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News Updates

Two Society members among Gov. Pillen's Senate appointment candidates

January 14, 2023

Nebraska Gov. Jim Pillen shared the names of the eight other people he interviewed for the open Senate seat ahead of choosing former Gov. Pete Ricketts for the appointment. Among the eight were Society members Don Kluthe, who is a Society past chairman, and Bryan Slone, who is president of the Nebraska Chamber of Commerce.

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Constitutional amendment would eliminate State Board of Education

January 13, 2023

State Sen. Joni Albrecht of Thurston on Friday proposed letting voters weigh in on a constitutional amendment that would eliminate the Nebraska State Board of Education and give the governor control over the state Department of Education.

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House Republicans aim to abolish IRS, replace income tax

January 13, 2023

The new speaker of the House, Kevin McCarthy, R-California, agreed as part of a deal with conservatives in the Freedom Caucus to win the speakership to allow a vote on a bill that would abolish the IRS and institute a "Fair Tax" that would replace federal income taxes and other taxes with a national consumption tax administered by the states. On Monday, House Republicans passed a bill, introduced by Rep. Adrian Smith, R-Nebraska, to strip the IRS of much of the extra $80 billion in funding for enforcement enacted last year by Democrats' Inflation Reduction Act, although the bill is not expected to advance in the Senate, which is still controlled by Democrats.

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Legislative rule changes considered

January 13, 2023

The Rules Committee considered 58 possible changes to the permanent rules that govern legislative proceedings during a marathon public hearing Jan. 12. The rules generally are adopted at the beginning of each biennium. The proposals, offered by a variety of senators, ranged from technical revisions to substantive changes meant to increase transparency and political participation in the legislative process.

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Tax-filing season to begin Jan. 23

January 13, 2023

The 2023 tax-filing season will open on January 23, the day in which the IRS will begin accepting and processing 2022 tax year returns. The IRS said it is expecting more than 168 million individual tax returns to be filed this year, with the majority of those returns coming before the April 18th tax deadline.

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Child tax credit proposed in Nebraska Legislature

January 12, 2023

About half of Nebraskans, including about 81% of the state’s children, would benefit from a newly proposed child tax credit law, said State Sen. Danielle Conrad of Lincoln, who introduced the bill Wednesday. Conrad said Legislative Bill 294 would provide families earning a certain income level a refundable tax credit up to $1,000 per child. Nine other states have enacted a similar child tax credit in addition to the federal credit, according to the National Conference of State Legislatures.

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Biden to ease rules for income-based student loan forgiveness

January 11, 2023

The Biden administration has published a detailed plan that will make it easier for student-loan holders to wipe out their debts using income-driven repayment plans.

College savings plan money left over? Hello, tax-free Roth

January 11, 2023

SECURE 2.0 fueled an expansion of the 'Cadillac' of nest eggs. Here's what you need to know.

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Economic metrics to watch in 2023

January 11, 2023

Metrics related to employment trends, consumer prices, and productivity are among the datapoints that financial executives should be watching this year. Here is a brief explanation of what to look for.

House GOP passes legislation to block new IRS funding

January 11, 2023

House Republicans, in one of their first legislative moves, voted to cut funding for the IRS on Monday. The bill, sponsored by Rep. Adrian Smith (R-NE), passed the House on a 221-210 vote along party lines; it would rescind almost all of the $80bn in IRS funding that Congress approved in August in the climate, health and tax law known as the Inflation Reduction Act. It would take back $45.6bn directed toward beefed-up tax enforcement and $25.3bn for agency operations support, which encompasses administration activities, IT development and telecommunications. “The last thing [Americans] need is more IRS agents knocking on doors to conduct audits, yet this IRS funding is part of the broad Biden administration strategy to tax, audit exponentially more Americans,” Mr. Smith said in his speech introducing the the bill. The Biden administration issued a statement of policy on Monday confirming that the president would veto the measure and dismissing it as “a reckless bill.” Senate Majority Leader Chuck Schumer said that “this is a giveaway to the multimillionaires and big corporations, and Democrats won’t let it happen.” The nonpartisan Congressional Budget Office said that the Republican bill to rescind billions of dollars in IRS funding would actually increase the deficit by $114bn through 2032.

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IRS refunded $14.8bn for unemployment compensation exclusion

January 11, 2023

The IRS has completed making final corrections to the tax year 2020 accounts for taxpayers who overpaid their taxes on unemployment compensation they received in 2020.

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Rep. Jason Smith chosen to lead Ways and Means Committee

January 11, 2023

Rep. Jason Smith (R-MO) has been picked by the House Republican steering committee to lead the tax-writing House Ways and Means Committee. He was selected over Rep. Vern Buchanan of Florida and Rep. Adrian Smith of Nebraska.

Americans moved to low-tax states in 2022

January 10, 2023

Americans were on the move in 2022 and chose low-tax states over high-tax ones. That’s the finding of recent U.S. Census Bureau population data and commercial datasets released this week by U-Haul and United Van Lines.

Ricketts, Lindstrom, Dinsdale, Slone, Ashford among Nebraska U.S. Senate applicants

January 10, 2023

The race to be appointed as Nebraska's next U.S. senator is getting serious, with Gov. Jim Pillen interviewing candidates and mulling an appointment as early as this week. Pillen, a Republican, said Thursday he would name a replacement by the end of January for former U.S. Sen. Ben Sasse, R-Neb. Sasse formally resigned his post Sunday to lead the University of Florida.

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Examining AI's adoption and investment over the past 5 years

January 09, 2023

Let’s be honest: Artificial intelligence (AI) is still a little mysterious for most of us. If you’re wondering how businesses use AI, check out McKinsey’s State of AI in 2022. It examines the tech’s adoption and investment over the last 5 years, plus tips on implementation.

Filing season quick guide - tax year 2022

January 09, 2023

Download and print this annual quick guide, a tax season reference, highlighting dollar thresholds, tax tables, standard amounts, credits, and deductions.

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2023 Legislature may face bumpy road ahead

January 08, 2023

Results of the opening day's leadership votes and subsequent recommendations for committee assignments have triggered allegations ranging from partisan behavior to a partisan takeover of the 2023 Legislature.

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Backers of Nebraska consumption tax amend proposal, launch petition drive for 2024 ballot

January 06, 2023

Backers of a dramatic change in state taxation announced changes to their proposal on Thursday as they launched a petition drive to place a “consumption” tax plan before Nebraska voters in 2024. “This falls into the category of if it sounds too good to be true, it probably is,” said Bryon Slone, president of the Nebraska Chamber.

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AICPA releases updated CPA exam blueprints

January 05, 2023

The blueprints outline the knowledge and skills, including technology skills, that will be required of newly licensed CPAs, under the licensure model that is evolving through the AICPA and National Association of State Boards of Accountancy's joint CPA Evolution initiative. The new model is set to launch in 2024.

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Addressing the accounting crisis

January 05, 2023

In August, Big Four firm Deloitte reported that 82.4% of hiring managers were struggling to find accounting and finance talent, leaving less than 20% with qualified and ready candidates in the pipeline.

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