February 23, 2022

Membership in the Nebraska Society of CPAs signifies your commitment to the accounting profession and the belief that much can be accomplished by working together. Welcome to the premier organization for CPAs and accounting professionals in Nebraska. CPA Membership Noah Bieber, Applied Underwriters Inc., OmahaEthan Brozek, McMill CPAs & Advisors, NorfolkCourtney Dreifurst, KSO CPAs, PC, […]

As a committee member for the Nebraska Society of CPAs, you will have the opportunity to influence a profession that touches the lives of nearly every Nebraskan.

Ronald E. Trampe 1946-2021 A $100 donation has been made to The Foundation of the Nebraska Society of Certified Public Accountants in memory of Ron. Nebraska Certificate #1137Society Certificate #0808 Paul K. Briardy 1940-2021 A $100 donation has been made to The Foundation of the Nebraska Society of Certified Public Accountants in memory of Paul.

Joyce Anderson recently celebrated her new office location in the Temple Building at 322 Norris Avenue, Suite 4, in McCook during a ribbon-cutting event with the McCook Chamber of Commerce. Anderson opened her own business in 2018 after working for another firm for several years. (Photo by Shary Skiles, McCook Gazette) Jodi Benjamin of Fremont

For the past 60 years, Fred Lockwood has been busy serving his community and Nebraska in numerous ways. After graduating from the University of Denver School of Accountancy, he received his Nebraska CPA Certificate No. 627 in August 1962 and his Permit to Practice in 1964. Today, Lockwood is the longest active CPA in the state of Nebraska—and this month, he celebrates 59 years of membership in the Nebraska Society of CPAs.

The purpose of an audit is to provide financial users with an opinion by the auditor on whether the financial statements are presented fairly, in all material respects, in accordance with an applicable financial reporting framework. It only takes one material misstatement for a set of financial statements to be materially misstated and, thus, if not ultimately adjusted by management, result in a modified audit opinion. The “Accounting Principles Rule,” as cited in paragraph 1.14 of the AICPA Guide, State and Local Governments (AICPA SLG Guide), prohibits an auditor from expressing an unmodified opinion if the financial statements contain a material U.S. generally accepted accounting principles (U.S. GAAP) departure. Paragraph A7 of AU-C 705, Modifications to the Opinion in the Independent Auditor’s Report, indicates that material misstatements of the financial statements may arise when the disclosures in the financial statements are not presented in accordance with the applicable financial reporting framework. Also, paragraph A1 of AU-C 450, Evaluation of Misstatements Identified During the Audit, indicates that misstatements may result from:

Business owners know that what worked five years ago will not necessarily work today. The challenge for any business is to adapt its business model and its products and services to current and expected realities to pivot, grow, and maintain a thriving business. If a business doesn’t do so, it will fail.

Last I checked, we all have a say in the clients we choose to work with. We all have the right to serve clients that respect us, listen to our advice, are prepared when we need them to be, and pay us on time. But this should be the bare minimum: We should also seek out clients that allow us to grow and develop our expertise in targeted areas, which in turn increases our value to them.

In Revenue Ruling 25-21-1, the Nebraska Department of Revenue addressed the issue of how limited liability companies are treated for Nebraska income tax purposes. In this ruling, the Nebraska Department of Revenue confirmed that limited liability companies will be treated for Nebraska income tax purposes in the same manner as they are for federal income tax purposes.