26 14 C O N T E N T S 7 ©2025 Nebraska Society of Certified Public Accountants | The newsLINK Group LLC. All rights reserved. The Nebraska CPA is published six times each year by The 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. ISSUE 2, 2025 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. PRESIDENT’S MESSAGE 7 Rethinking CPA Licensure Nebraska’s Collaborative Approach By Joni Sundquist, Nebraska Society of CPAs STATE BOARD REPORT 10 State Board Transitions to New Licensing Platform By Dan Sweetwood, Nebraska Board of Public Accountancy COUNSELOR’S CORNER 12 Thinking Like an Owner The Power Behind Equity‑Based Incentive Compensation By Peter Langdon, Koley Jessen 14 Final Regulation Under the Secure Act Released By Kent Endacott, Endacott Timmer 16 Maggard v. Commissioner Governing Provisions Rule the Day When It Comes to the One Class of Stock Requirement for S Corporations By Hannah Fischer Frey & Carrie Schwab, Baird Holm LLP STATE TAX BRIEFING 18 Constitutional “Guardrails” Help Us Resolve State & Local Tax Matters By Nick Niemann & Matt Ottemann, McGrath North Law Firm 21 Philanthropy That Stays Local By The Omaha Community Foundation 22 Don’t Go There The Agreement That Tells You What You Can’t Do By Accounting Practice Sales 24 Q&A With AICPA’s New President & CEO Mark Koziel, CPA, CGMA 26 Balancing Ledgers and Laps The Extraordinary Journey of Kris Rutford 30 Members in the News 32 Welcome New Society Members 33 In Memoriam 34 CPE Catalog & Events 34 2025 NESCPA Advertiser Index Cover photo: Attendees of the 2025 Business, Industry & Innovation Conference pose for a group photo inside one of Duncan Aviation’s five hangars on April 29 in Lincoln, Neb. The annual event brought together accounting professionals for a day of forward-thinking sessions, networking, and a behind-the-scenes look at the world’s largest privately owned private jet service provider!
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