Pub 2 2020 Issue 5

Franck Bile has joined O’Donnell, Ficenec, Wills & Ferdig LLP (OFWF) in Omaha as a senior auditor. He started his career as a staff auditor for Hayes & Associates LLC in Omaha. Bile is originally from Ivory Coast in West Africa and came to the United States in 2006 to attend college.

When the first versions of cryptocurrency were formulated back in the 1980s, scant evidence of concern could be found from the government. In 2017, after the Treasury Inspector General for Tax Administration criticized the IRS for failing to develop a coordinated virtual currency strategy, the IRS announced concern over “massive” underreporting of income generated by cryptocurrencies.

We’re approaching the fall months, and it’s no surprise that many of our routines have changed immensely. These changes have meant adjusting to a new normal, whether that be working from our homes, having meetings on our phone, or conducting virtual interviews. In today’s unique environment, it’s more important than ever before for companies to re-strategize and put their best foot forward. To do so, companies need to provide a great candidate experience from the beginning of the hiring process.

Governor Pete Ricketts and the Nebraska Legislature have provided a strong, timely, and helpful new Tax Incentive Platform: The 2020 ImagiNE Nebraska Act. The ImagiNE Nebraska Act was enacted August 17, 2020, and becomes effective on January 1, 2021. It replaces the 2005 Nebraska Advantage Act, which had previously replaced the 1987 Employment and Investment Growth Act.

At a Glance:
The IRS released a draft of Form 1040 for the 2020 tax year.
The form is not postcard-sized.
Virtual currency has a new position.
The CARES Act changed the reference point of charitable contributions.
There will be a separate reconciliation schedule for stimulus checks—no instructions yet.
The amount you owe may be more complicated due to line 37 (new for 2020).

With the 2020 election right around the corner, the United States may be on the precipice of another major tax regime overhaul. Just as quickly as President Trump’s 2017 Tax Cuts and Jobs Act (TCJA) brought the estate and gift tax exemption to its all-time high, the election of Joe Biden and a swing to a Democrat-controlled Senate could push the exemption back to pre-2017 levels, or perhaps even lower.

The approach of the Nebraska Board of Public Accountancy’s September meeting signals a time for change. The change includes new leadership and new committees for the 2020-2021 year. First, I would to like acknowledge and thank our outgoing Chairman Michele “Shelly” Stromp, CPA. Stromp provided excellent leadership while serving as chairman in 2020 during the year of the pandemic. She guided the State Board over the course of the pandemic, which included the cancellation of the March meeting, initiation of the staff contingency plan, and the launch of the State Board’s first virtual WebEx meeting, among many other issues.

The Nominating Committee of the Nebraska Society of CPAs has recommended an outstanding slate of CPAs to serve in leadership positions for the 2020-2021 fiscal year during the Society Board of Directors meeting held at the NESCPA office in Lincoln and via Zoom on August 21. The membership is provided the opportunity to vote on the nominees during the Annual Meeting, which will be held via webcast on October 29 in conjunction with the Fall Conference.

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