Pub. 3 2021 Issue 2

Did COVID Throw You Into a Single Audit?

Since the beginning of the coronavirus pandemic, Congress has passed several acts that fund COVID-19 federal awards. Among them are the Coronavirus Aid, Relief, and Economic Security Act (CARES Act); the Paycheck Protection Program and Health Care Enhancement Act; the Coronavirus Response and Relief Supplemental Appropriations Act, 2021 (CRRSAA); and the American Rescue Plan.

Advising President Biden on Estate and Gift Tax Proposals

My wealthy (and very conservative) client called after the election results were apparent and asked, “What is Biden going to do to me?” He didn’t want a wait-and-see answer. And he didn’t want me to say, “Go see your estate attorney.” He wanted my opinion, perhaps to weigh against the attorney’s opinion. I know that you are facing the same problem with your clients. Here’s an opinion piece for you.

Counselor’s Corner: Continued Remote Working May Result in Unintended State Tax Consequences for Employers

Many employees are now at the one-year mark of working from home. As society returns to “normal,” employers should evaluate the potential tax consequences of permitting or requiring employees who live in other states to work from home. States are considering whether a return to “normal work” should also mean a return to “normal” nexus and other taxation rules.

Nebraska Tax Planning Opportunities: Adding Value for Your Clients Before an Audit

As with all tax matters, state and local taxes and incentives offer the opportunity to choose to plan ahead or to choose to not plan ahead. Planning ahead usually results in the better outcome.

Below are several of the planning opportunities that state and local tax professionals are addressing during the life of a business or individual, and which we are seeing in audits and appeals, when not properly addressed early on.


Looking Back, Forging Ahead

COVID 19-Pandemic. It seems unreal but we reached the one-year anniversary of the outbreak of the COVID-19 pandemic. I am extremely proud of your State Board’s response to the pandemic including minimal disruption to operations. Although the Board cancelled meetings with the goal of protecting members, staff, and the public, we later were able to meet virtually after Governor Pete Ricketts issued executive orders allowing for the meetings. The State Board continues to hold virtual meetings, including in January and March of this year.


President’s Message: Springing Forward to a Greater Future

Spring is a time of change and new beginnings, and
that’s especially true at your Society.

In March, we released a brand-new website to greatly improve upon your member experience. Creation of the new Society site was completed in conjunction with Imarc, a full-service digital agency headquartered in Amesbury, Mass. Imarc has two decades of experience working with State CPA Societies from across the country.