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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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Benefits

41% of Workers Considering a New Job in 2022

More than 4 in 10 workers surveyed (41%) said they plan to look for a new job in the first half of 2022, up from 32% six months ago. The top reasons are to secure a salary boost (54%), better benefits and perks (38%), and the ability to work remotely ...

IRS Form 1024

IRS Revises Form 1024 to Allow Efiling of Exempt Status Applications

Beginning Jan. 3, 2022, applications for recognition of exemption on Form 1024 must be submitted electronically online at Pay.gov. The IRS will provide a 90-day grace period during which it will continue to accept paper versions of Form 1024 ...

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Benefits

United States and Nation of Malta Sign Agreement on Pension Funding

IRS says that U.S. taxpayers with no connection to Malta were misconstruing the pension provisions of the Treaty to avoid income tax on the earnings of, and distributions from, personal retirement schemes established in Malta.

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Income Tax

IRS Further Extends Tax Deadlines for Those Affected by Hurricane Ida

Victims of Hurricane Ida in six states now have until Feb. 15, 2022, extended from Jan. 3, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced.

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IRS

IRS Sending Letters to Advance Child Tax Credit Recipients

The IRS is urging people receiving these letters to make sure they hold onto them to assist them in preparing their 2021 federal tax returns in 2022.

Deductions

IRS Joins Nonprofit Groups to Promote $600 Charitable Tax Deduciton

The Internal Revenue Service has joined with several leading nonprofit groups to highlight a special tax provision that allows more people to deduct donations to qualifying charities on their 2021 federal income tax return.

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Advisory

Is Big Growth Ahead for CPA Firms?

Advances in technology, the pandemic-related shift to a fully digital workplace and rapidly evolving business models are creating huge opportunities for CPA firms – provided they take the necessary steps to stay ahead of the curve, said Erik Asgeirsson.

Form 1040 2020

Benefits

How Taxpayers Can Get Ready for the 2022 Tax Season

There is still time to take actions in December to help when it comes time to file federal tax returns in 2022, including special steps related to Economic Impact Payments and advance Child Tax Credit payments.

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Accounting

AICPA News - Dec. 2021

AICPA News is a roundup of recent announcements from the institute.

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Technology

Pandemic Increases Data Theft Risks for Tax Pros

Tax professionals face additional security risks from cybercriminals who are increasing their attempts to use the pandemic and phishing scams to get access to sensitive client information.

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On #GivingTuesday, Watch for These Scams

The Internal Revenue Service and Security Summit partners are alerting taxpayers to be wary of fake charities used by scammers to get money as well as sensitive financial and personal information from victims.