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News Updates

House Passes 7 Small Business Bills

June 14, 2022

The House has passed seven bipartisan small business bills aimed at improving the operation and oversight of key Small Business Administration (SBA) programs.

What businesses need to know about the enhanced business meal deduction

June 14, 2022

The IRS encourages businesses to begin planning now to take advantage of tax benefits available to them when they file their 2022 federal income tax return. This includes the enhanced business meal deduction. For 2021 and 2022 only, businesses can generally deduct the full cost of business-related food and beverages purchased from a restaurant. Otherwise, the limit is usually 50% of the cost of the meal.

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IRS changes guidance on EITC

May 26, 2022

The service has updated its FAQ on the 2021 Earned Income Tax Credit, with new information on using prior tax years to calculate it.

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Nebraska unemployment rate hits all-time low for second straight month

May 24, 2022

Nebraska’s latest unemployment rate of 1.9% represented an all-time low for the second straight month, and that April level remains tied for the lowest reached by any state in history.

Legislative Session Review - Appropriations

May 12, 2022

Lawmakers allocated more than a billion dollars in federal pandemic relief this session and made adjustments to the state’s two-year budget.

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Legislative Session Review - Revenue Committee

May 12, 2022

Among the proposals advanced by the Revenue Committee this session is a package of bills that cuts individual and corporate income tax rates, speeds up the phaseout of state taxation of Social Security income, and expands a program intended to offset property taxes used to fund education.

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IRS destroyed 30M paper information returns due to backlog

May 10, 2022

The service decided to destroy the documents in March 2021 because of its inability to process its backlog of paper tax returns, according to a new report.

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SCOTUS rejects challenge to SALT deduction cap

May 08, 2022

The U.S. Supreme Court on Monday rejected a bid by four Democratic-leaning states to lift a cap on federal deductions for state and local taxes put in place as part of a 2017 tax overhaul under Republican former President Donald Trump. The justices turned away an appeal by New York, Connecticut, Maryland and New Jersey after a lower court threw out their lawsuit. The lower court held that the U.S. Congress had broad authority over taxes and did not violate the U.S. Constitution by placing a $10,000 limit on the amount of state and local taxes that individuals may deduct on federal income tax returns. Democratic President Joe Biden's administration opposed the four states. The Manhattan-based 2nd U.S. Circuit Court of Appeals last year rejected the states' arguments, ruling that they did not show that their injuries were significant enough to give rise to a constitutional violation.

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Nebraska Receives Grade of A+ for Coronavirus Pandemic Response

April 30, 2022

Governor Pete Ricketts issued a statement following news that the National Bureau of Economic Research (NBER) has graded Nebraska’s pandemic response as an A+. Nebraska ranked second nationally on the evaluation, which the Wall Street Journal’s Editorial Board featured on April 10th.

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Legislature adjourns sine die, 13 senators depart

April 21, 2022

The second session of the 107th Legislature adjourned sine die April 20.

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Nebraska ranked No. 1 state for recession resilience

April 19, 2022

Nebraska comes in at No. 1 most likely to survive the next recession, thanks to a diverse business economy.

Infrastructure changes to the CPA Exam in 2024

April 18, 2022

The AICPA is making multiple changes to the CPA Exam to reduce exam construction complexity, improve CPA Exam software performance, and provide greater flexibility in future delivery, all while maintaining a rigorous exam. Rather than implement these changes now and delay score releases, the AICPA will make these changes concurrently with the launch of the CPA Evolution-aligned CPA Exam in January 2024, taking advantage of score delays that will occur with the launch of the new exam.

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Legislation introduced in Senate to recognize accounting as a STEM field

April 18, 2022

In December 2021, the STEM Education in Accounting Act, S. 3398, was introduced in the Senate. The legislation would help bolster the argument that accounting is a STEM field by allowing STEM K-12 grant funding to be used for accounting awareness and education.

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March 2022 NDOR General Fund Receipts

April 15, 2022

Nebraska Tax Commissioner Tony Fulton reports that gross General Fund receipts for March were $669 million, which is 7.4% above the forecast of $623 million.

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New law phases in corporate income tax rate reductions over 5 years

April 15, 2022

Recently enacted state legislation contains several tax-related measures, including phasing in some Nebraska corporate income tax rate reductions over the next five years from the current 7.5% top tax rate to an ultimate 5.84% top tax rate.

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ImagiNE Act reporting requirements, other provisions updated

April 14, 2022

Lawmakers approved a measure April 13 that modifies Nebraska’s main business tax incentive program.

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Rural development tax credit increased

April 14, 2022

Additional tax incentives are available for certain livestock modernization or expansion projects and other qualifying rural Nebraska businesses under a bill passed by lawmakers April 13.

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Claim for NE Personal Property Exemption

April 13, 2022

The Nebraska Department of Revenue, Property Assessment Division, has posted a news release to the website for Claim for Nebraska Personal Property Exemption, Nebraska Advantage Act, Form 312P or ImagiNE Act, Form 1107P Due On or Before May 2, 2022.

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CPA Firm Ownership Bill Passes Legislature

April 12, 2022

The Nebraska Legislature on April 12, 2022, passed LB707 on Final Reading with an Emergency Clause, 44-0-5. Among other things, LB707 amends the Nebraska Public Accountancy Act (PAA) to remove certain CPA firm ownership provisions so that a CPA firm may be owned by at least one CPA and one or more non-CPAs as long as the CPA or group of CPAs hold at least 51% equity ownership of the CPA firm. In short, LB707 removes the physical “head count” requirement of CPA firm ownership in Nebraska.

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Consumer Price Index up 8.5% over last year

April 12, 2022

A closer look at drivers behind a consumer price index up 8.5% over last year reveals both energy and some food costs are growing quickly. It’s not clear if the seven interest rate hikes planned by the Feds will work quickly enough to stem the tide.