News Updates

The Nebraska Department of Revenue (NDOR) estimates that $620 million of $631 million of revenue exceeding the forecast in December is a result of the Pass-Through Entities Election to be Subject to Income Tax (PTET), which will all be refunded during fiscal year 2023-24 and 2024-25. NDOR estimates the $620 million in PTET included $220 million from individual income tax and $400 million from corporation income tax.

With the IRS challenging the validity of many employee retention credit claims, what should practitioners do if they come across such claims during audit engagements? Experts Robert Durak and Michael Westervelt provide answers.

A final U.S. Department of Labor rule returns to an “economic reality test” for determining whether workers are employees or independent contractors. The rule could have tax and other implications for workers and employers alike.

It’s Day 7 at the Nebraska Legislature. We are over the halfway point for state senators to introduce bills. Committee hearings will be Jan. 22-Feb. 29.

Americans were on the move in 2023, and many chose low-tax states over high-tax ones. That’s the finding of recent U.S. Census Bureau interstate migration data and commercial datasets released last week by U-Haul and United Van Lines.

IRS commissioner Danny Werfel promised “marked improvement” for the upcoming tax season, when almost 129 million individual tax returns are expected to be filed.

The Treasury Inspector General for Tax Administration said in its annual report that the total revenue was about $790 billion more than in FY 2021!

While the benefit of equity compensation packages is easy to understand, the same cannot be said of the tax implications, and this article provides a broad overview of them.

Auditors providing assurance services to not-for-profit entities implementing the new leases standard will benefit from these tips and insights.

Senators returned to the State Capitol Jan. 3 to begin the second session of the 108th Nebraska Legislature.

Gov. Jim Pillen, in his quest to reduce local property taxes, has loaded up a self-described “bold and courageous” proposal to decrease property taxes via an increase in state sales taxes.

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.

Here is the first Legislative Update for the 108th Legislature, Second Session, from our lobbyists at Radcliffe, Gilbertson & Brady. Enjoy!

As states propose changes to CPA licensure requirements, the AICPA is providing crucial mobility guidance for CPAs and firms. Read the overview to understand the issue and review the checklist to see how to continue practicing successfully and remaining in compliance should changes take effect.

Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates. Taxpayers can use the standard mileage rate but generally must opt to use it in the first year the car is available for business use. Then, in later years, they can choose either the standard mileage rate or actual expenses. Leased vehicles must use the standard mileage rate method for the entire lease period (including renewals) if the standard mileage rate is chosen.

This much-anticipated and often-controversial listing identifies the thought leaders, change-makers, regulators and other leaders who are shaping the profession, and the issues that they face as they chart the future of accounting.

The Tax Cuts and Jobs Act of 2017 introduced temporary provisions, such as higher estate tax exemptions and lower individual income tax rates, which will expire at the end of 2025. That will have significant implications for financial, retirement, and estate planning.

The Financial Crimes Enforcement Network guide describes the provisions of beneficial ownership information reporting rules, answers questions, and provides tools to assist in compliance.

CPA firms are resorting to strategies like hiring workers abroad, raising starting salaries, offering fully remote jobs, and hiring staff who haven't graduated college.

The recent rise in the use of artificial intelligence suggests it is only a matter of time before the powerful tools are used to find tax loopholes. A Johns Hopkins University-based project aims to create an AI program that "can find loopholes better than a legion of blue-chip tax accountants" before major corporations develop their own. The purpose is to build software called Shelter Check that Congress, the IRS and the court system could use to identify potential loopholes in legislation or rulings. The IRS already uses AI to track down alleged tax cheats, but Shelter Check would help the feds flag sophisticated tax shelters before they can even be used. University of Maryland law professor Andrew Blair-Stanek, a former tax attorney who is part of the Shelter Check team, says the program is aimed at corporate tax dodgers with complex returns and emphasized "this is not something the average taxpayer has anything to worry about." Separately, Muse Tax, an early-stage startup based in New York, is working on a system that is also capable of navigating complex and quickly-changing tax codes, but with the aim of finding ways in which users can keep their bills to a minimum. The Muse Tax system employs OpenAI’s GPT-3 and GPT-3.5, and the company plans to soon move to the latest version, GPT-4, according to co-founder Colin Horsford. Muse Tax’s publicly announced partners include Bilt Rewards, a rewards program that allows people to earn points when paying rent, and Nestment, which facilitates pooling of capital among home buyers, primarily younger ones.