News Updates

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.

After a seven-year run leading Nebraska’s statewide business lobbying group — and speaking out on hot topics such as state brain drain and immigration reform — Bryan Slone announced Tuesday he is leaving his post. He will step down as CEO and president of the Nebraska Chamber of Commerce and Industry officially in June, following the 2025 legislative session. A search has begun for the next head of the chamber, which describes itself as the state’s “voice of business” in legislation, regulation and policy matters.

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!

Legislative session will feature many new committee chairs and freshman lawmakers.

Nebraska Gov. Jim Pillen discussed his serious injuries during that horse ride, his recovery at hospitals in Columbus and Omaha and getting back to work in a sit-down interview with the Nebraska Examiner on Friday. He laughed and teared up in a high-backed chair in the living room of the Governor’s Mansion, where he has stayed since being released from the Nebraska Medical Center a week earlier.

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.

Thirty-nine states will begin 2025 with notable tax changes, including nine states cutting individual income taxes (two of them implementing flat taxes), three states cutting corporate income taxes, and two states adopting new first-year expensing provisions. Generally, state tax changes take effect either at the start of the calendar year (January 1) or the fiscal year (July 1 for most states), with rate changes for major taxes typically implemented effective January 1—either prospectively, as in these cases, or retroactively, as may happen under legislation enacted in the new year.

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.

Incoming state senators recently convened at the Capitol for several days of seminars and hands-on practice that gave them a peek at what they can expect when they begin work on Jan. 8.

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.

Governor Jim Pillen is previewing some of his priorities for the 2025 legislative session. These initiatives, and others, align with his administration’s ongoing commitment to kids, taxes, agriculture and values.

To address the talent needs within the accounting profession and expand access to accounting careers, the American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA) have proposed changes to the profession's model law. Here is information regarding each exposure draft, how to submit your comments, and links to the comment letters submitted by the Nebraska Society of CPAs to the AICPA and NASBA. All comment letters will be made public.

The Experience, Learn & Earn (ELE) program currently has 105 students enrolled this fall, representing more than 50 employers, with registration for Spring 2025 open until January 1, 2025. Mike Decker, AICPA’s vice president of CPA examination and pipeline, stated: “That’s a testament to the enduring value of the CPA credential, from the newest graduates to mid-career professionals.” The program is designed for individuals who have completed their bachelor’s degree and core accounting classes but lack the 150 credit hours required for licensure. Participants can earn up to 30 university credits through affordable online courses, with support from participating employers, including flexible work schedules and tuition reimbursement. Wendy Garvin, NASBA executive vice president, noted the program's evolution, stating, “An expanded offering to individuals not associated with a participating employer is an exciting evolution of the program.”

Elon Musk and Vivek Ramaswamy, the leaders of President-elect Donald Trump's "Department of Government Efficiency," (DOGE) are reportedly keen to create a mobile app for Americans to file their taxes free with the IRS. Sources close to the matter have told the Washington Post that the pair see an opportunity to improve how millions of taxpayers interact with the federal government. Additionally, DOGE posted on X that “In 1955, there were less than 1.5m words in the U.S. Tax Code. Today, there are more than 16m words. Because of this complexity, Americans collectively spend 6.5bn hours preparing and filing their taxes each year. This must be simplified." However, changing the tax code would require an act of Congress, leaving unclear how the DOGE organization could resolve the biggest obstacle to a new free filing system. Kyle Pomerleau, a tax expert at the conservative-leaning American Enterprise Institute, pointed out that a mobile app would not be able to know how much small business owners spend on expenses, or how much of the year a child lives with one parent as opposed to the other — inputs that are necessary to produce a federal tax return.

Gov. Jim Pillen is officially calling on Nebraska lawmakers to address “inconsistencies” in the state’s main school aid formula in the 2025 legislative session.

The AICPA Peer Review Board (PRB) has approved an update to peer review standards aimed at aligning them with new quality management (QM) standards. The Peer Review Standards Update (PRSU) No. 2, titled "Reviewing a Firm's System of Quality Management and Omnibus Technical Enhancements," is set for publication later this month. Key changes include revisions to terminology to conform with QM standards and adaptations to address risk-based considerations. The update will be effective for peer reviews starting on or after December 1, with QM-related revisions applicable for years ending on or after December 31, 2025. The board also decided that retiring partners may continue serving on peer reviews for up to 36 months.

The 2024 Nebraska Tax Incentives Annual Report has been certified to the Legislature and posted to the Nebraska Department of Revenue's website.