benefits

IRS Releases Final Guidance on Tribal Government Benefits Excluded as Income

The U.S. Department of the Treasury and Internal Revenue Service (IRS) have issued final guidance specifying that a wide range of benefits and services provided by Indian tribal governments qualify for the general welfare exclusion from income. These include programs for housing, education, cultural and religious purposes, and the elderly and disabled, among others.

Accounting

FASB and IASB Form Joint Transition Resource Group for Revenue Recognition

Members of the TRG include financial statement preparers, auditors and users representing a wide spectrum of industries, geographical locations and public and private companies and organizations.

Accounting

Americans Giving More to Nonprofit Charities

Based on data from 4,138 organizations that raised more than $13 billion in the prior 12 months, The Blackbaud Index reported that overall charitable giving grew 1.3 percent for the three months ending April 2014, as compared to the same period in 2013.

Accounting

Survey: Men More Confident than Women on Retirement

American men, particularly those aged 51 or older and with an income over $75,000, are more confident about retirement according to a recent survey conducted by financial services group OneAmerica. Contributing to their confidence is a realistic knowledge of how much retirement income they will need.

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Accounting

New Cloud System Fully Automates Expense Management

Tallie, which makes online expense management systems, has released what it says is the first complete cloud-based expense management solution, providing the quickest path from receipt to balance sheet. Tallie was honored this week with a Tax and Accounting Innovation Award.

Accounting

Financial Accounting Foundation Appoints Two New Members to GASB Advisory Council

The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of two new members to the Governmental Accounting Standards Advisory Council (GASAC).

Accounting

Special Report Offers Overview of New FASB and IASB Revenue Recognition Model

Financial information and technology company Thomson Reuters has released a special report, An Overview of the Revised Accounting Model for Revenue Recognition, which provides useful insights for corporate management teams, shareholders, lenders, analysts, investors, regulators, and accounting firms that utilize revenue to monitor organizations' financial performance and general financial health.

Benefits

10,000 Americans Turn 65 Every Day: 5 Ways to Prepare for Retirement

About 10,000 Baby Boomers will turn 65 every day until around 2030. That's a lot of retirement parties, but it's also something that should have them thinking about what they're going to do after they leave the office for the last time.

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Income Tax

June 16 Income Tax Deadline Approaches for Expat Taxpayers

American taxpayers living abroad generally qualify for an automatic two-month extension to their federal income taxes. Well, that time's almost up. Ex-pat taxpayers are required to file their 2013 federal income tax returns, or extension requests, by Monday, June 16, according to the Internal Revenue Service.