News Updates

As Governor Pillen has announced, he plans to issue a proclamation for a special session to begin Thursday, July 25, to address lowering Nebraska's property taxes. Special Sessions are different, and don’t always run on the typical Monday-Friday schedule, nor do they follow the same set of rules of procedure. Everything is compressed which means less time for bill introduction, review, and preparation for hearings.

Questions about accuracy and security could be slowing the adoption of generative AI in business, especially in such an exacting field as accounting. However, a pair of CPAs who recently presented to colleagues at AICPA & CIMA ENGAGE 2024 said there's a way accountants can gain from generative AI now, without most of the risk.

Gov. Jim Pillen is asking the State of Nebraska to take on most or all public K-12 school spending, instead of funding schools through local property taxes. The shift would be a national standout.

The Chevron doctrine, adopted by the Court in 1984, required courts to give deference to a reasonable interpretation of an ambiguous statute by a government agency. But it was not until 2011, in Mayo Foundation for Medical Education and Research, 562 U.S. 44 (2011), that the justices resolved a split in the lower courts and held that Chevron deference applied to interpretive tax regulations issued under Sec. 7805(a), which gives a general grant of authority to Treasury to "prescribe all needful rules and regulations for … enforcement" of the Code. Before that decision, courts had generally given a lower level of deference to Treasury's interpretive regulations.

This interactive shows how many people are older and younger than you are.

The Supreme Court’s 7–2 ruling to validate a Trump-era tax provision on US businesses’ foreign profits was overshadowed by a decision it didn’t make on the wealth tax. Experts thought the court might use the foreign income case to preemptively rule on the constitutionality of a tax on Americans’ net worths, which the Biden administration and other Democrats have proposed. But the justices made a narrow ruling, punting on the wealth tax issue for now. Some saw that as a win for Biden, as it keeps alive the possibility of a tax on wealthy Americans’ estates. The court still has a number of significant cases to decide this session, including one on Trump’s demand for total immunity.

Nebraska Gov. Jim Pillen offered one of the clearest timelines yet Monday for when he might call a special session on property tax relief this summer. “To any state senator reading this — clear your schedule from July 26 to August 15,” Pillen wrote in his latest column. “We have the people’s work to do.”

It doesn't seem to matter who I talk to, taxes are on the top of everyone's mind. Whether it's the EPIC Consumption tax proposal or Governor Pillen's yet to be determined property tax relief/tax shift plan, the only consensus is that there isn't a plan that will make everyone happy.

Ernst & Young LLP announced plans to invest $1 billion over three years in talent and technology to revolutionize the experience of early career accounting professionals and improve the attractiveness of the profession. This investment includes a significant increase in early career compensation, artificial intelligence (AI)-enabled audit and tax platforms, an innovative new “360 Careers” experience, outreach and support for college students, and enhanced wellbeing benefits.

State Tax Commissioner James Kamm has announced he is waiving penalties and interest for late income tax returns or tax payments for those directly impacted by the Arbor Day tornadoes in eastern Nebraska. Returns and payments were due April 25, but Kamm is delaying due dates when those forms are due until Sept. 3, 2024.

Gov. Jim Pillen says all exemptions are on the table as he seeks to reduce property taxes this year.

IRS Commissioner Danny Werfel said the successful pilot program of Direct File encouraged the IRS to make the program available in all states and the District of Columbia.

If Nebraska Gov. Jim Pillen calls lawmakers back for a property tax relief special session later this year, it could be among the costliest in state history. Pillen, in his second year as governor, has remained firm in vowing to “call as many special sessions as it takes” in his pursuit of reducing local property taxes by 40% before year's end, or about $2 billion of what is collected annually. Initial cost estimates could push per-day costs to about twice what the last special session cost in 2021, for redistricting.

Calls for reform have been growing louder as the number of US students taking accounting courses and going on to sit professional exams has fallen, leaving some accounting firms struggling to hire replacements for the Baby Boomers who are retiring.

The plan calls for more support for CPA exam candidates, retooling introductory university accounting courses to attract more students, and building awareness of accounting careers among underrepresented groups. It also urges accountants to take a “pipeline pledge,” committing to lend their time to encourage students and tell new accountants about how they’ve built fulfilling careers.

Nebraska business leaders are saying it’s “glaringly apparent” that the state won’t be able to meet its workforce needs without more immigrants.

To remain competitive, Gov. Jim Pillen is right to target property tax relief, says Jim Vokal of the Platte Institute. However, the immediate path should be one of foundational reform, bringing fiscal discipline and transparency to local governments, rather than fueling their spending with state funds.

Before embarking on a restructuring of Nebraska’s tax system, it’s important to set goals and map out the path to our ideal destination, says Jim Vokal of the Platte Institute.

The Illinois CPA Society's "Re-Decoding the Decline" report shows that time is the top barrier to CPA licensure, not the 150 credit-hour rule.

Now is the time to talk with high-net-worth clients about using the temporarily doubled estate and gift tax exclusion before its sunset in 2026.