Pub. 1 2019 Issue 4

J U L Y / A U G U S T 2 0 1 9 4 nebraska cpas 5 MEMBERSHIP APPLICATIONS 6 PRESIDENT’S MESSAGE: SOCIETY LEADERS MAKE THE DIFFERENCE BY JONI SUNDQUIST, NEBRASKA SOCIETY OF CPAs 8 STATE BOARD REPORT: CPA EVOLUTION BY LORI J. DRUSE, CPA, CHAIRMAN, NEBRASKA BOARD OF PUBLIC ACCOUNTANCY 10 $28,000 SCHOLARSHIP CHALLENGE HONORS DAN VODVARKA 12 COUNSELOR’S CORNER: U.S. SUPREME COURT RULES AGAINST STATE IN TRUST TAX CASE BY BRANDON D. HAMM & LISA M. LEHAN, KOLEY JESSEN 14 2019 REVISED SCHOOL DISTRICTS AUDITING & REPORTING REFERENCE MANUAL AVAILABLE 16 MEMBERS IN THE NEWS 17 UNO SCHOOL OF ACCOUNTING TO HOST 8TH ANNUAL ACCOUNTING SPEAKERS SERIES 18 2019 NEBRASKA SOCIETY OF CPAS COURSE CALENDAR 21 BUSINESS ADVISORY SERVICES OPEN NEW OPPORTUNITIES FOR CPAs BY LORETTA M. TUBIELLO-HARR, CPA, ABV, CVA & KIM A. VANDERGRIFT, CPA, TUBIELLO-HARR & ASSOCIATES LLC 24 NEW NEBRASKA LAW ALLOWS ESOP OWNERSHIP OF CPA FIRMS BY JOAN M. CANNON, MCGRATH NORTH 21 16 C O N T E N T S 12 ©2019 Nebraska Society of Certified Public Accountants, The newsLINK Group, LLC. All rights reserved. The Nebraska CPA is published six times each year byThe newsLINK Group, LLC for the Nebraska Society of Certified Public Accountants and is the official publication for this society. The information contained in this publication is intended to provide general information for review, consideration and education. The contents do not constitute legal advice and should not be relied on as such. If you need legal advice or assistance, it is strongly recommended that you contact an attorney as to your circumstances. The statements and opinions expressed in this publication are those of the individual authors and do not necessarily represent the views of the Nebraska Society of Certified Public Accountants, its board of directors, or the publisher. Likewise, the appearance of advertisements within this publication does not constitute an endorsement or recommendation of any product or service advertised. Nebraska CPA is a collective work and as such some articles are submitted by authors that are independent of the Nebraska Society of Certified Public Accountants. While the Nebraska CPA encourages a first print policy, in cases where this is not possible, every effort has been made to comply with any known reprint guidelines or restrictions. Content may not be reproduced or reprinted without prior written permission. For further information, please contact the publisher at: 855.747.4003. JULY/AUGUST 2019 EDITORIAL: The Nebraska Society of CPAs seeks to reflect news and relevant information to Nebraska and other news and information of direct interest to members of the Nebraska Society of CPAs. Statement of fact and opinion are made on the responsibility of the authors alone and do not represent the opinion or endorsement of the Nebraska Society of CPAs. Articles may be reproduced with written permission only. ADVERTISEMENTS: The publication of advertisements does not necessarily represent endorsement of those products or services by the Nebraska Society of CPAs. The editor reserves the right to refuse any advertisement. SUBSCRIPTION: Subscription to the magazine, a bi- monthly publication, is included in membership fees to the Nebraska Society of CPAs.