News Updates

Elon Musk and Vivek Ramaswamy, the leaders of President-elect Donald Trump's "Department of Government Efficiency," (DOGE) are reportedly keen to create a mobile app for Americans to file their taxes free with the IRS. Sources close to the matter have told the Washington Post that the pair see an opportunity to improve how millions of taxpayers interact with the federal government. Additionally, DOGE posted on X that “In 1955, there were less than 1.5m words in the U.S. Tax Code. Today, there are more than 16m words. Because of this complexity, Americans collectively spend 6.5bn hours preparing and filing their taxes each year. This must be simplified." However, changing the tax code would require an act of Congress, leaving unclear how the DOGE organization could resolve the biggest obstacle to a new free filing system. Kyle Pomerleau, a tax expert at the conservative-leaning American Enterprise Institute, pointed out that a mobile app would not be able to know how much small business owners spend on expenses, or how much of the year a child lives with one parent as opposed to the other — inputs that are necessary to produce a federal tax return.

FinCEN official says the reports “track more closely” with businesses created in 2024, which have a tighter deadline to file than businesses created earlier.

Gov. Jim Pillen is officially calling on Nebraska lawmakers to address “inconsistencies” in the state’s main school aid formula in the 2025 legislative session.

The AICPA Peer Review Board (PRB) has approved an update to peer review standards aimed at aligning them with new quality management (QM) standards. The Peer Review Standards Update (PRSU) No. 2, titled "Reviewing a Firm's System of Quality Management and Omnibus Technical Enhancements," is set for publication later this month. Key changes include revisions to terminology to conform with QM standards and adaptations to address risk-based considerations. The update will be effective for peer reviews starting on or after December 1, with QM-related revisions applicable for years ending on or after December 31, 2025. The board also decided that retiring partners may continue serving on peer reviews for up to 36 months.

The 2024 Nebraska Tax Incentives Annual Report has been certified to the Legislature and posted to the Nebraska Department of Revenue's website.

KPMG’s statement cited the time of and cost of the 150-hour rule as one of the top barriers that lead students to opt against becoming accounting majors, noting that they are already seeing the related shortage of accountants impact businesses and smaller firms.

Calling all CPAs — if you have been licensed for at least three years and have supervised newly licensed CPAs during the past year, you can volunteer to participate in an online survey and virtual focus group to provide feedback on the CPA Competency-Based Experience Pathway.

Tax and finance departments face a trifecta of concerns this year: increased regulations, constrained budgets, and a severe talent shortage. However, they’re optimistic about generative AI’s ability to relieve at least a little of the pressure.

Mark Koziel, CPA, CGMA, has been named as the next CEO for the Association of International Certified Professional Accountants. Koziel will begin the role in January 2025. He currently leads Allinial Global, an association of independent accounting and advisory firms with $6 billion in collective revenue.

The Nebraska Department of Revenue, Property Assessment Division, has posted the 2024 Legislative Changes.

The Treasury Inspector General for Tax Administration estimated that a change in policy for pre-refund examinations resulted in $2 billion being paid for erroneous employee retention credit claims.

The Social Security Administration announced an increased maximum amount of wages subject to Social Security tax in 2025. The cost-of-living adjustment for Social Security benefits for 2024 is slightly lower than last year’s COLA.

Wire transfer fraud, typically perpetrated via business email compromise, is a known risk to all types of businesses, including CPA firms. When a CPA firm handles client money, additional risk ensues.

Advising clients in times of political and economic uncertainty requires agility, foresight, and clear communication. With elections this year and the impending sunset of certain provisions of the Tax Cuts and Jobs Act (TCJA), P. L. 115-97, at the end of 2025, there is now a great need for proactive and well-informed guidance.

The special per diem rates that a taxpayer uses in travel and business expenses will be higher starting Oct. 1, as provided by the IRS.

Forvis Mazars looks at some significant legislative tax developments in 2024 to help you prepare for next year.

The “Super Bowl of tax policy” is fast approaching. At the end of next year, much of the 2017 changes to tax policy will expire, giving whichever party is in power the chance to substantially rewrite the tax code.

Read Chris Chappelear's recent op-ed in the Omaha World-Herald.

Tax policy has become a significant focus of the U.S. 2024 presidential election. The Tax Foundation has created a tool to keep track of the tax policies proposed by presidential candidates during their campaigns.

Kelly Williams thought ChatGPT versions 3.5 and 4 were impressive. Then she tried ChatGPT-4o and was blown away. Learn about this powerful tool — and ways CPAs can use it — in this Tech Q&A article.