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Nebraska considers a future in which schools can’t rely on property taxes

July 12, 2024

In every state, revenue from property taxes is one of the biggest sources of K-12 school funding. But that could change soon as efforts ramp up in a handful of states to abandon property taxes altogether, or at least as a funding source for schools.

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K-12 funding shift from property taxes would be multiyear effort, Nebraska lawmakers say

July 11, 2024

Some Nebraska lawmakers working with Gov. Jim Pillen on property tax reforms this summer said Monday if lawmakers do move to take over most K-12 school funding, it would be a multiyear process.

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Supreme Court overrules 40-year-old Chevron doctrine

July 11, 2024

The Court held that the APA requires courts to exercise their independent judgment in deciding whether an agency has acted within its statutory authority and not to defer to an agency’s interpretation of the law simply because a statute is ambiguous.

Agricultural, education senators push back on some of Gov. Jim Pillen’s property tax reforms

July 08, 2024

Nebraska Gov. Jim Pillen is facing pushback for some of his property tax reform ideas from some of his closest agricultural allies in the Legislature. He may need their support to pass reforms during a special session expected this month.

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EPIC tax petition fails to get enough signatures for November ballot in Nebraska

July 03, 2024

Organizers said they did not collect the required number of registered voter signatures for the 2024 ballot.

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A handy document of various 2024 tax rates and limits

July 02, 2024

EY just released an updated U.S. Employment Tax Rates and Limits for 2024. Download the document for future reference.

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IRS issues final regs. on reporting requirements for digital assets

July 02, 2024

The final regulations require custodial brokers to report transactions on Form 1099-DA, which the IRS will release soon. A different set of final regulations with rules for noncustodial brokers will be issued later.

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Income tax cuts will be protected during Nebraska property tax relief discussions, governor says

July 01, 2024

The funding route for Gov. Jim Pillen’s property tax reforms ideas will likely continue to focus on sales and “sin” taxes, and he says that “income tax won’t be touched.”

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NESCPA Legislative Update - Special Session Plan Update

July 01, 2024

As Governor Pillen has announced, he plans to issue a proclamation for a special session to begin Thursday, July 25, to address lowering Nebraska's property taxes. Special Sessions are different, and don’t always run on the typical Monday-Friday schedule, nor do they follow the same set of rules of procedure. Everything is compressed which means less time for bill introduction, review, and preparation for hearings.

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3 ways to use generative AI to save time today

June 29, 2024

Questions about accuracy and security could be slowing the adoption of generative AI in business, especially in such an exacting field as accounting. However, a pair of CPAs who recently presented to colleagues at AICPA & CIMA ENGAGE 2024 said there's a way accountants can gain from generative AI now, without most of the risk.

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Questions remain as Gov. Pillen doubles down on taking over K-12 public school funding

June 28, 2024

Gov. Jim Pillen is asking the State of Nebraska to take on most or all public K-12 school spending, instead of funding schools through local property taxes. The shift would be a national standout.

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Supreme Court overrules 40-year-old Chevron doctrine

June 28, 2024

The Chevron doctrine, adopted by the Court in 1984, required courts to give deference to a reasonable interpretation of an ambiguous statute by a government agency. But it was not until 2011, in Mayo Foundation for Medical Education and Research, 562 U.S. 44 (2011), that the justices resolved a split in the lower courts and held that Chevron deference applied to interpretive tax regulations issued under Sec. 7805(a), which gives a general grant of authority to Treasury to "prescribe all needful rules and regulations for … enforcement" of the Code. Before that decision, courts had generally given a lower level of deference to Treasury's interpretive regulations.

All grown up?

June 21, 2024

This interactive shows how many people are older and younger than you are.

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SCOTUS upheld a tax on foreign income

June 21, 2024

The Supreme Court’s 7–2 ruling to validate a Trump-era tax provision on US businesses’ foreign profits was overshadowed by a decision it didn’t make on the wealth tax. Experts thought the court might use the foreign income case to preemptively rule on the constitutionality of a tax on Americans’ net worths, which the Biden administration and other Democrats have proposed. But the justices made a narrow ruling, punting on the wealth tax issue for now. Some saw that as a win for Biden, as it keeps alive the possibility of a tax on wealthy Americans’ estates. The court still has a number of significant cases to decide this session, including one on Trump’s demand for total immunity.

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Gov. Pillen issues "save-the-date" for special session on property taxes

June 18, 2024

Nebraska Gov. Jim Pillen offered one of the clearest timelines yet Monday for when he might call a special session on property tax relief this summer. “To any state senator reading this — clear your schedule from July 26 to August 15,” Pillen wrote in his latest column. “We have the people’s work to do.”

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Unicameral Update: A Very TAXING Summer!

June 14, 2024

It doesn't seem to matter who I talk to, taxes are on the top of everyone's mind. Whether it's the EPIC Consumption tax proposal or Governor Pillen's yet to be determined property tax relief/tax shift plan, the only consensus is that there isn't a plan that will make everyone happy.

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EY US to invest $1 billion in compensation and technology to improve the attractiveness of the accounting profession

June 12, 2024

Ernst & Young LLP announced plans to invest $1 billion over three years in talent and technology to revolutionize the experience of early career accounting professionals and improve the attractiveness of the profession. This investment includes a significant increase in early career compensation, artificial intelligence (AI)-enabled audit and tax platforms, an innovative new “360 Careers” experience, outreach and support for college students, and enhanced wellbeing benefits.

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Tax relief available to Nebraskans following Arbor Day tornadoes, other natural disasters

June 11, 2024

State Tax Commissioner James Kamm has announced he is waiving penalties and interest for late income tax returns or tax payments for those directly impacted by the Arbor Day tornadoes in eastern Nebraska. Returns and payments were due April 25, but Kamm is delaying due dates when those forms are due until Sept. 3, 2024.

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"Everybody's got to play": Breaking down Nebraska's more than 100 sales tax exemptions

June 10, 2024

Gov. Jim Pillen says all exemptions are on the table as he seeks to reduce property taxes this year.

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IRS free filing program to become permanent with expanded scope

May 31, 2024

IRS Commissioner Danny Werfel said the successful pilot program of Direct File encouraged the IRS to make the program available in all states and the District of Columbia.

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