News Updates
2024 Homestead Exemption applications now being accepted
February 02, 2024
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.
Business groups, local governments say they support Pillen tax shift proposal if changes made
February 02, 2024
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.
House OKs $78B tax bill with changes to ERC and child tax credits
February 02, 2024
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.
Repeal of certain sales and use tax exemptions considered
February 02, 2024
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.
Complying with the Corporate Transparency Act
February 01, 2024
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 line up to oppose new sales taxes on business, agriculture, Omaha zoo and advertising
February 01, 2024
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.
Ad tax bill misguided
January 31, 2024
Former South Dakota legislator sounds the alarm and urges Nebraska legislators to reject LB1354, a tax on digital advertising.
Another rocky reception for proposals to reduce property taxes
January 31, 2024
School, county and natural resources officials among those opposing a harder cap or freeze on local spending.
Debate continues on whether Nebraska should change to permanent daylight saving time or permanent standard time
January 31, 2024
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.
Opposition lines up, as in the past, to the proposed elimination of tax breaks
January 31, 2024
Lawyers, accountants, business groups and hunters not so keen on Pillen proposals.
Pillen plan to "sweep" excess cash funds gets bumpy reception at Capitol hearing
January 31, 2024
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.
Principles of Good Tax Policy from the Platte Institute
January 31, 2024
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.
Proposals aim to ease path for ‘missing middle housing’ in Nebraska, but critics see flaws
January 31, 2024
Lawmaker says the legislation focused on duplexes and ‘accessible dwelling units’ would help affordable housing crisis.
Immediate deduction of equipment, R&D expenses considered
January 29, 2024
The Revenue Committee heard testimony Jan. 25 on a proposal intended to incentivize Nebraska businesses to invest in new equipment and technology.
Accountant is the hottest work-from-home job on the market right now
January 26, 2024
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.
BOI reporting and unauthorized disclosure penalties increased
January 26, 2024
The beneficial ownership information rules and the penalties for violating them just went into effect last month. Now the penalties have increased.
Immediate deduction of equipment, R&D expenses considered
January 26, 2024
The Revenue Committee heard testimony Jan. 25 on a proposal intended to incentivize Nebraska businesses to invest in new equipment and technology.
Income tax credit for family caregivers proposed
January 26, 2024
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.
What top accounting academics suggest to attract talent
January 26, 2024
Enrollment in accounting programs is in decline. Three academic leaders offer suggestions for improvement.
From CFO to CEO: An increasingly popular path
January 25, 2024
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.