News Updates

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.

Calls for reform have been growing louder as the number of US students taking accounting courses and going on to sit professional exams has fallen, leaving some accounting firms struggling to hire replacements for the Baby Boomers who are retiring.

The plan calls for more support for CPA exam candidates, retooling introductory university accounting courses to attract more students, and building awareness of accounting careers among underrepresented groups. It also urges accountants to take a “pipeline pledge,” committing to lend their time to encourage students and tell new accountants about how they’ve built fulfilling careers.