News Updates

Despite the recent banking turmoil, The Conference Board's index of consumer confidence increased from a reading of 103.4 in February to 104.2 in March. Consumers expect inflation to remain elevated over the next year, but a growing number still plan to purchase cars and household appliances in the next six months.

An IRS letter ruling provides insight into the treatment of a subsidiary's worthless stock as giving rise to an ordinary, not capital, loss under Sec. 165(g)(3) and application of that section's 90% gross-receipts test.

A new academic study found that larger incomes are in fact associated with greater happiness, although some people don't see further increases in happiness when income increases beyond $100,000. The research might help with certain decisions, such as how to set tax rates.

The emergence of artificial intelligence tools like ChatGPT will wind up affecting as many as 300 million full-time jobs around the globe and could lead to some job losses as well as enhanced productivity, according to Goldman Sachs. It also noted that "most jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI."

Roth IRA account holders don't need to take distributions during their lifetimes, but the situation could change when other people inherit these accounts. The rules will depend on the specific characteristics of the beneficiary.

The artificial intelligence tool ChatGPT has become so popular that its free service is sometimes at capacity. Here is a closer look at ChatGPT and a list of alternative AI chatbots, as well as their strengths and weaknesses.

Authorities around the world are on the lookout for signs of a potential credit crunch in the wake of recent bank turmoil. "This is something we are monitoring very, very closely," said Federal Reserve Bank of Minneapolis President Neel Kashkari.

Technology Q&A author Kelly Williams, CPA, Ph.D., offers several simple, time-saving tips, including advice on how to switch quickly between Excel documents and how to reorder documents. The article includes a video demonstration of the tips.

The collapse of Silicon Valley Bank and the struggles of other financial institutions recently illustrate the new risk of social media-fueled bank runs.

Nearly 1 in 2 HR leaders are developing policies regarding the use of OpenAI's ChatGPT, according to a Gartner survey. One-third of respondents have no plans to implement any policies despite growing concerns about data privacy and the chatbot's occasional fabrication of information.

Pending further guidance that it intends to issue on the treatment of nonfungible tokens (NFTs) as collectibles, the IRS said Tuesday that it will use a lookthrough analysis for determining if an NFT is a collectible, and it is soliciting comments on the issue generally and to specific questions about it.

In the face of staffing shortages and capacity crunches, accounting firms of all sizes are culling their client work, according to Inovautus Consulting's 2023 Growth Outlook for CPA Firms. An average of 4.38% of clients were culled in 2022, with smaller firms dropping more than that, and larger firms culling a lower percentage. "The last few years have forced a ton of transformation," said Inovautus founder and president Sarah Dobek. "Accounting firms are navigating a changing landscape. This report will help them better understand what their peers are doing to succeed and identify new opportunities to increase efficiency and maximize growth potential."

CliftonLarsonAllen has announced a new summer internship program for high school students, where they'll be exposed to career opportunities in accounting, tax, wealth management, digital and consulting services. The initiative emerged from a partnership with Future Business Leaders of America, the largest career student organization in the world, which will gain additional resources and help CLA interns develop the skills necessary to succeed in the workplace. Available in 15 CLA offices nationwide, the internship program begins on June 19th 2023, and is open to students between 16 and 18 years old.

The IRS has published guidelines addressing whether certain costs related to nutrition, wellness, and general health are medical expenses that may be paid or reimbursed under a health savings account, flexible spending arrangement, Archer medical savings account, or health reimbursement arrangement. The guidelines also offer short explanations of what might make an expense eligible for payment through an FSA, HSA, Archer MSA, or an HRA.

Speaker of the Legislature John Arch on Tuesday spelled out the first price he will exact for the persistent filibuster by State Sen. Machaela Cavanaugh of Omaha and others slowing the legislative session to limit how much legislation gets discussed.

The comparisons in this report are based on the forecast made by the Nebraska Economic Forecasting Advisory Board (Board) on February 24, 2023, which was unchanged from the October 28, 2022 forecast. The Board forecast was divided into monthly estimates by the Tax Commissioner and Legislative Fiscal Analyst on November 8, 2022.

State Auditor Mike Foley is faulting the Nebraska Department of Transportation for lax tracking of employee travel and overtime expenses, as well as failing to address concerns raised a year ago about one particular worker. One Transportation Department employee has racked up hundreds of hours of overtime pay while using a state vehicle. The auditor said he suspects the expenses were not work related, but that can’t be determined because of inadequate record-keeping by the department.

A state appeals court in California has ruled that Uber and Lyft drivers can continue to be classified as independent contractors, reversing a lower court ruling that said that California's Proposition 22 was illegal. The case could still be appealed to the state's Supreme Court.

The IRS Office of Professional Responsibility issued a bulletin that reviews the Circular 230 professional responsibilities that apply to claims for the employee retention credit.

Illinois Gov. J.B. Pritzker has signed a law requiring employers to offer paid time off for any reason, making it the third state after Maine and Nevada to have such a mandate. Under the law, employees will gain one hour of paid leave per 40 hours worked, although certain kinds of workers will be exempt.