Taxes
Reminder: Deadline for Retirement RMDs is Dec. 31
For 2023, the age at which account owners must start taking required minimum distributions goes up from age 72 to age 73.
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
Wrong Size? Retailers on Track to See $743 Billion in Merchandise Returns for 2023
According to the report, for every $1 billion in sales, the average retailer incurs $145 million in merchandise returns. Online sales do see a higher return rate, with 17.6% or $247 billion of merchandise purchased online returned.
Taxes
IRS Issues Guidance on Tax Credit for Clean Hydrogen Production
The Inflation Reduction Act (IRA) of 2022 provides a production credit for each kilogram of qualified clean hydrogen produced by a taxpayer at a qualified clean hydrogen production facility.
Accounting
AICPA Wants Changes to the Labor Department's Retirement Security Rule
About 138,000 AICPA members advise individual, family and business owner clients on personal financial planning matters.
ESG
Less than Half of U.S. Workers Are Satisfied with Response to Social Change Issues
Most workers prefer that an organization take internal action rather than public action to address an issue.
Accounting
Vertex Adds 3 New Execs
The tax technology company made three appointments to executive positions over tax research, HR and customer service.
Accounting Standards
FASB Accepting Comments on Proposed New Chapter of Its Conceptual Framework Measurement
The Conceptual Framework is a body of interrelated objectives and fundamentals that provides the FASB with a useful tool as it sets standards.
Taxes
Georgia Tax Preparer Gets 2 Years in Prison for Tax Evasion
The professional tax preparer was accused of omitting $1.28 million in income from his own tax returns.
Payroll
More Workers Get Access to Paid Sick Leave, But Lowest Wage Earners Are Left Out
Since 2010, 15 states and the District of Columbia have enacted laws requiring employers to allow workers to earn paid sick time.
Payroll
U.S. Employers to Average 4% Pay Raises in 2024
Inflation is slowing down from the highs of recent years, and the labor market is shifting, with voluntary turnover and attrition at 11% overall.
Tax Planning
2024 Tax Planning Tips from Grant Thornton
Recent tax changes coupled with the potential for an economic slowdown have made it even more critical for companies and individuals to make smart decisions on investments and financing.
Payroll
65% of Workers Say They Still Suffer From Burnout
The impact of burnout doesn't end with the employee as poor employee experiences often lead to lackluster customer experience.