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News Updates

Unlocking opportunities for accounting grads

November 19, 2024

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.”

  • aicpa
  • nasba
  • education

‘DOGE’ commission eyes new app for Americans to file taxes

November 19, 2024

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.

  • irs

Gov. Pillen asks Nebraska lawmakers to overhaul school aid formula in 2025

November 11, 2024

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.

  • ne legislature

AICPA updates peer review standards

November 07, 2024

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.

  • aicpa

NDOR posts Nebraska Tax incentives Annual Report

November 01, 2024

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

  • tax
  • ndor

KPMG, Deloitte back 120-credit hour alternative CPA licensure option

October 18, 2024

KPMG’s statement cited the time of and cost of the 150-hour rule as one of the top barriers that lead students to opt against becoming accounting majors, noting that they are already seeing the related shortage of accountants impact businesses and smaller firms.

  • pipeline
  • workforce

Have your voice heard: CPA Competency-Based Experience Pathway

October 17, 2024

Calling all CPAs — if you have been licensed for at least three years and have supervised newly licensed CPAs during the past year, you can volunteer to participate in an online survey and virtual focus group to provide feedback on the CPA Competency-Based Experience Pathway.

Mark Koziel named CEO of AICPA & CIMA

October 17, 2024

Mark Koziel, CPA, CGMA, has been named as the next CEO for the Association of International Certified Professional Accountants. Koziel will begin the role in January 2025. He currently leads Allinial Global, an association of independent accounting and advisory firms with $6 billion in collective revenue.

  • aicpa

NDOR's 2024 Legislative Changes Posted

October 17, 2024

The Nebraska Department of Revenue, Property Assessment Division, has posted the 2024 Legislative Changes.

  • ne legislature

IRS should review $42 billion in ERC claims, TIGTA report says

October 11, 2024

The Treasury Inspector General for Tax Administration estimated that a change in policy for pre-refund examinations resulted in $2 billion being paid for erroneous employee retention credit claims.

  • irs
  • erc

10 tips to help avoid wire fraud scams

October 06, 2024

Wire transfer fraud, typically perpetrated via business email compromise, is a known risk to all types of businesses, including CPA firms. When a CPA firm handles client money, additional risk ensues.

IRS increases special per diem rate for business travel

October 06, 2024

The special per diem rates that a taxpayer uses in travel and business expenses will be higher starting Oct. 1, as provided by the IRS.

  • irs

Using ChatGPT-4o with Excel

September 25, 2024

Kelly Williams thought ChatGPT versions 3.5 and 4 were impressive. Then she tried ChatGPT-4o and was blown away. Learn about this powerful tool — and ways CPAs can use it — in this Tech Q&A article.

  • ai
  • technology

Are you a small business owner? A new filing requirement may apply to your company.

September 23, 2024

A bipartisan law, passed to protect U.S. economic and national security, requires many small businesses to report beneficial ownership information to the U.S. government about the real people who own or control them.

  • boi

NE Dept. of Revenue publishes 2024 Nebraska Legislative Changes

September 20, 2024

Changes are provided for Income Tax, sales & Use Taxes, Tax Incentives, Miscellaneous, Lottery/Charitable Gaming, and LB 34 Special Session.

  • ne legislature

Tax credit ending means some Nebraskans could miss relief this year

September 11, 2024

A change in how property owners receive credit for taxes paid to support the local school district may cause some Nebraskans to miss out on tax relief this year.

  • ne legislature

Iowa court permits non-attorney assistance with BOI reports

September 09, 2024

The Iowa Supreme Court has clarified that non-attorneys can now assist with preparing, filing, or deciding on beneficial ownership information (BOI) reports without it being considered unauthorized practice of law.

  • boi

‘A missing year’: No income tax credits for Nebraskans to offset school property taxes paid in 2024

September 08, 2024

State Sen. Steve Erdman says the revisions are a ‘plain and simple retroactive property tax increase’; State Sen. Brad von Gillern says there will be ‘no net difference to the taxpayer.’

  • ne legislature

Unicameral Update: But Wait! There's More!

September 07, 2024

Society lobbyist Korby Gilbertson takes a closer look at the Property Tax Credit.

  • ne legislature

Fixing the IRS

September 06, 2024

In August 2022, when President Biden signed into law the so-called Inflation Reduction Act, it included an $80 billion increase in IRS funding. According to a 2021 Treasury Department report, this funding was intended to increase the IRS workforce by 87,000 employees, primarily dedicated to increasing IRS’s capacity to audit taxpayers.

  • irs
  • congress