Accounting Standards
COSO Appoints First Executive Director
COSO has provided thought leadership and guidance for organizations in areas of internal control, enterprise risk management, fraud deterrence, and governance.
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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Payroll
Family Budget Calculator Shows Cost of Living in All U.S. Counties
San Francisco topped the list of most expensive metro areas, with a basic budget of $181,277 a year for a two-parent, two-child household.
Small Business
Restaurant Sales Forecast to Hit $1.1 Trillion in 2024
In the past year, operators report needing to find new suppliers, removing items from their menus, adjusting portion sizes or substituting lower cost items all in response to elevated food prices.
Taxes
Michigan Gets IRS Tax Extension to June 17 Due to Storms
Currently, this includes Eaton, Ingham, Ionia, Kent, Livingston, Macomb, Monroe, Oakland and Wayne counties. Individuals and households that reside or have a business in these localities qualify for tax relief.
Technology
InsightSoftware Sees 5 Year Growth Rate of 425 Percent
In the last twelve months, it brought several new critical solutions to market to eliminate manual tasks, address skilled labor shortages, and boost productivity for organizations.
Small Business
Retail Sales Down for January, But Up Year-Over-Year
The Census Bureau said overall retail sales in January were down 0.8% from December but up 0.6% year over year. That compared with increases of 0.4% month over month and 5.3% year over year in December.
Accounting
LeaseQuery Rebrands as FinQuery
FinQuery’s unified platform for contract and spend intelligence enables companies to manage, account, optimize, budget and forecast these major areas of spend.
Accounting Standards
AICPA Wants BOI Rule Suspended
Despite the AICPA’s extensive efforts, in coordination with many other stakeholders, to inform small businesses of their new obligations concerning BOI reporting, many remain broadly unaware of their reporting requirement.
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Taxes
AICPA Recommends Foreign-Owned U.S. Disregarded Entities be Allowed to E-File Form 5472
Sending U.S. tax filings via the mail from overseas to the IRS can be a complex procedure, particularly if the sender wishes to get a proof of mailing.
Small Business
Xero and Mazars Partner for SMB Accounting
The Xero Global Partner status recognizes global agreements with large accounting firms, networks or associations and supports deeper utilization of Xero globally.
Accounting
Digital Asset Risk and Regulatory Compliance Outlook for 2024
Looking at the next 12 months, nearly one-quarter (24.7%) of respondents believe that the number and size of digital asset risks their organizations must manage will increase.
Taxes
AICPA Provides Recommendations on Proposed Regulations Under Section 987
The proposed regs provide a new transition rule replacing the 2016 final regulations fresh start methodology, which accounts for the unrecognized section 987 gain or loss accrued before the transition date.