News Updates

Information reporting on Form W-2 or a separate statement lets self-employed taxpayers claim qualified sick leave and qualified family leave equivalent credits.

On September 9, the SBA announced the following major enhancements to the COVID Economic Injury Disaster Loan (EIDL) program. • Increasing the COVID EIDL Cap. The SBA will lift the COVID EIDL cap from $500,000 to $2 million. Loan funds can be used for any normal operating expenses and working capital, including payroll, purchasing equipment, and paying debt. • Implementation of a Deferred Payment Period. The SBA will ensure small business owners will not have to begin COVID EIDL repayment until two years after loan origination so that they can get through the pandemic without having to worry about making ends meet. • Establishment of a 30-Day Exclusivity Window. To ensure main street businesses have additional time to access these funds, the SBA will implement a 30-day exclusivity window of approving and disbursing funds for loans of $500,000 or less. Approval and disbursement of loans over $500,000 will begin after the 30-day period. • Expansion of Eligible Use of Funds. COVID EIDL funds will now be eligible to prepay commercial debt and make payments on federal business debt. • Simplification of affiliation requirements. To ease the COVID EIDL application process for small businesses, the SBA has established more simplified affiliation requirements to model those of the Restaurant Revitalization Fund. To learn about eligibility and application requirements and how to apply, visit sba.gov/eidl. The last day that applications may be received is December 31, 2021. All eligible applicants should file their applications as soon as possible.

The Department of Justice made a startling claim in a legal filing last week that cryptocurrencies or virtual currencies are not in all instances property for U.S. tax purposes.

The Internal Revenue Service has extended the ability to digitally sign a wide variety of tax forms through the end of year, lengthening what had been a temporary grant of relief for the pandemic.

The Internal Revenue Service has issued the special per diem rates that take effect Oct. 1, 2021, which taxpayers can use to substantiate the amount of expenses for lodging, meals, and incidental expenses when traveling away from home.

The 2021 Nebraska Legislative Changes affecting taxation have been posted to the Nebraska Department of Revenue's website.

Six percent of Paycheck Protection Program borrowers who have sought forgiveness have been told to repay part of their loans, totaling more than $27 billion, according to the Small Business Administration. Half of PPP borrowers have not yet completed the forgiveness process.

Deloitte will require vaccination against COVID-19 for employees to enter its office beginning October 11. In an email to staff, Deloitte U.S. chief executive Joe Ucuzoglu said workers will have to disclose their vaccination status on a secure internal website. Deloitte, the largest professional services organization in the U.S., is among the first major companies to take action in the wake of the U.S. Food and Drug Administration’s full approval of the Pfizer Inc.-BioNTech SE vaccine.

The $1 million threshold at which the 23.8% capital gains rate would nearly double has sparked questions — and a strategy for some well-paid professionals.

Nebraska senators approved 200 bills during their 90-day session this year; a total of 684 bills were introduced. Some of the bills had an emergency clause that made them law immediately. Others go into effect Aug. 28.

The IRS recently issued further guidance on the employee retention credit. This includes guidance for employers who pay qualified wages after June 30, 2021, and before January 1, 2022, and guidance on miscellaneous issues that apply to the employee retention credit in both 2020 and 2021. Additionally, the IRS issued a safe harbor allowing employers to exclude certain items from their gross receipts solely for determining eligibility for the employee retention credit. Notice 2021-49 addresses changes made by the American Rescue Plan Act of 2021 to the employee retention credit that apply to the third and fourth quarters of 2021.

The FIRE movement, which stands for Financial Independence Retire Early, involves thinking about retirement in terms of a financial number, rather than an age. Here is a closer look at what the movement entails and how people can achieve their target number by slashing expenses or by employing other strategies.

Under the safe harbor, an employer can exclude certain amounts received from other coronavirus economic relief programs in determining whether it qualifies for the employee retention credit based on a decline in gross receipts.

HHS and CDC have put together three easy ways to find the closest locations to you that are administering vaccines 1. Text a zip code to GET-VAX (438-829). 2. Go to www.vaccines.gov and click “Find Vaccines.” 3. Call 1-800-232-0233 to speak directly with someone. If you would like more information on best practices, what to do if you are feeling ill, and up-to-date updates, please visit: https://www.cdc.gov/coronavirus/2019-ncov/index.html. You can also contact the CDC for more information at 800-232-4636.

The U.S. Census Bureau has released additional 2020 Census results showing an increase in the population of U.S. metro areas compared to a decade ago. In addition, these once-a-decade results showed the nation’s diversity in how people identify their race and ethnicity.

Tax Commissioner Tony Fulton reports that gross General Fund receipts for July were $399 million, which is 2.1% above the forecast of $390 million.

Paycheck Protection Program forgiveness and certain business and restaurant revitalization grants can be excluded from gross receipts for determining eligibility for the Employee Retention Credit. Revenue Procedure 2021-33 provides a safe harbor that permits a taxpayer to exclude certain items from “gross receipts” for determining eligibility to claim the ERC under the CARES Act and other recent relief legislation.

A century after John Cromwell Jr. became the nation's first Black CPA, work continues to open doors in the profession. In this article, three CPAs share their experiences and offer advice, including recommendations to seek feedback and start networking activities early.

Members of President Joe Biden’s economic team generally support nominating Federal Reserve Chairman Jerome Powell to a second term, but growing resistance from prominent Democrats including Sen. Elizabeth Warren (D-MA) could lead to his replacement, according to people familiar with the matter. Mr. Powell, who was appointed to his first term by former President Donald Trump, has received high marks from some Democrats for steering the central bank toward a paradigm shift that has placed greater attention on reducing unemployment. However, the progressive wing of the party is less enamoured with his inclinations towards easing financial regulations that were put in place after the 2008 crisis. Some inside the administration see reappointing Mr. Powell as the safest option given a host of vexing economic issues right now, including coming votes on an infrastructure spending bill, higher-than-expected inflation and rising Covid-19 cases from the Delta variant, according to people familiar with deliberations. If Mr. Powell isn’t given a new four-year term next February, when his current term expires, the leading contender for the job is Fed governor Lael Brainard, an economist appointed to the board in 2014 by former President Barack Obama.

Forty percent of recent college graduates and students want fully in-person work environments, compared with just 12% of office workers overall, surveys have found. Young people say they want office community and amenities, in-person feedback, and mentoring.