News Updates

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.

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.

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.

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.

During the recent Special Session, the Nebraska Legislature passed LB34, which adopts the Property Tax Growth Limitation Act and the School District Property Tax Relief Act and changes provisions relating to revenue and taxation. The bill was signed by Gov. Jim Pillen on August 20, 2024.

The Mercatus Center of George Mason University has released its 2024 edition of “Snapshots of State Regulations.” As with most rating systems, this allows states to compare themselves to other states and examine particular strengths and weaknesses in their systems. These strengths and weaknesses explain good and bad rankings and provide focus areas for continued work or improvement.

The Court held that the APA requires courts to exercise their independent judgment in deciding whether an agency has acted within its statutory authority and not to defer to an agency’s interpretation of the law simply because a statute is ambiguous.

EY just released an updated U.S. Employment Tax Rates and Limits for 2024. Download the document for future reference.

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.

Now is the time to talk with high-net-worth clients about using the temporarily doubled estate and gift tax exclusion before its sunset in 2026.

No New Taxes Nebraska, a coalition of more than 40 businesses and organizations, has developed a webpage to provide information on the proposed EPIC tax. EPIC tax is a proposed ballot initiative that would eliminate property and individual and corporate income taxes and implement a proposed statewide consumption tax of 7.5%. However, a recent study found that the plan could require a much higher rate of tax of 20% or more to sustainably fund the state’s government services. Additionally, the initiative will take local budget and spending control away from local political subdivisions and place it into the hands of the Nebraska Legislature.

Explore GenAI and the specific opportunities and risks that accounting and finance professionals should consider when building an AI strategy in this toolkit that was recognized by Accounting Today as a 2024 Top New Product.

In 2017, Congress passed a permanent reduction to the corporate income tax rate from 35% to 21% as part of the Tax Cuts and Jobs Act. To ensure that pass-through businesses like sole proprietorships, partnerships, and S corporations (i.e., the overwhelming majority of small businesses) weren’t put at a tax disadvantage relative to C corporations, Congress created a new 20% deduction for qualified business income. This deduction is codified at section 199A of the Internal Revenue Code. Unlike the permanent reduction for C corporations, however, the 20% deduction for pass-through businesses is scheduled to expire at the end of 2025.

Instead of relying on tax shifts and promises of a quick fix, local property tax relief is best solved by the disciplined actions of locally elected officials under the informed and watchful eye of the local taxpayer and property owner, says former State Senator Jim Smith of the Platte Institute.

The new comprehensive digital booklet provides students and CPA candidates with the latest guidance on the CPA Exam and licensure requirements, career pathways, study options, and in-depth information they need to start their journey toward becoming a CPA.

The artificial intelligence tool ChatGPT has become so popular that its free service is sometimes at capacity. Here is a closer look at ChatGPT and a list of alternative AI chatbots, as well as their strengths and weaknesses.