News Updates

Retail sales taxes are an essential part of most states’ revenue toolkits, responsible for 32 percent of state tax collections and 13 percent of local tax collections (24 percent of combined collections). They also benefit from being more pro-growth than the other major state tax, the individual income tax, because they introduce fewer economic distortions.

It is not surprising that a new Republican administration in the White House would create issues for the Internal Revenue Service. Past Republican administrations tended to starve the IRS for funds, resulting in a decline in audit activity and customer service.

Here are teh Nebraska state senators making laws during the 109th legislative session.

Nebraska lawmakers will continue to cap themselves at introducing 20 bills each session of the Legislature after a failed vote to repeal the limit just one year after it was adopted.

The Legislature rejected an attempt by an Omaha lawmaker on Friday to lift the cap on how many bills can be introduced each year before finalizing the rules for debate.

The past two years in the Legislature have been dominated by a few major issues. None have been as prevalent and persistent as our state’s ongoing property tax issue. We’ve had dozens of bills, an equal amount of hearings, working groups put together by Governor Pillen, interim studies, town hall meetings and more. The one thing that we’ve learned is that there is no silver bullet to instantly relieve the growing financial pressure of rising property taxes on Nebraska homeowners, farmers, retirees, and small businesses.

It’s important for our leaders to be truthful and not speak half-truths to burnish their image, particularly when it comes to the financial stability of the state, which affects every Nebraskan.

KPMG US set up a subsidiary that has filed an application in Arizona to establish a law firm in the state, with hopes of going national.

There were 291 new bills/resolutions introduced in the past two days. We will be digging our way through them as quickly as possible, so please bear with us for a day or two. Upon first glace there is plenty for people to love and hate.

Forty-four states levy a corporate income tax, with top rates ranging from a 2.25 percent flat rate in North Carolina to a 11.5 percent top marginal rate in New Jersey. Four states—Louisiana, Nebraska, North Carolina, and Pennsylvania—reduced corporate income tax rates on January 1, 2025, while two states—New Mexico and New Jersey—increased tax burdens for corporations.

Today marked the eighth legislative day and the close of a busy week filled with bill introduction, a legislative rules hearing, and Governor Pillen’s State of the State.

Sound tax planning relies on knowing the right numbers. Stay up to date on key 2025 tax figures such as updated income brackets and higher retirement catch-up contributions.

According to a new poll from the Tax Foundation and Public Policy Polling, more than half of taxpayers lack basic tax literacy, regardless of educational attainment, income level, or political affiliation.

Yesterday marked the first day of the 109th Legislature, First Regular Session.

States that saw significant domestic migration-related population growth include South Carolina, Idaho, Delaware, North Carolina, and Tennessee. At the other end of the spectrum, Hawaii lost the greatest share of its population to other states, followed by New York, California, Alaska, and Illinois. Find out where Nebraska ranks!

Walt Radcliffe, 77, died Dec. 26, 2024, while in hospice care for kidney failure and other health issues. A celebration of life will be held Friday at 2:30 p.m. at Hillcrest Country Club, 9401 O St., in Lincoln.

— The Internal Revenue Service today announced that the optional standard mileage rate for automobiles driven for business will increase by 3 cents in 2025, while the mileage rates for vehicles used for other purposes will remain unchanged from 2024.

A loophole in a new law allowed some taxpayers to get money back while many lost the chance.

Social Security benefits are not entirely tax-free. Up to 85% of your benefits can be taxed, depending on your income. Five things you or your older clients should know about Social Security include the tenet that income matters more than age.

A federal district court, finding that the Corporate Transparency Act (CTA) is likely unconstitutional, issued an order Tuesday prohibiting the enforcement of the CTA and the beneficial ownership information (BOI) reporting rule in the CTA's accompanying regulations.