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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

AICPA Says Proposed IRS Tax Preparer Program is Unlawful, Improper

The Internal Revenue Service’s proposed voluntary certification program for tax return preparers “would cause significant legal problems that may ultimately frustrate the IRS’s goals, confuse the public, and lead to litigation,” according to the American Institute of CPAs (AICPA).

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Advisory

CohnReznick and Boston-Based Ercolini to Merge

CohnReznick LLP, one of the top accounting, tax, and advisory firms in the U.S., and Boston-based accounting, consulting, and tax firm Ercolini & Company have signed a letter of intent to combine practices, expected to be effective June 30.

Accounting

74 Percent of Small Business Owners Optimistic on Economy

Almost three-fourths of small business owners in the U.S. are confident that their revenues will grow through 2014, according to a new study by cloud HR services provider TriNet.

Accounting

New Fixed Asset System Boosts Transparency and Compliance

New version allows tax and accounting professionals to effectively track fixed asset repairs under the final tangible property regulations, issued by the Internal Revenue Service and U.S. Department of the Treasury.

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Accounting

Wave Launches New Invoicing App

Wave, which makes a suite of small business financial tools, has launched a new app called Mobile Invoice by Wave. The app features one-tap activation of credit card processing, and no-fuss instant integration with Wave’s accounting tools, the app simplifies the entire process of getting paid for small businesses. Invoice by Wave launches today for iOS, with the Android version to follow.

Auditing

Report: IRS Meeting Requirements of Spending Cuts

The part of the U.S. Treasury Department that is tasked with overseeing the Internal Revenue Service has issue the findings of a recent audit of the taxing agency when it comes to its compliance with the budget cuts imposed on the agency's budget as a result of sequestration.

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Accounting

CFO Optimism Highest Since 2006

For the first time since 2006, more CFOs believe the state of the U.S. economy will improve (51 percent) rather than remain the same or worsen (49 percent) during the next six months, according to the Grant Thornton LLP 2014 Spring CFO Survey. This also marks the highest percentage in the survey’s history, which reflects the insights of more than 1,000 CFOs and other senior financial executives across the United States.

Accounting

GASB Proposes Improvements to State and Local Post Employment Benefits Reporting

On Monday, the Governmental Accounting Standards Board (GASB) published two proposed Statements intended to significantly improve financial reporting by state and local governments of other postemployment benefits (OPEB), such as retiree health insurance. The GASB also published a third Exposure Draft that would establish requirements for pensions and pension plans that are outside the scope of the pension standards the GASB released in 2012.

Accounting

FASB Issues New Standard on Reporting of Repurchase Agreements

The Financial Accounting Standards Board (FASB) has issued a new standard to improve the financial reporting of repurchase agreements and other similar transactions. Accounting Standards Update No. 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, changes the accounting for repurchase-to-maturity transactions and repurchase financing arrangements.

Income Tax

Taxpayers Offered New Options in Offshore Voluntary Disclosure Program

The Internal Revenue Service has made significant changes to its offshore voluntary compliance programs, with the intent of providing new options to help both taxpayers residing overseas and those residing in the United States. The agency says the changes are anticipated to provide thousands of people a new avenue to come into compliance with their U.S. tax obligations.

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Firm Management

10 Best Practices for Content Marketing at Accounting Firms

How can accounting firms best-tailor their website content and services for an ever-changing marketplace?

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Small Business

U.S. Patent Office Cancels Trademarks for Washington Redskins

On Wednesday morning, the United States Patent and Trademark Office ruled that it has canceled the team's trademark registrations that use the name Washington Redskins, stating that it is "disparaging to Native Americans."