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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

72% of Middle Market Businesses Back to Pre-Pandemic Performance but Brace for Recession

When asked what the biggest workforce challenges are that they are facing, 36 percent of respondents said that retaining talent was their biggest hurdle.

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Auditing

Thomson Reuters Introduces Checkpoint Engage Single Audit for U.S. Auditors

Checkpoint Engage Single Audit offers the flexibility to work from anywhere and allows multiple team members to collaborate on the same engagement simultaneously, with real-time updates.

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Taxes

AICPA Wants Congress to Extend Sec. 174 R&E Expensing, Other Expired Tax Provisions

The AICPA supports the deferral of IRC Section 174 amortization requirement of the research and experimental expenditures and requests that Congress retroactively extend the effective date to ...

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Sales Tax

VARC Solutions Helps Clients Outsource Sales Tax Compliance

Initially focusing on bookkeeping and payroll services, VARC Solutions has expanded to offer fully outsourced business management, payment processing, invoice management, consulting, implementation, and training.

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Payroll

U.S. Companies Anticipate Increased Hiring in the First Half of 2023

58% of respondents anticipate adding new permanent roles during the first half of the year, up from 46% six months ago. Another 39% expect to hire for vacated positions.

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Accounting

Retail Sales Increased in January

The U.S. Census Bureau reported that overall retail sales in January were up 3% from December and up 6.4% year over year. In December, sales were down 1.1% month over month but up 5.9% year over year.

Taxes

New Guidance for IRS Solar Tax Credit Program for Low Income Communities

This guidance applies to owners of certain solar and wind facilities placed in service in connection with low-income communities that are eligible for the section 48 energy investment credit.

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Taxes

Changes Coming to IRS Compliance Assurance Process Program

The CAP program began in 2005 as a way to resolve tax issues through open, cooperative and transparent interactions between the IRS and taxpayers before the filing of a return.

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Taxes

IRS Announces Interest Rates for Q2 2023

Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.

Taxes

The Top Challenges Faced by Corporate Tax Pros

According to the new survey, three-quarters of tax departments report experiencing difficulties in recruiting and retaining talented tax professionals.

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Accounting

Execs Expect Increase in Cyber Attacks Aimed at Accounting Data in 2023

Nearly half (48.8%) of C-suite and other executives expect the number and size of cyber events targeting their organizations’ accounting and financial data to increase in the year ahead according to a new Deloitte Center for Controllership poll.

Accounting

Client Hub Launches a Free Recategorize Plan

Firms using Client Hub can now connect a client’s QuickBooks file to that client’s workspace in Client Hub. Then, they simply designate a QuickBooks account for uncategorized transactions.