Pub. 1 2019 Issue 5

S E P T E M B E R / O C T O B E R 2 0 1 9 4 nebraska cpas 5 MENTORS WANTED FOR COLLEGE STUDENTS 6 PRESIDENT’S MESSAGE: SOCIETY ANNOUNCES NOMINEES FOR 2019-2020 LEADERSHIP POSITIONS BY JONI SUNDQUIST, NEBRASKA SOCIETY OF CPAs 8 STATE BOARD REPORT: MULTIPLE WAYS TO MEET THE EXPERIENCE REQUIREMENT FOR CPA LICENSURE BY KRISTEN VANWINKLE, NEBRASKA BOARD OF PUBLIC ACCOUNTANCY 10 COUNSELOR’S CORNER: IRS TO CONTINUE ISSUING SECTION 355 TRANSACTIONAL RULINGS BY JEFF SCHAFFART & KURT TJADEN, KOLEY JESSEN 12 SURPRISES IN THE NEW HOSTING STANDARD BY SUSAN STUTZEL & MELISA GALASSO 14 WELCOME NEW SOCIETY MEMBERS! 15 CLASSIFIED ADS 16 19TH ANNUAL FALL CPE CONFERENCE 18 MEMBERS IN THE NEWS 19 IN MEMORIAM 20 2019 NEBRASKA SOCIETY OF CPAS COURSE CALENDAR 23 GET TAX SMART ABOUT COLLEGE SAVINGS BY DEBORAH GOODKIN, FIRST NATIONAL BANK OF OMAHA 23 15 C O N T E N T S 10 ©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. SEPTEMBER/OCTOBER 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.