News Updates

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.

The FTC has issued a ban on non-compete provisions that would distinguish between non-competes and provide that new non-competes are unfair methods of competition. Learn more about the expansive rule, who's covered, and who's not from Husch Blackwell.

A pilot program to help accounting graduates earn the required academic credits for CPA licensure has earned positive reviews in limited feedback from students and the accounting firms that employ them. The program, developed by the AICPA and NASBA, is looking to recruit more students for upcoming semesters. Thirty-eight students are now enrolled in the Experience, Learn & Earn (ELE) program, as a flexible and affordable way for accounting graduates to complete the CPA licensure requirement of an extra 30 academic credits beyond a typical bachelor’s program. Online classes, offered through Tulane University’s School of Professional Advancement, began in January.

CFO salaries are up, and severance and equity packages remain mostly unchanged, according to a new survey from Rho.

No New Taxes Nebraska, a coalition of more than 40 businesses and organizations, has developed a webpage to provide information on the proposed EPIC tax. EPIC tax is a proposed ballot initiative that would eliminate property and individual and corporate income taxes and implement a proposed statewide consumption tax of 7.5%. However, a recent study found that the plan could require a much higher rate of tax of 20% or more to sustainably fund the state’s government services. Additionally, the initiative will take local budget and spending control away from local political subdivisions and place it into the hands of the Nebraska Legislature.

Explore GenAI and the specific opportunities and risks that accounting and finance professionals should consider when building an AI strategy in this toolkit that was recognized by Accounting Today as a 2024 Top New Product.

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.

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.

The new comprehensive digital booklet provides students and CPA candidates with the latest guidance on the CPA Exam and licensure requirements, career pathways, study options, and in-depth information they need to start their journey toward becoming a CPA.

CPA firms are resorting to strategies like hiring workers abroad, raising starting salaries, offering fully remote jobs, and hiring staff who haven't graduated college.

The artificial intelligence tool ChatGPT has become so popular that its free service is sometimes at capacity. Here is a closer look at ChatGPT and a list of alternative AI chatbots, as well as their strengths and weaknesses.

While many voters might not care about how much tax corporations are asked to pay, they do care about the opportunities these employers provide in their communities, so a state’s tax policies have to be aligned with the goal of landing corporate relocations and expansions. Nebraska currently has the 18th highest corporate income tax among all states. It used to be even higher.

The AICPA is making multiple changes to the CPA Exam to reduce exam construction complexity, improve CPA Exam software performance, and provide greater flexibility in future delivery, all while maintaining a rigorous exam. Rather than implement these changes now and delay score releases, the AICPA will make these changes concurrently with the launch of the CPA Evolution-aligned CPA Exam in January 2024, taking advantage of score delays that will occur with the launch of the new exam.