Pub. 3 2021 Issue 6

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 Luke Ackerman, Seim Johnson LLP, ElkhornKelly Barada, SP Group, PC, LincolnSarah Brown, BerganKDV LLC, OmahaDora Cabrera,

JoAnn Martin1954-2021 A $100 donation has been made to The Foundation of the Nebraska Society of Certified Public Accountants in memory of JoAnn. Nebraska Certificate #1861Society Certificate #1466 Mark E. Treinen 1955-2021 A $100 donation has been made to The Foundation of the Nebraska Society of Certified Public Accountants in memory of Mark. Nebraska Certificate

The Nebraska Society of CPAs
was saddened to learn of the death of long-time Society member JoAnn Martin of Lincoln. Martin, former CEO of Ameritas, died Wednesday, Oct. 20, 2021. In July, she was diagnosed with a rare degenerative neurological disease that progressed rapidly.

Adam Austin has been promoted to tax director at Lutz in Omaha. He has more than 12 years of tax and consulting experience. He is responsible for providing tax consulting and compliance services to individuals, partnerships, and corporations focusing on the healthcare, manufacturing, and agriculture industries. He holds a Bachelor of Science in Business Administration

Because of this individual’s decades of dedicated service and outstanding leadership within the profession, Janet M. Labenz was honored as the recipient of the Society’s 2021 Distinguished Service to the Profession Award during the Society’s Annual Meeting, held virtually on Oct. 28. Labenz’s illustrious career as a CPA began 46 years ago. Today, she is a partner in Labenz & Associates, the firm she started in 1998.

To honor her outstanding volunteer work and leadership of today’s youth, Jennifer R. Claus of Ashland was honored with the Society’s 2021 Public Service Award during the Society’s Annual Meeting, held virtually on Oct. 28.

In recognition of her outstanding ability to educate and care for accounting students at Creighton University in Omaha, Professor Margaret E. “Maggie” Knight of Omaha was honored as the 2021 recipient of the Nebraska Society’s Outstanding Accounting Educator Award during the Society’s Annual Meeting, held virtually on Oct. 28.

Today, nearly half of the Society’s current members do not practice public accounting but instead have careers as educators, in government, or in a variety of capacities in business and industry
in Nebraska.

Since 1976, the Foundation of the Nebraska Society of CPAs has supported the future of the CPA profession in Nebraska by sponsoring scholarships for accounting students attending Nebraska colleges and universities.

On Nov. 15, 2021, President Biden signed the bipartisan $1.2 trillion infrastructure bill into law after a congressional vote.

The historic bill contains $550 billion of new federal investment over five years to improve transportation, roads, bridges, and more, signaling a considerable investment in the country’s infrastructure.

On Sept. 13, 2021, the House Ways and Means Committee released proposed legislation known as the “Build Back Better Act” that included a host of tax increases focused on high-income individuals and corporations at an estimated cost of $3.5 trillion. On Oct. 28, 2021, the House Budget Committee released a significantly revised version of the Build Back Better Act, which retained, removed, and modified several proposed tax increases focused on high-income individuals and corporations at a reduced cost of $1.75 trillion. On Nov. 19, 2021, the Build Back Better Act passed in the House of Representatives. Deliberations in the Senate are expected to start in early December, with a vote prior to the holidays. This alert, which is current as of Nov. 22, 2021, summarizes some of the major tax provisions included in the revised proposed legislation.

In our previous State Tax Briefing article, we reviewed the CPA’s key role in Nebraska business expansions. As part of that review, we highlighted a number of Nebraska’s incentive programs that companies should consider in connection with their business expansion decisions.

Serving on the Nebraska Board of Public Accountancy for the last eight years and as chair this year has enabled me to expand my knowledge of the issues facing CPAs and to be involved in the evolution of our profession. I am a shareholder with the firm AMGL, PC in Grand Island and have practiced public accounting for more than 30 years. Early in my career, I started volunteering with the Nebraska Society of CPAs, participating on several committees, serving a term on the Society Board of Directors, and teaching an annual course on school district audits. This involvement with the Society really opened the door of opportunity for me to become involved with the State Board.

Since 1976, the Foundation of the Nebraska Society of CPAs has been continuously increasing its commitment to help Nebraska college and university accounting students become future Nebraska CPAs. At its most recent meeting, the Foundation Board of Trustees approved a record total of $129,000 in scholarships to 74 accounting students at 14 Nebraska colleges and universities for the 2021-2022 school year.