June 16, 2021

GEORGE J. KUBAT1945-2021 A $100 donation has been made to The Foundation of the Nebraska Societyof Certified Public Accountants in memory of George. He was honored withthe NESCPA Public Service Award in 1990 and the NESCPA Outstanding CPA in Business & Industry Award in 2001. Nebraska Certificate #1116Society Certificate #792

Joyce Benedict, a tax practitioner from Shawnee, Kan., along with her two sisters, have established an endowed scholarship of $10,000 with the Wilber-Clatonia Public Schools Foundation to assist Wilber-Clatonia High School graduates who will be attending a four-year college in Nebraska. The sisters established the scholarship to honor the memory of their parents. Vaugh Benson,

Sustainability reporting, or social accountability as it is sometimes called, is receiving increased attention. It has been defined as encouraging companies to go beyond their legal responsibilities to invest in and improve their human capital, physical environment, and relations with diverse stakeholders.1 In this column, we look at the importance of social accountability in the minds of corporate leaders, review the research that investigates the performance of companies that embrace sustainability reporting, and discuss disclosure frameworks.

The significant changes in accounting and reporting that were supposed to already be in effect were postponed due to the pandemic. That was the good news. The bad news is almost all changes were postponed to the same period—that is, periods ending on or after Dec. 15, 2021, or years beginning on or after Dec. 15, 2021.

Robert C. “Bob” Frazer received his Nebraska CPA certificate in 1963 and has been a member of the Nebraska Society of CPAs for 64 years!

Q: Where did you grow up?
A: Ottumwa, Iowa

Q: Where did you receive your college degree?
A: University of Iowa

I think we all have ideas on what tax reform should look like. I’m putting a few items in writing as if I were advising President Biden. There are three basic assumptions considered in this discussion of President Biden’s tax proposals:

On April 28, 2021, the White House released a tax proposal as part of the American Families Plan which would significantly increase the capital gains tax rate. The capital gains tax rate for households with more than $1 million of income would be increased from 20% to 39.6%, which would, including the 3.8% Net Investment Income Tax, result in a maximum federal rate of 43.4% for long-term capital gains. The highest combined state and federal long-term capital gains rate for residents of Nebraska would be more than 50%.

In the first of three articles for this series, we reviewed several Nebraska tax planning opportunities that state and local tax professionals are addressing during the life of a business or individual “Before an Audit.”

In this article, we’ll examine certain best practices that can be deployed “During an Audit” to work towards resolution and settlement at that level.

One of the first things I noticed upon accepting the position of executive director for the Nebraska Board of Public Accountancy many years ago was the continued participation of State Board members in national affairs, including a strong presence on National Association of State Boards of Accountancy (NASBA) committees. This requires a whole other level of participation, above and beyond being a member of the State Board. Those who serve as NASBA volunteers have made a commitment to participate in the national discussion, which ensures both the protection of the public and the relevancy of the profession going forward.

Spring is the season of new beginnings. With
warmer weather, blooming flowers, and graduation parties, it’s a time of hope, growth, and inspiration. Spring is also an important time at your Society, as April starts our new fiscal year.