News Updates

Nebraska ended fiscal year 2024-25 about $86 million below its expected tax revenues, further cementing the budget challenges state lawmakers will face next session.

Five Wayne State College accounting students have been awarded scholarships for the 2025-26 academic year from the Nebraska Society of Certified Public Accountants (NESCPA) Foundation.

The bill extends many of the expiring provisions from the Tax Cuts and Jobs Act (TCJA), P.L. 115-97. It also addresses other tax priorities of the Trump administration, including providing deductions to eliminate income taxes on certain tips and overtime pay. The bill also revamps some of the TCJA’s provisions on the taxation of corporations’ foreign income and terminates a large number of clean energy tax incentives.

AICPA has commended the Senate for passing the Reconciliation Bill, expressing strong support for its tax provisions.

President Donald Trump's tax-and-spending legislation was passed by the Senate on Tuesday, with a 50-50 deadlock decided with a tiebreaking vote from Vice President JD Vance, enabling the extension of trillions in tax cuts from Mr. Trump's first term and new measures like eliminating income taxes on tips. The bill proposes cuts of about $1 trillion to Medicaid and other health programs. It also raises the debt ceiling by $5 trillion. The legislation must now pass the House, where it faces opposition.

The Zeigarnik Effect, a psychological phenomenon, describes how unfinished tasks occupy more mental space than completed ones, leading to burnout, especially in high-pressure professions such as accounting.

The Senate Finance Committee has released its version of proposed tax provisions to be included in the budget reconciliation bill being considered by Congress. The House of Representatives passed its version of the bill, H.R. 1, known as the One Big Beautiful Bill Act, in May.

A 24% enrollment spike in accounting programs at two-year institutions highlights a strong spring semester for interest in the profession among college students.

A letter from the AICPA and CPA societies in 53 states and jurisdictions criticizes the provision in the House version of the budget bill that would eliminate the state and local tax deduction for certain passthrough entities.

Sales tax compliance audits can be painful, time-consuming, and potentially expensive for your business. Here are 10 tips from four former state auditors covering sales tax compliance strategies.

Nebraska lawmakers ended the 2025 legislative session, celebrating a balanced budget achieved over a major projected deficit and the passage of more than 200 bills.

The legislative chamber erupted in applause when Speaker Arch announced that Monday, June 2, will be the final day of the 109th Legislature, First Session. There are three bills on the agenda for final reading, and the Governor has agreed to veto or sign all of the bills in his possession before they adjourn.

This week was the perfect example of why things should be worked out before bills are advanced to the floor for debate, and for Walt’s number one rule of lobbying: “you must be present to win.”

Today, a new amendment was filed to LB170 which is the current proposal to forward the elimination of numerous sales tax exemptions and increase various “sin taxes” in order to fund additional revenue for property tax relief. The bill is expected to be debated next Monday and a coalition is already working to oppose it.

Nebraska lawmakers gave second-round approval Monday to a series of budget bills for the next two years, moving one stage away from closing a projected deficit of more than half-a-billion dollars.

As I predicted in my last update, the budget process has been messy. As senators were checking in for the day last Tuesday, a few of us were in the Rotunda checking our phones for any new amendments being filed. That’s when the “Murder Sheet” was distributed to senators - only moments before it was debated. Many of you got texts and emails from me to alert you to what was happening, but I thought it would be helpful now for the rest of you to understand just how unusual this approach has been to setting the budget.

It’s crunch time for state lawmakers to rightsize Nebraska’s budget, by no later than May 15. Senators since November are considering a nearly $850 million combined in new revenue streams, less state spending and loose funding in the state’s couch cushions.

Senators will start their week with a budget briefing at 8:30AM tomorrow, and they will begin debate once they gather in the Chamber around 9:00 am. The Speaker has eight legislative days designated for budget debate. It has been decades since a budget took that long to make it through the process. If it does take that long, it will only leave a handful of days to get everything else done, which does not bode well for the remaining priority bills.

As disaster preparation season approaches, the IRS emphasizes the importance of safeguarding tax and financial information.

Interest in accounting careers has increased among Hispanic, Asian American Pacific Islander (AAPI), and white students since 2021, according to the latest Expanding the Accounting Profession Pipeline report by the Center for Audit Quality and Edge Research.