OFFICIAL PUBLICATION OF THE NEBRASKA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS

Pub. 3 2021 issue 3

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Members in the News

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, …

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charts-reporting - sustainability reporting

Sustainability Reporting Gaining Traction

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.

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Counselor’s Corner: Should Taxpayers Accelerate Capital Gains on Assets They Will Retain?

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%.

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Nebraska State Tax Defense: The Anatomy of Resolving State Tax Matters

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.

nebraska-strong

Nebraska Remains Strong on National Front

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.