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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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Sales Tax

Texas Back-to-School Sales Tax Holiday Has Strange List of Exempt Items

Earlier this year, the Texas state legislature voted to create a sales tax holiday that will coincide with the back-to-school time frame. The state has had a back-to-school sales tax holiday each year since 1999.

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Accounting

Intuit CEO Brad Smith Discusses Small Business Finances with President Obama

Brad Smith, the CEO of Intuit, which makes QuickBooks, TurboTax and many other personal and small business management systems, met with President Barack Obama on Friday to discuss how big business and government can work together to support small business. Smith joined other leading executives at a roundtable discussion during which the companies will champion new ways of helping finance small businesses to help them grow and succeed.

Accounting

National Society of Accountants Announces 2014 Scholarship Winners

A total of 33 students have earned scholarships from the National Society of Accountants (NSA) Scholarship Foundation. Together, they will receive $34,450 in scholarship awards.

Accounting

Mortgage Rates Rise Slightly on Jobs Report

Mortgage rates increased slightly following an improved jobs report from the Labor Department, according to mortgage news and comparison site, Bankrate.com. the benchmark 30-year fixed mortgage rate rising to 4.31 percent, and the average 30-year fixed mortgage has an average of 0.33 discount and origination points.

Accounting

FASB Seeks Changes to Simplify GAAP

As part of a new initiative to reduce complexity in accounting standards, the Financial Accounting Standards Board (FASB) has added two short-term projects to its agenda to simplify Generally Accepted Accounting Principles (GAAP).

Income Tax

Report Says IRS Should Revise Form 1040

A new report by the agency that oversees the Internal Revenue Service says it's time to revise the ubiquitous Form 1040, the form used by individual taxpayers to report their annual income.

Accounting

PCAOB Settles Suit Against Former Big 4 Accountant

Alleged violations involved ignoring or failing to properly address signs of improperly recognized revenue in significant unusual transactions.

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Accounting

MOVE Project Ranks Best Public Accounting Firms for Women

After evaluating accounting firms across the country on a variety of aspects including firm culture and partnership opportunity, the MOVE Project has released its fifth annual rankings of the best firms for female professionals. The MOVE Project is sponsored by the Accounting & Financial Women’s Alliance.

Accounting

Small Business Economy Sees Modest Growth

Increases in small business lending, new business formations and a leading microcap index suggest that the small business economy is continuing to see modest growth, according to the latest SB Authority Index from Newtek Business Services.

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Small Business

U.S. Breweries are Booming According to Census Bureau

Americans love their beer and the booming brewery market is the proof. The number of U.S. breweries more than doubled between 2007 and 2012, from 398 to 869, according to new data from the U.S. Census Bureau.

Accounting

CohnReznick Named Among Best Firms for Women Professionals

The New York-based accounting and consulting firm CohnReznick was recently named one of the best firms for female professionals. The recognition was made by the Accounting & Financial Women’s Alliance and the American Woman's Society of Certified Public Accountants.

Income Tax

IRS Says that Idle ITINs Expire After 5 Years

The Internal Revenue Service announced on Tuesday that Individual Taxpayer Identification Numbers (ITINs) will expire if not used on a federal income tax return for five consecutive years. The IRS will not begin deactivating ITINs until 2016, however.