News Updates

The bill extends many of the expiring provisions from the Tax Cuts and Jobs Act (TCJA), P.L. 115-97. It also addresses other tax priorities of the Trump administration, including providing deductions to eliminate income taxes on certain tips and overtime pay. The bill also revamps some of the TCJA’s provisions on the taxation of corporations’ foreign income and terminates a large number of clean energy tax incentives.

The Zeigarnik Effect, a psychological phenomenon, describes how unfinished tasks occupy more mental space than completed ones, leading to burnout, especially in high-pressure professions such as accounting.

The Senate Finance Committee has released its version of proposed tax provisions to be included in the budget reconciliation bill being considered by Congress. The House of Representatives passed its version of the bill, H.R. 1, known as the One Big Beautiful Bill Act, in May.

A 24% enrollment spike in accounting programs at two-year institutions highlights a strong spring semester for interest in the profession among college students.

A letter from the AICPA and CPA societies in 53 states and jurisdictions criticizes the provision in the House version of the budget bill that would eliminate the state and local tax deduction for certain passthrough entities.

Sales tax compliance audits can be painful, time-consuming, and potentially expensive for your business. Here are 10 tips from four former state auditors covering sales tax compliance strategies.

Nebraska lawmakers ended the 2025 legislative session, celebrating a balanced budget achieved over a major projected deficit and the passage of more than 200 bills.

As disaster preparation season approaches, the IRS emphasizes the importance of safeguarding tax and financial information.

Interest in accounting careers has increased among Hispanic, Asian American Pacific Islander (AAPI), and white students since 2021, according to the latest Expanding the Accounting Profession Pipeline report by the Center for Audit Quality and Edge Research.

The perceptions held by high school and early college students about accounting are trending in a positive direction, positioning the profession for an opportunity to continue strengthening the talent pipeline.

The Nebraska Examiner is launching a new resource to break down election margins by legislative and congressional districts for state, federal and ballot measure races in recent years.

In his annual letter to shareholders, JPMorgan Chase chief executive Jamie Dimon has expressed concerns about the impact of U.S. tariffs and the global trade war on economic growth. He said: "The economy is facing considerable turbulence . . . with the potential positives of tax reform and deregulation and the potential negatives of tariffs and 'trade wars.'" Mr. Dimon raised the risk of a U.S. and global recession to 60% following the recent trade barriers introduced by President Donald Trump. He warned that tariffs could undermine economic confidence and investments, commenting: "The quicker this issue is resolved, the better because some of the negative effects increase cumulatively over time." He also highlighted the uncertainty surrounding interest rates and the potential derailment of expectations for modest U.S. growth.

As a much-needed four-day break from the Capitol comes to an end, the Legislature readies itself for more debate on some hot topics.

"We need to come up with that money for those people that we passed over," says State Sen. Brian Hardin of Gering.

Tax credits to offset property taxes owed to local K-12 school districts are now automatically applied, but Nebraskans still need to file for income tax credits for community colleges for additional relief each year.

FinCEN has issued an Interim Final Rule (IFR) removing the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI). Additionally, the rule updates filing deadlines for foreign entities: • Foreign entities registered before the IFR’s publication must file BOI reports within 30 days of that date. • Foreign entities registered on or after the IFR’s publication must file within 30 calendar days of receiving notice that their registration is effective.

AICPA has outlined its 2025 tax priorities, urging Congress to raise the reporting threshold for Form 1099-K from $600 to $10,000. In a letter to congressional finance leaders, Melanie Lauridsen, the AICPA's vice president of Tax Policy & Advocacy, said, "Our tax legislation priorities include recommended proposals that would reduce uncertainty and complexity for taxpayers." The AICPA also advocates for permanent tax relief for those affected by natural disasters and the extension of certain provisions from the Tax Cuts and Jobs Act. Other recommendations include maintaining the qualified business income deduction and preserving the cash method of accounting for tax purposes. The IRS has delayed the implementation of the $600 threshold, treating 2024 and 2025 as transition years.

Utah lawmakers recently passed legislation eliminating 150- and 120-credit-hour requirements for CPA licensure in state statutes. Utah Gov. Spencer Cox is expected to sign the bill, which will then become law on July 1, 2026, according to the Utah Association of CPAs.

The fall semester saw a 12% increase in accounting enrollment from the previous year to the highest figure observed by the National Student Clearinghouse Research Center in four years.

The bill, which provides a deadline of Jan. 1, 2026, for an estimated 32 million small businesses to file beneficial ownership information reports, comes as the BOI requirements are mired in court cases. A companion bill also was introduced in the Senate.