News Updates

Spurred by legitimate discontent over rising property tax burdens, Gov. Jim Pillen (R) is searching for bold solutions. But the plan, which reportedly involves a two-tiered sales tax and the state’s assumption of most school funding responsibility, would have profound implications that even those most convinced of the urgency of property tax relief may find unworkable and unpalatable.

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.

The final regulations require custodial brokers to report transactions on Form 1099-DA, which the IRS will release soon. A different set of final regulations with rules for noncustodial brokers will be issued later.

As Governor Pillen has announced, he plans to issue a proclamation for a special session to begin Thursday, July 25, to address lowering Nebraska's property taxes. Special Sessions are different, and don’t always run on the typical Monday-Friday schedule, nor do they follow the same set of rules of procedure. Everything is compressed which means less time for bill introduction, review, and preparation for hearings.

Questions about accuracy and security could be slowing the adoption of generative AI in business, especially in such an exacting field as accounting. However, a pair of CPAs who recently presented to colleagues at AICPA & CIMA ENGAGE 2024 said there's a way accountants can gain from generative AI now, without most of the risk.

The Chevron doctrine, adopted by the Court in 1984, required courts to give deference to a reasonable interpretation of an ambiguous statute by a government agency. But it was not until 2011, in Mayo Foundation for Medical Education and Research, 562 U.S. 44 (2011), that the justices resolved a split in the lower courts and held that Chevron deference applied to interpretive tax regulations issued under Sec. 7805(a), which gives a general grant of authority to Treasury to "prescribe all needful rules and regulations for … enforcement" of the Code. Before that decision, courts had generally given a lower level of deference to Treasury's interpretive regulations.

This interactive shows how many people are older and younger than you are.

The Supreme Court’s 7–2 ruling to validate a Trump-era tax provision on US businesses’ foreign profits was overshadowed by a decision it didn’t make on the wealth tax. Experts thought the court might use the foreign income case to preemptively rule on the constitutionality of a tax on Americans’ net worths, which the Biden administration and other Democrats have proposed. But the justices made a narrow ruling, punting on the wealth tax issue for now. Some saw that as a win for Biden, as it keeps alive the possibility of a tax on wealthy Americans’ estates. The court still has a number of significant cases to decide this session, including one on Trump’s demand for total immunity.

Nebraska Gov. Jim Pillen offered one of the clearest timelines yet Monday for when he might call a special session on property tax relief this summer. “To any state senator reading this — clear your schedule from July 26 to August 15,” Pillen wrote in his latest column. “We have the people’s work to do.”

Ernst & Young LLP announced plans to invest $1 billion over three years in talent and technology to revolutionize the experience of early career accounting professionals and improve the attractiveness of the profession. This investment includes a significant increase in early career compensation, artificial intelligence (AI)-enabled audit and tax platforms, an innovative new “360 Careers” experience, outreach and support for college students, and enhanced wellbeing benefits.

State Tax Commissioner James Kamm has announced he is waiving penalties and interest for late income tax returns or tax payments for those directly impacted by the Arbor Day tornadoes in eastern Nebraska. Returns and payments were due April 25, but Kamm is delaying due dates when those forms are due until Sept. 3, 2024.

IRS Commissioner Danny Werfel said the successful pilot program of Direct File encouraged the IRS to make the program available in all states and the District of Columbia.

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.

Before embarking on a restructuring of Nebraska’s tax system, it’s important to set goals and map out the path to our ideal destination, says Jim Vokal of the Platte Institute.

The Illinois CPA Society's "Re-Decoding the Decline" report shows that time is the top barrier to CPA licensure, not the 150 credit-hour rule.

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.