Pub. 1 2019 Issue 6

N O V E M B E R / D E C E M B E R 2 0 1 9 4 nebraska cpas 6 PRESIDENT’S MESSAGE: A FISCAL REALITY 7 NEBRASKA'S STATE SENATORS' RECEPTION AND DINNER 8 NEBRASKA SOCIETY LEADERSHIP ATTENDS AICPA LEADERSHIP CONFERENCE 10 SOCIETY AWARDS SCHOLARSHIPS 11 2019-2020 FOUNDATION SCHOLARSHIPS 12 RESULTS REALIZED: CRITICAL STEPS TO ESTABLISH A NEW STATE RESIDENCY FOR NEBRASKA TAX PURPOSES 13 MEMBERS GATHER FOR HUSKER CPAs TAILGATE TO SUPPORT SOCIETY FOUNDATION 14 WELCOME NEW SOCIETY MEMBERS! 15 CLASSIFIED ADS 17 NESCPA AWARDS 21 GOVERNOR, AICPA, AND NASBA LEADERSHIP SPEAK AT FALL CPE CONFERENCE 23 FACING INCREASED RISK: TOP CONSIDERATIONS FOR AUDIT COMMITTEES 24 SMALL BUSINESS CARD PROCESSING CAN BE EASY 25 COUNSELORS CORNER: BASIS PLANNING FOLLOWING THE DEATH OF AN S CORPORATION SHAREHOLDER 24 13 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 who 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. NOVEMBER/DECEMBER 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.