News Updates

State lawmakers have long been frustrated when it comes to finding ways to rein in Nebraska’s reliance on property taxes to fund local government, but a recent Tax Foundation report said a new law passed by the Legislature last year is helping.

Sound tax planning relies on knowing the right numbers. Stay up to date on key 2025 tax figures such as updated income brackets and higher retirement catch-up contributions.

According to a new poll from the Tax Foundation and Public Policy Polling, more than half of taxpayers lack basic tax literacy, regardless of educational attainment, income level, or political affiliation.

After a seven-year run leading Nebraska’s statewide business lobbying group — and speaking out on hot topics such as state brain drain and immigration reform — Bryan Slone announced Tuesday he is leaving his post. He will step down as CEO and president of the Nebraska Chamber of Commerce and Industry officially in June, following the 2025 legislative session. A search has begun for the next head of the chamber, which describes itself as the state’s “voice of business” in legislation, regulation and policy matters.

States that saw significant domestic migration-related population growth include South Carolina, Idaho, Delaware, North Carolina, and Tennessee. At the other end of the spectrum, Hawaii lost the greatest share of its population to other states, followed by New York, California, Alaska, and Illinois. Find out where Nebraska ranks!

Legislative session will feature many new committee chairs and freshman lawmakers.

The U.S. Small Business Administration (SBA) is reminding eligible small businesses and private nonprofit (PNP) organizations in Nebraska of the Feb. 3, 2025 deadline to apply for federal disaster loans to offset economic losses caused by severe storms, straight-line winds and tornadoes that occurred April 25-27, 2024. The disaster declaration covers the primary counties of Douglas and Washington, and includes the adjacent counties of Burt, Dodge, Sarpy and Sanders in Nebraska; and Harrison and Pottawattamie counties in Iowa.

Nebraska Gov. Jim Pillen discussed his serious injuries during that horse ride, his recovery at hospitals in Columbus and Omaha and getting back to work in a sit-down interview with the Nebraska Examiner on Friday. He laughed and teared up in a high-backed chair in the living room of the Governor’s Mansion, where he has stayed since being released from the Nebraska Medical Center a week earlier.

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.

Thirty-nine states will begin 2025 with notable tax changes, including nine states cutting individual income taxes (two of them implementing flat taxes), three states cutting corporate income taxes, and two states adopting new first-year expensing provisions. Generally, state tax changes take effect either at the start of the calendar year (January 1) or the fiscal year (July 1 for most states), with rate changes for major taxes typically implemented effective January 1—either prospectively, as in these cases, or retroactively, as may happen under legislation enacted in the new year.

The November 2024 General Fund Receipts news release has been posted to the Nebraska Department of Revenue's website.

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.

Incoming state senators recently convened at the Capitol for several days of seminars and hands-on practice that gave them a peek at what they can expect when they begin work on Jan. 8.

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.

Governor Jim Pillen is previewing some of his priorities for the 2025 legislative session. These initiatives, and others, align with his administration’s ongoing commitment to kids, taxes, agriculture and values.

To address the talent needs within the accounting profession and expand access to accounting careers, the American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA) have proposed changes to the profession's model law. Here is information regarding each exposure draft, how to submit your comments, and links to the comment letters submitted by the Nebraska Society of CPAs to the AICPA and NASBA. All comment letters will be made public.

With the rising popularity of artificial general intelligence (AGI) and its potential for business transformation, there's a significant push for CPAs to leverage AI features to save time and boost profitability. While it's certainly feasible and beneficial to use AI for enhancing operational efficiency and automating routine tasks, claiming that AI can handle complex accounting and tax-related tasks, such as preparing a detailed study, is quite a stretch. Yet, I see numerous "pop-up" shops emerging, boldly asserting that AI can handle 80% or more of an R&D credit study.

House Speaker Mike Johnson (R-LA) expressed caution regarding President-elect Donald Trump's proposal to eliminate income tax on tips, emphasizing the need for financial feasibility. "You've got to do the math," Johnson stated during an interview on CNN's State of the Union. He acknowledged the urgency of advancing Mr. Trump's economic agenda, which includes significant tax cuts, as Congress prepares for a challenging tax landscape in the coming year. Mr. Trump's plans aim to extend personal income tax cuts and reduce corporate tax rates, but Mr. Johnson highlighted the importance of ensuring these savings are sustainable. Meanwhile, Donald Trump Jr. noted that some cabinet picks may face controversy, stating: "Some of them are going to be controversial because they'll actually get things done." The transition team is prepared with alternative candidates if necessary, he added.