Skip to main content

News Updates

Parts of tax-relief package start taking shape

March 14, 2024

The Nebraska Legislature's Revenue Committee started shaping two of the six bills Wednesday that leaders say will contain the group's broader tax-relief package. The committee spent much of the morning in an executive session combining tax credits, tax deductions and tax tweak proposals into Legislative Bills 937 and 1023.

  • ne legislature

Decision holding Corporate Transparency Act unconstitutional appealed

March 13, 2024

The U.S. Justice Department filed an appeal March 11 challenging the district court’s decision that the law, which requires businesses to report beneficial ownership information, is unconstitutional.

  • boi

Broadening Pathways to CPA Licensure: Minnesota Senate Advances Bill

March 11, 2024

The Minnesota Society of Certified Public Accountants (MNCPA) led the charge to broaden and simplify avenues toward CPA licensure, a movement that gained significant traction as Senate File 1660 progressed through the Minnesota Senate on March 7. In a significant move, the State and Local Government and Veterans Committee propelled the bill to the Minnesota Senate Finance Committee through a voice vote. Crafted based on member feedback and MNCPA board support, the bill offers an alternative route to licensure with a bachelor’s degree (120 credits) and two years of work experience, while maintaining the current 150-hour credit rule.

  • pipeline
  • workforce
  • education

Statewide coalition to hold news conference in opposition to EPIC

March 11, 2024

On Thursday, March 14, at 1 pm Central, a variety of state, local, and community groups and businesses will host a press conference in the Capitol Rotunda to launch No New Taxes Nebraska, a coalition formed in opposition to the EPIC proposal. Dozens of businesses and associations are speaking out against this proposal as ballot signatures are collected. If you are interested in having your business or organization listed as a part of this coalition, please email joni@nescpa.org.

  • ne legislature

IRS renews focus on targeting high-income nonfilers

March 08, 2024

IRS Commissioner Danny Werfel said that the effort will begin with compliance letters going out to high-income taxpayers in 125,000 cases where third-party information indicated federal tax returns have not been filed since 2017.

  • irs

Nebraska state budget plan advances with 3.1% increase, partly for boost in school aid

March 08, 2024

he Appropriations Committee delivered a budget package to the Legislature on Thursday that would hold spending to a 3.1% increase and leave a record amount of state money unspent.

  • ne legislature

Why are there fewer accountants? What the research says

March 08, 2024

The factors contributing to a decline in the accounting talent pool are many, and so are the strategies to address the issue.

  • workforce

CPA.com GenAI Toolkit: A deep dive on AI strategy

March 07, 2024

Explore GenAI and the specific opportunities and risks that accounting and finance professionals should consider when building an AI strategy in this toolkit that was recognized by Accounting Today as a 2024 Top New Product.

  • ai

Federal court holds Corporate Transparency Act unconstitutional

March 05, 2024

While acknowledging that the law is well intentioned, the opinion from a U.S. district court in Alabama said Congress lacked authority to enact the business ownership information reporting requirement.

  • boi

How state CPA licensure changes could affect businesses

March 05, 2024

CPA mobility offers CPAs flexibility to practice across state lines. Potential changes in state licensure requirements could disrupt mobility, with ramifications for organizations and CPAs in business and industry. An expert on business growth explains more in this blog post.

  • mobility

Nebraska Sales Tax Exemptions

March 05, 2024

The Nebraska Sales and Tax Exemptions have been updated on the Nebraska Department of Revenue's website for exemptions passed in 2023. New exemptions in the webpage include the buyer-based exemption, exemption for baling wire and twine, expanded exemption for nonprofit organizations, and expanded exemption for governmental projects.

  • tax
  • ndor

SECURE 2.0 developments and guidance for 2024

March 04, 2024

The 2022 act affected an array of retirement fund and pension plan provisions. This article highlights many of them, along with relevant IRS guidance and congressional plans for technical corrections.

  • irs

Commentary: Independence is a cornerstone of the auditing profession

March 01, 2024

The suggestion by State Auditor Mike Foley that a licensed CPA firm in public practice would inherently lack independence or expertise is a misunderstanding of the profession and its regulatory framework.

  • ne legislature
  • audit

IRS renews focus on targeting high-income nonfilers

February 29, 2024

Compliance letters will start going out to high-income taxpayers in 125,000 cases where third-party information indicated federal tax returns have not been filed since 2017.

  • irs

The ERC: Practitioners' responsibilities to amend income tax returns

February 29, 2024

Practitioners must weigh applicable professional standards and exercise due diligence in assessing whether a taxpayer claiming an employee retention credit must amend one or more income tax returns to reduce deductions of wages for which the credit was claimed.

  • erc

Committee begins crafting property tax relief proposal, new approach considered

February 28, 2024

A state legislative committee began working Tuesday to craft a proposal to reduce property taxes statewide by another $1 billion, as called for by Gov. Jim Pillen. The Revenue Committee didn't vote out any bill on the issue, but its chair, State Sen. Lou Ann Linehan, floated the idea of raising the state sales tax by 1-cent and using the $531 million generated to increase state aid to K-12 schools.

  • ne legislature

How the 20% Pass-Through Deduction Impacts Businesses, Local Economies

February 26, 2024

In 2017, Congress passed a permanent reduction to the corporate income tax rate from 35% to 21% as part of the Tax Cuts and Jobs Act. To ensure that pass-through businesses like sole proprietorships, partnerships, and S corporations (i.e., the overwhelming majority of small businesses) weren’t put at a tax disadvantage relative to C corporations, Congress created a new 20% deduction for qualified business income. This deduction is codified at section 199A of the Internal Revenue Code. Unlike the permanent reduction for C corporations, however, the 20% deduction for pass-through businesses is scheduled to expire at the end of 2025.

  • ptet

Petition to upend Nebraska's tax system "slowed down" as opponents gain strength

February 26, 2024

The EPIC Option drive has suspended its contract with a Florida company for paid signature-gathering and struggled to bring in donations in recent weeks, according to a drive organizer.

  • ne legislature

The Experience, Learn & Earn Program is underway

February 26, 2024

The spring cohort of the Experience, Learn & Earn program is underway with more than 200 firms expressing interest in participating in the program throughout 2024. Firms can join the program for the summer and fall 2024 semesters. The program is open to firms of all sizes as well as companies, not-for-profits, and government employers who hire CPA-track staff.

  • aicpa
  • workforce
  • nasba

Commentary: Nebraskans need tax reform, not a tax hike

February 22, 2024

After decades of increased property taxes, Nebraskans deserve true tax reform, not a tax shift. In crafting a tax package this session, senators should focus on creating long-term fiscal solutions, not “solving” one problem by creating another, says John Gage.

  • ne legislature
  • tax