News Updates

The Nebraska Department of Revenue, Property Assessment Division, reminds owners of personal property that the Nebraska Personal Property Return and Schedule must be filed on or before May 1 with the county assessor where the personal property is located. Since May 1, 2021 falls on a Saturday in 2021, the Nebraska Personal Property Return and Schedules must be filed on or before Monday, May 3, 2021. If you have property at more than one location, contact the county assessor to determine the tax district.

The AICPA has shared recommendations for CPAs as they grapple with the April 15 estimated tax deadline and gift tax deadline. These recommendations are current as of April 8, 2021, and are subject to change, because the situation with bifurcated deadlines is fluid and may change. Please check back as updates will be posted here.

If you or your clients are among the roughly 15% of Americans who have digital currency holdings, you will need to reckon with the capital gains tax implications. Several strategies may help, including investing in an opportunity zone fund and donating cryptocurrency gains to charity.

The Treasury Department's Made in America Tax Plan Report describes President Biden’s Made in America tax plan, part of the newly announced American Jobs Plan, the goal of which is to make American companies and workers more competitive by eliminating incentives to offshore investment, substantially reducing profit shifting, countering tax competition on corporate rates, and providing tax preferences for clean energy production.

The potential for tax hikes under the Biden administration could lead to a rise in charitable giving. Some could rely on family foundations, charitable remainder trusts, and qualified charitable distributions to accomplish their philanthropic goals and reduce tax liabilities

The Nebraska Department of Revenue has posted two new questions in the FAQs about Income Tax Changes Due to the COVID-19 National Emergency, related to the taxability of unemployment benefits.

A bipartisan group of 60 members of Congress, including Rep. Don Bacon (R-NE), has written the IRS urging that the deadline for first-quarter federal estimated tax payments be postponed until May 17.

We’re happy to offer a special link for NESCPA Members to listen to the AICPA Town Hall series with Lisa Simpson, Erik Asgeirsson, and others as they cover the latest guidance on the latest stimulus legislation outlook, PPP, and other key drivers of change for the profession.

The IRS has announced that individuals have until May 17, 2021, to meet certain deadlines that would normally fall on April 15, such as making IRA contributions and filing certain claims for refund. This follows a previous announcement from the IRS on March 17, that the federal income tax filing due date for individuals for the 2020 tax year was extended from April 15, 2021, to May 17, 2021. Notice 2021-21 provides details on the additional tax deadlines which have been postponed until May 17.

The Paycheck Protection Program (PPP) application deadline formally changed from March 31 to May 31 when President Joe Biden signed the extension into law.

The Biden administration could push for tax increases as a way to fund $3 trillion in infrastructure and other spending, media outlets have reported. Among other things, officials are said to be considering an increase in the top tax rate for individuals from 37% to 39.6%.

Sen. Lou Ann Linehan introduced Amendment 501 to Legislative Bill 181. A hearing on the amendment was held before the Revenue Committee at the Nebraska Legislature on March 16.

Nebraska would devote more than $1.45 billion to direct property tax relief over two years under the Appropriations Committee’s latest budget plan.

Those $1,400 checks are just the start. Add in tax credits and grants to the state, cities, counties, and schools, and Nebraska will get at least a $5 billion economic boost from the stimulus bill.

Now it’s easier than ever to check your credit more often. That’s because everyone is eligible to get free weekly credit reports until April 20, 2022 from the three national credit reporting agencies: Equifax, Experian, and Transunion.

The IRS announced on March 17, 2021, that it is postponing the deadline for all individual tax returns. Returns otherwise due April 15 will not have to be filed until May 17 this year. The IRS says it will issue formal guidance in the near future.

Responding to concerns from state officials, the U.S. Treasury Department said states can cut taxes without penalty under a new federal pandemic relief law — so long as they use their own funds to offset those cuts.

Small businesses that received a COVID-19 Economic Injury Disaster Loan (EIDL) won’t have to start making payments on the loan until 2022, the U.S. Small Business Administration (SBA) said. In a recent news release, the SBA announced extended deferment periods for all of its disaster loans, including the COVID-19 EIDL loans. The deferral details differ depending on the calendar year the disaster loan was made.

Legislation, Task Forces & CPE Planning Take the Forefront

The Revenue Committee in the Nebraska Legislature heard testimony Feb. 17 on a bill that would change the way a refundable income tax credit is calculated under the Nebraska Property Tax Incentive Act.