Pub. 3 2021 Issue 5

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 Nguyen Do, Bricker Accounting & Tax Services, OmahaAdaela Dostal, Moravec & Associates, CPA, PC, David CityLauren […]

GARY J. PAVEL1946-2021 A $100 donation has been made to The Foundation of the Nebraska Society of Certified Public Accountantsin memory of Gary. Nebraska Certificate #2682Society Certificate #2088

Join our Organization We are a growing CPA firm located in Omaha with an opportunity to expand into Lincoln. We are searching for candidates who believe in investing in themselves to better serve others. More specifically, we are looking for: EXECUTIVE CLIENT MANAGER / SHAREHOLDER: An accounting / tax professional to work closely with business

George Behringer recently was awarded membership in Japan’s “Order of the Rising Sun,” signifying achievement in international relations and promotion of Japanese culture. The award was presented to the retired Omaha CPA by Kenichi Okada, Japan’s regional consul-general in Chicago. Read more about Behringer’s extraordinary career in the March/April 2021 issue of the Nebraska CPA

Ryan L. Burger received his Nebraska CPA certificate in 2007 and has been a member of the Nebraska Society of CPAs for 13 years. He presently serves as chairman of the Nebraska Society of CPAs Board of Directors. Burger has also served on the Accounting Careers Committee for the past seven years and as chairman of that committee for the past six years.

The Employee Retention Credit (ERC) is huge!
In March 2021, this credit was extended through Dec. 31, 2021, and expanded, as part of the American Rescue Plan Act of
2021 (ARPA).

But, let’s face it, many of us CPAs, the highly trusted, value-added professionals, are “blowing it.” We are not fully understanding the nuances and complexities of this expanded law. As a result, we are not properly educating and helping our clients with this large, refundable credit.

President Biden’s agenda includes a $3.5 trillion budget plan that provides for investments in the environment, healthcare, childcare, education, and a host of other social programs labeled “human infrastructure” by the White House. Moderate Democrats, whose votes are needed to pass any legislation, are asking how we pay for this massive proposal. One small piece of the payment plan is a proposed change to the Qualified Business Income (QBI) deduction.

On Sept. 13, 2021, the House Ways and Means Committee released proposed legislation that includes several proposed tax increases focused on high-income individuals and corporations. The proposed tax changes are to be incorporated in the budget reconciliation bill known as the “Build Back Better Act.” It would increase the top capital gains rate from 20% to 25%, raise the top individual marginal tax rate from 37% to 39.6%, and impose a 3% surtax on individuals’ income above $5 million. Any final piece of legislation will have to be enacted into law. This article, which is current as of Sept. 15, 2021, summarizes some of the major tax provisions included in the proposed legislation.

The speed and force at which the economy and business models are changing is unprecedented. Driven by both pre-COVID and COVID global, regional, and local demographic, political, technology, and business model changes, we are in the midst of a rapidly accelerating “perfect storm.” This is affecting the lives of every individual, organization, and government today. Business leaders, now more than ever, know that if they don’t innovate and grow, their companies will die or fade quickly.