News Updates

Homestead exemption applications for the 2024 application year may start being submitted to county assessors today, Feb. 2. Applications must be submitted on or before July 1, 2024, due to June 30 falling on a Sunday.

Four straight days of gathering public input on Gov. Jim Pillen’s plan to use higher and broader sales taxes to lower property taxes made it clear there’s more work to be done.

The bill, which now goes to the Senate, also delays amortization of research or experimental costs and restores tax breaks for companies from 2017’s Tax Cuts and Jobs Act.

The Revenue Committee heard testimony Feb. 1 on more than half a dozen proposals to broaden the state sales tax base in an effort to reduce local property tax collections.

By now, CPAs should be aware of the Corporate Transparency Act (CTA), passed in 2021 and effective January 1, 2024. There have been many articles and programs covering which information has to be reported for the entities affected and their beneficial owners and company applicants (that is, individuals who file the papers to form or register the company). There may be significant civil and criminal penalties for failure to file. Generally, every small business (those with fewer than 20 full-time employees or less than $5 million in annual receipts) must file a report disclosing who its beneficial owners and substantial control persons are.

Groups ranging from accountants to farmers, veterinarians to lawyers, owners of self-storage units and amusement game distributors, lined up to oppose attempts to remove long-running tax breaks for their industries.

Former South Dakota legislator sounds the alarm and urges Nebraska legislators to reject LB1354, a tax on digital advertising.

School, county and natural resources officials among those opposing a harder cap or freeze on local spending.

The debate pits golfers and broadcasters, who support the added evening sunshine of DST, against health experts who argue that our biological clocks and sleep patterns work best on standard time.

Lawyers, accountants, business groups and hunters not so keen on Pillen proposals.

Gov. Jim Pillen's plan to use excess cash reserves to "jump-start" his property tax relief proposal got a rough reception Tuesday during a state legislative hearing.

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.

Lawmaker says the legislation focused on duplexes and ‘accessible dwelling units’ would help affordable housing crisis.

The Revenue Committee heard testimony Jan. 25 on a proposal intended to incentivize Nebraska businesses to invest in new equipment and technology.

Overall, the number of jobs for accountants is expected to grow at least 4% over the next decade, with more than 15,000 jobs added each year, the Bureau of Labor Statistics reports.

The beneficial ownership information rules and the penalties for violating them just went into effect last month. Now the penalties have increased.

The Revenue Committee heard testimony Jan. 25 on a proposal intended to incentivize Nebraska businesses to invest in new equipment and technology.

Nebraskans could claim a state income tax credit for certain expenses they incur when caring for a family member under a bill heard Jan. 25 by the Revenue Committee.

Enrollment in accounting programs is in decline. Three academic leaders offer suggestions for improvement.

The percentage of open CEO seats filled by CFOs at large companies rose to a record level in 2023, as did the percentage of women and racially and ethnically diverse leaders.