News Updates

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.”

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.

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.

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.

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

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.

If Nebraska Gov. Jim Pillen calls lawmakers back for a property tax relief special session later this year, it could be among the costliest in state history. Pillen, in his second year as governor, has remained firm in vowing to “call as many special sessions as it takes” in his pursuit of reducing local property taxes by 40% before year's end, or about $2 billion of what is collected annually. Initial cost estimates could push per-day costs to about twice what the last special session cost in 2021, for redistricting.

Calls for reform have been growing louder as the number of US students taking accounting courses and going on to sit professional exams has fallen, leaving some accounting firms struggling to hire replacements for the Baby Boomers who are retiring.

The plan calls for more support for CPA exam candidates, retooling introductory university accounting courses to attract more students, and building awareness of accounting careers among underrepresented groups. It also urges accountants to take a “pipeline pledge,” committing to lend their time to encourage students and tell new accountants about how they’ve built fulfilling careers.

Nebraska business leaders are saying it’s “glaringly apparent” that the state won’t be able to meet its workforce needs without more immigrants.

To remain competitive, Gov. Jim Pillen is right to target property tax relief, says Jim Vokal of the Platte Institute. However, the immediate path should be one of foundational reform, bringing fiscal discipline and transparency to local governments, rather than fueling their spending with state funds.

Before embarking on a restructuring of Nebraska’s tax system, it’s important to set goals and map out the path to our ideal destination, says Jim Vokal of the Platte Institute.

The Illinois CPA Society's "Re-Decoding the Decline" report shows that time is the top barrier to CPA licensure, not the 150 credit-hour rule.

Now is the time to talk with high-net-worth clients about using the temporarily doubled estate and gift tax exclusion before its sunset in 2026.

Gov. Jim Pillen has officially submitted a request to President Joe Biden for a federal disaster declaration, estimating $11.5 million for public infrastructure damage. The request comes nearly one week after the destructive April 26 storms in eastern Nebraska. This includes Lancaster, Douglas, and Washington Counties, for which Pillen has already issued an emergency proclamation, unlocking emergency state funds.

The FTC has issued a ban on non-compete provisions that would distinguish between non-competes and provide that new non-competes are unfair methods of competition. Learn more about the expansive rule, who's covered, and who's not from Husch Blackwell.

A pilot program to help accounting graduates earn the required academic credits for CPA licensure has earned positive reviews in limited feedback from students and the accounting firms that employ them. The program, developed by the AICPA and NASBA, is looking to recruit more students for upcoming semesters. Thirty-eight students are now enrolled in the Experience, Learn & Earn (ELE) program, as a flexible and affordable way for accounting graduates to complete the CPA licensure requirement of an extra 30 academic credits beyond a typical bachelor’s program. Online classes, offered through Tulane University’s School of Professional Advancement, began in January.

Gov. Jim Pillen's much-amended plan to raise sales taxes to decrease local property taxes went down in flames Thursday, the final day of the 2024 state legislative session. It was a stunning defeat for the idea of raising some taxes to reduce others, and it almost assuredly guarantees that state lawmakers will be back this summer in a special session on taxes.

Gov. Jim Pillen's scaled-back plan to reduce Nebraskans' property taxes failed to clear the final hurdle in the Legislature on Thursday, the final day of this year's legislative session, sinking Pillen's priority legislation and likely ensuring lawmakers will return to Lincoln for a special session yet this year.

CFO salaries are up, and severance and equity packages remain mostly unchanged, according to a new survey from Rho.