News Updates

Congress introduced bipartisan legislation on June 11 to recognize accounting as part of the STEM programs in schools, as part of the science, technology, engineering and mathematics curricula. The bill aims to help establish the accounting profession as a valuable STEM career pathway and encourage diversity in the future of the accounting workforce.

It’s been a busy year for the Internal Revenue Service. More than 136 million federal tax returns have been filed so far in 2021, with over $254 billion in refunds processed, despite the problems caused by the shutdowns and additional legislation generated by the pandemic.

Business executives are predicting the economy will roar back in the coming year, with revenue and profit growth expectations not seen since 2018, according to the second-quarter AICPA Economic Outlook Survey. There are concerns, however. “Availability of skilled personnel” reemerged as the top-cited challenge for businesses as job recruitment turns up.

Have retirement money set aside but don’t know where? Try these strategies.

"Inheritors are going to get killed" under the White House’s proposal to put the brakes on tax-free intergenerational transfers of wealth.

Regulators and standard-setters are promulgating requirements for environmental, social, and governance (ESG) information, and that might lead many companies to call upon external auditors to examine ESG disclosures.

President Joe Biden is reportedly set to announce a $6 trillion federal budget for 2022 that includes the administration's American Families Plan and infrastructure plan.

Governor Pete Ricketts yesterday highlighted the historic results of the First Session of the 107th Legislature in his annual “Sine Die” address to the Unicameral on the final day of its 2021 regular session. The budget passed by Senators provides combined tax relief of more than $1.8 billion to Nebraskans over the next two years. That’s the greatest amount of tax relief any Legislature has delivered in at least a quarter-century—and likely the largest amount in the history of the State of Nebraska. This represents an average of 18.5% of the state’s budget over the next two years.

An index that tracks home prices in 20 key markets rose more than expected in March. The S&P/Case Shiller composite index was up 13.3% on a year-over-year basis, representing the fastest increase since December 2013.

A Social Security Administration program known as Advance Designation allows beneficiaries to recommend someone they trust to manage their Social Security benefits if they become unable to do so. Here's a guide from the Consumer Financial Protection Bureau that walks you through the details of the program and shares how an Advance Designation can help you protect your financial well-being if you are unable to manage your finances.

LB452, introduced by Omaha Sen. Terrell McKinney, requires each school district to include financial literacy in its elementary and middle school instructional program. The bill also requires all students to complete at least one five-credit high school course in personal finance or financial literacy as a graduation requirement.

Lawmakers approved a bill May 21 that cuts Nebraska’s top corporate income tax rate by approximately one-half of 1 percent over the next two years.

Property taxes are an important source of revenue for local and state governments, generating more than 30% of total U.S. state and local tax collections and over 70% of local tax collections. Local governments rely heavily on property taxes to fund schools, roads, police departments, and fire and emergency medical services, as well as other services associated with residency or property ownership. The highest state and local property tax collections per capita are found in Washington, D.C., followed by New Jersey, New Hampshire, Connecticut, New York, and Vermont. Meanwhile, the lowest collections per capita are found in Alabama, Oklahoma, Arkansas, Tennessee, and New Mexico. Nebraska ranks 12th in the nation, according to the Tax Foundation.

A bill establishing a state-level regulatory system for digital assets — including cryptocurrency such as Bitcoin — passed the Nebraska Legislature May 20.

Senators passed a bill May 20 intended to modernize the state’s small business tax credit. Under the Nebraska Advantage Microenterprise Tax Credit Act, a business with five or fewer full-time employees can apply to receive a refundable tax credit designed to help decrease the cost of startup and expansion.

State lawmakers gave final approval Thursday, May 20, to a series of tax cuts and business incentives, including a long-sought break intended to phase out state taxes on Social Security checks over 10 years. The 41-0 vote on the Social Security bill sends it to Gov. Pete Ricketts, who has indicated he will sign the measure into law.

Lawmakers passed a bill May 20 that updates the provisions of a major tax incentive program passed in 2020. LB18, sponsored by Seward Sen. Mark Kolterman, makes three changes to the ImagiNE Act, a business tax incentive program that replaced the Nebraska Advantage Act.

If an individual has filed for a 2021 Homestead Exemption using the adjusted gross income (AGI) from a federal tax return calculated prior to the passage of the American Rescue Plan Act of 2021 (Act), which excludes the first $10,200 of unemployment compensation from the gross income of certain taxpayers, unemployment compensation, to the extent excluded by the Act, will not be used to determine homestead exemption eligibility. For homestead exemption purposes, the Nebraska Department of Revenue will calculate the AGI of homestead applicants that this may have affected without further action by the applicant. If the above circumstances apply, please note on the Form 458, Schedule I, Income Statement, that the federal AGI stated includes excluded unemployment compensation. More information regarding the Nebraska Homestead Exemption can be found on the Nebraska Department of Revenue's website.

The U.S. Treasury's interim final rule on the American Rescue Plan's $350 billion in State and Local Fiscal Recovery Funds resolves several important questions but continues to involve the federal government in state finances at an extraordinary level. Most astonishingly, it may functionally prohibit states from offsetting net tax cuts through spending reductions.

The Internal Revenue Service is having a hard time hiring enough staff to help it get through this year’s extended tax season and overcome its backlog of unprocessed tax returns.