News Updates

While acknowledging that the law is well intentioned, the opinion from a U.S. district court in Alabama said Congress lacked authority to enact the business ownership information reporting requirement.

CPA mobility offers CPAs flexibility to practice across state lines. Potential changes in state licensure requirements could disrupt mobility, with ramifications for organizations and CPAs in business and industry. An expert on business growth explains more in this blog post.

The Nebraska Sales and Tax Exemptions have been updated on the Nebraska Department of Revenue's website for exemptions passed in 2023. New exemptions in the webpage include the buyer-based exemption, exemption for baling wire and twine, expanded exemption for nonprofit organizations, and expanded exemption for governmental projects.

The 2022 act affected an array of retirement fund and pension plan provisions. This article highlights many of them, along with relevant IRS guidance and congressional plans for technical corrections.

The suggestion by State Auditor Mike Foley that a licensed CPA firm in public practice would inherently lack independence or expertise is a misunderstanding of the profession and its regulatory framework.

Practitioners must weigh applicable professional standards and exercise due diligence in assessing whether a taxpayer claiming an employee retention credit must amend one or more income tax returns to reduce deductions of wages for which the credit was claimed.

In 2017, Congress passed a permanent reduction to the corporate income tax rate from 35% to 21% as part of the Tax Cuts and Jobs Act. To ensure that pass-through businesses like sole proprietorships, partnerships, and S corporations (i.e., the overwhelming majority of small businesses) weren’t put at a tax disadvantage relative to C corporations, Congress created a new 20% deduction for qualified business income. This deduction is codified at section 199A of the Internal Revenue Code. Unlike the permanent reduction for C corporations, however, the 20% deduction for pass-through businesses is scheduled to expire at the end of 2025.

After decades of increased property taxes, Nebraskans deserve true tax reform, not a tax shift. In crafting a tax package this session, senators should focus on creating long-term fiscal solutions, not “solving” one problem by creating another, says John Gage.

The IRS issued the 2024 depreciation limitations for passenger automobiles, including those for which bonus depreciation is applied.

The most sought-after remote job companies are hiring for isn’t in tech, as you might expect. Accountant is the hottest work-from-home job on the market right now.

The Legislature has finished more than a third of the 2024 legislative session.

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 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.