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News Updates

FTX users can't count on help from the IRS

November 23, 2022

When market investors suffer losses — or get taken for a ride — they're often eligible for a tax write-off to soften the blow. Users of the bankrupt crypto exchange FTX won't be so lucky.

  • irs
  • tax

Sen. Hilgers plans to resign from Legislature on Jan. 3, 2023; senators convene next morning

November 23, 2022

By detailing his plan nearly 6 weeks ahead of time, Hilgers said he believes Ricketts — potentially in consultation with Gov.-elect Jim Pillen — will have plenty of time to find the man or woman who will finish out his second term in the Legislature.

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What the IRS's $80 billion in funding means for your tax return

November 23, 2022

The agency aims to hire scores of auditors, but there's a nationwide shortage of accountants.

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  • tax

Year-end tax planning must-dos for clients

November 23, 2022

With the end of the year just around the corner, now is a great time to discuss tax planning with your clients.

  • tax

Nebraska ranks No. 11 among states in Prosperity Index

November 22, 2022

Nebraska ranked 11th among the states for overall prosperity in a newly released report, scoring low in certain areas such as its natural environment but making up ground in others including health and employment.

  • leadership

Sen. Linehan says rosy state finances call for accelerating tax breaks

November 18, 2022

“We are collecting more money than we need, and it has to go back to the taxpayer,” said State Sen. Lou Ann Linehan of Elkhorn, who chairs the Legislature’s Revenue Committee, which guides state tax policies. “It’s a good year to be a senator,” she said.

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JPMorgan: US to experience "mild" recession in 2023

November 17, 2022

The US economy will slip into a "mild" recession in 2023 as a result of the Federal Reserve's monetary tightening, according to JPMorgan Chase economists. The Fed reportedly could look to cut borrowing costs in 2024.

Nebraska's first casino has already sent nearly $800K to property tax relief

November 17, 2022

Nebraska’s first gambling casino has contributed nearly $800,000 to a state property tax relief fund so far, including $597,854 during the month of October, a state report said.

  • ne legislature
  • tax

Nebraska Economic Forecasting Board raises revenue projections

October 31, 2022

The Nebraska Economic Forecasting Advisory Board voted to raise revenue projections for the current fiscal year during an Oct. 28 meeting at the Capitol. The board provides an advisory forecast of general fund receipts that is used by the Legislature to craft the state’s budget. The board’s projections for fiscal year 2022-23 were raised based on anticipated increases in revenue receipts across all categories, including projected increases of $405 million in individual income tax and $113 million in corporate income tax. Total projected revenue receipts for FY2022-23 were raised to $6.44 billion, an increase of $621 million. The board also set the forecast for projected total revenue receipts for FY2023-24 at $6.47 billion, an increase of $809.5 million. Projected total revenue receipts for FY2024-25 were set at $6.55 billion, an increase of $1.05 billion. The next board meeting is scheduled for Feb. 24.

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IRS to initiate new pilot for PPS line

October 24, 2022

The IRS has initiated a pilot program that now requires Practitioner Priority Service callers to repeat phrases before being transferred to an IRS assistor. This pilot uses speech recognition to help ensure a live person is calling and not a mechanical device. The new process is intended to improve customer service by reducing unnecessary wait times.

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A metric for measuing the impact of employees

October 10, 2022

One metric that measures the value workers bring to a company is business entity revenue per business entity employee, with a median full-time employee generating annual revenue that is more than three times their pay. Here is a look at how to use this metric for decision-making, and what to do to improve performance.

Republicans urge IRS to extend COVID penalty relief deadline

October 10, 2022

A group of Republicans on Congress' main tax committees sent a letter to the Internal Revenue Service and the Treasury, backing a request from the AICPA. Among the signers was Nebraska Congressman Adrian Smith.

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First early fall ballots by mail get sent out this week in Nebraska

October 03, 2022

Nebraskans who requested an early ballot by mail for the November general election should start checking their mailboxes this week, as the first ballots go out Monday. People who prefer to vote in person can start next week, with county election offices starting in-person early voting as early as Tuesday Oct. 11, officials said.

Adjusted tax brackets for 2022

September 27, 2022

Expect federal income tax brackets to change in 2022 as inflation is taken into consideration. 2022 federal tax return rates will vary. For single filers, for instance, the 22% tax bracket for 2022 will range between $41,776 to $89,075.

  • tax

Casinos could add to property tax relief

September 27, 2022

If the recently-opened WarHorse Lincoln casino generates the same amount of monthly revenue as Harrah's in Council Bluffs, it would contribute above $1 million in tax revenue, $750,000 of which would pour into statewide property tax relief.

Comparing county property taxes

September 27, 2022

With its rate on owner-occupied property tax at 1.61 percent, Nebraska had the 8th highest property tax rate in calendar year 2020, according to the latest data from the Tax Foundation. Leading the ranking was New Jersey with 2.21 percent. Second was Illinois at 2.05 percent. Louisiana tailed the list with 0.54 percent.

  • tax

State's high workforce participation will help contain recession

September 27, 2022

Nebraska's workforce participation rate, which surpasses the national average, promises a soft landing if the country falls into economic recession, according to UNL director of the Bureau of Business Research. He also recommends looking into ways to attract more immigrants to address the workforce shortage.

Taxpayers trust tax pros more than politicians or media

September 23, 2022

A report released Tuesday by the Association of Chartered Certified Accountants and the International Federation of Accountants found that in relation to the tax system, people have the highest level of trust in professional tax accountants, with 67.1% saying they trust or highly trust them, and professional tax lawyers at 64.6%. Across the sample in the survey, 41.2% of respondents reported using the services of a professional accountant to manage their tax affairs.

A state-by-state look at student loan forgiveness

September 21, 2022

The White House released an analysis of how many people in each state stand to benefit from its student loan forgiveness plan, including a count of borrowers who received a Pell Grant.

Financial planning impacts of the Inflation Reduction Act

September 21, 2022

The recently passed legislation ultimately will help with one of the biggest wild cards of retirement — health care planning — but be ready to answer your clients’ questions.