Pub. 5 2023 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 Douglas Ahrens, Cooperative Producers Inc., HastingsRyan Bourlier, Ryan J. Bourlier, CPA, LLC, KimballHilary Coufal, LRS Healthcare, […]

Luke M. Aldy, Jr. 1941-2023Nebraska Certificate #1372Society Certificate #103647-Year Member Jerry M. Bland 1938-2023Nebraska Certificate #1361Society Certificate #98650-Year Member Gregory A. “Greg” Chapp 1957-2023Nebraska Certificate #3667Society Certificate #276038-Year Member Steven C. “Steve” Loftis 1951-2023Nebraska Certificate #2167Society Certificate #275037-Year Member Thomas E. “Tom” Shotkoski 1948-2023Nebraska Certificate #2061Society Certificate #157745-Year Member The Society has made a donation

As a CPA, you likely won’t be surprised to learn that 72% of small business owners refer to their CPA as their most valuable and trusted advisor. That’s the good news. However, 76% of small business owners also believe their CPA is only reactive to their business needs. The CPA uses a tax return to

Charitable giving is an important part of any estate planning conversation. Certainly, legacy-making plans are frequently in the news because of the high-profile people who establish them. Your clients may not realize that they, too, and nearly anyone, really, can leave a legacy to support their favorite charitable causes. By discussing what legacy charitable gifts

Generally Accepted Accounting Principles (GAAP) is the language of financial reporting that readers of financial statements rely on for clear communication of an entity’s financial position and changes therein. Although GAAP includes many terms commonly used in the English language, GAAP also uses many critical terms specifically defined in GAAP literature. This report focuses on

Audits of 401(k) plans are common practice in the accounting profession, whether required for Form 5500 reporting purposes or completed on a voluntary basis. The Employee Retirement Income Security Act of 1974, as amended (ERISA), and the Internal Revenue Code of 1986, as amended (the Code) are the primary laws that govern 401(k) plans and

In the 1980 Popeye movie starring Robin Williams and Shelley Duvall, shortly after Popeye climbs out of his little boat onto the dock in the town of Sweethaven, he is immediately met by the Tax Man. After a brief introduction, the Tax Man promptly proceeds to impose a “docking tax” of 25 cents, a “new-in-town

The IRS last fall issued IR-2022-183 warning against third parties improperly computing the Employee Retention Credit (ERC).1 Then, the IRS issued a “renewed warning” in IR-2023-40 warning about promoters who aggressively mislead people and businesses into thinking they can claim these credits.2 The IRS took a bigger step this fall. On Sept. 14, 2023, the

The Corporate Transparency Act (CTA)1 is landmark legislation that will significantly impact how privately held corporations, LLCs, and other entities report ownership information to the federal government. For decades, anonymous shell companies with hidden ownership have enabled financial crimes like money laundering, tax evasion, and terror financing. In response, Congress enacted the CTA in 2021

“Accounting practices are worth one times annual gross revenue.” This belief has been around our profession for decades and, in fact, still drives the marketplace. No one can really explain why one times gross is such an accepted formula. (The best theory is that it assumes a backdoor cash flow. Buyers believe they can achieve