August 24, 2022

While we work on a variety of state and local tax and incentive scenarios, one common thread between many of these is that the Nebraska Department of Revenue or Economic Development will often reclassify a business transaction or type of business based on its view of the economic, business, or legal reality.
This can have significant and unwanted tax and incentive effects.

A critical component to every business is its people. Employees invariably look to employers to provide employee benefits, such as health insurance. An often-overlooked employee benefit that can help both large and small businesses attract, retain, and reward employees is non-qualified deferred compensation. Professional advisors should be familiar with non-qualified deferred compensation to provide optimal professional services in raising
this potential benefit and to identify potential issues regarding the maintenance and operation of non-qualified deferred compensation so that punitive penalties may be avoided.

Hey, we all get busy and sometimes it is easy to set aside State Board email reminders to renew your active CPA
license, inactive registration, or your CPA firm permit to practice. The goal of State Board staff is to assist during the licensing renewal period (from early May until June 30) by sending several reminders to you. Doing so has greatly decreased the number of non-renewals
over the years!

While “busy season” for CPAs has come and gone, summertime at the Nebraska Society of CPAs is one of your organization’s busiest seasons. CPE is full throttle ahead and our Fall Conference and Annual Meeting are just around the corner. Several exciting months lie ahead!