News Updates

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.

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.

Tax and finance departments face a trifecta of concerns this year: increased regulations, constrained budgets, and a severe talent shortage. However, they’re optimistic about generative AI’s ability to relieve at least a little of the pressure.

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.

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

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.

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.

Advising clients in times of political and economic uncertainty requires agility, foresight, and clear communication. With elections this year and the impending sunset of certain provisions of the Tax Cuts and Jobs Act (TCJA), P. L. 115-97, at the end of 2025, there is now a great need for proactive and well-informed guidance.

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.

Read Chris Chappelear's recent op-ed in the Omaha World-Herald.

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.

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.

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

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.

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.

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.’

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

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.

The Nebraska Department of Revenue (DOR) is providing information on property tax relief changes resulting from a new credit through the passage of LB 34 (2024).

Here is a Special Session Update from our lobbyist Korby Gilbertson at Radcliffe, Gilbertson & Brady.