2026 ISSUE 2 OFFICIAL PUBLICATION OF THE NEBRASKA SOCIETY OF CPAs
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BOARD OF DIRECTORS KRISTEN VANWINKLE NESCPA PRESIDENT & EXECUTIVE DIRECTOR kristen@nescpa.org KELLY EBERT VICE PRESIDENT kelly@nescpa.org MICHELLE LYONS STAFF ACCOUNTANT & OFFICE MANAGER michelle@nescpa.org LORI VODICKA MEMBERSHIP & CPE ASSISTANT lori@nescpa.org OFFICERS BOARD MEMBERS NESCPA STAFF JODI M. ECKHOUT CHAIRMAN Woods & Durham, Chartered Holdrege JUSTIN M. HOPE CHAIRMAN-ELECT Eide Bailly LLP Elkhorn HEATHER E. BARR SECRETARY Endicott Clay Products Co. Endicott GRANT H. BUCKLEY TREASURER Buckley & Sitzman LLP Lincoln DERRICK J. BLUM DIRECTOR Iron Horse CPAs & Advisors PC Norfolk LAUREN E. BOND DIRECTOR Deloitte & Touche LLP Omaha LAURIE ANN J. BUHLKE DIRECTOR Contryman Associates PC Grand Island NICOLE L. COOPER DIRECTOR Project Harmony Omaha MARK F. DUREN DIRECTOR Lutz Omaha LORRAINE A. EGGER AICPA ELECTED REPRESENTATIVE Ashland RICHARD D. GIFFORD WEST NEBRASKA CHAPTER PRESIDENT Richard D. Gifford, CPA Scottsbluff BRIAN M. KLINTWORTH IMMEDIATE PAST CHAIRMAN HBE LLP Lincoln KELLY A. MANN AICPA AT-LARGE REPRESENTATIVE AuditMiner Gretna JILL R. TRUCKE DIRECTOR University of Nebraska-Lincoln Lincoln 402-817-1000 endacotttimmer.com The wealth transfer legal professionals. Kent Endacott and Patrick D. Timmer are both fellows in the American College of Trust and Estate Counsel, the nation’s top trust and estate attorneys. 4 Nebraska CPA
HANNAH FISCHER FREY, J.D., LL.M. 402.636.8345 hfrey@bairdholm.com JESSE D. SITZ, J.D. 402.636.8250 jsitz@bairdholm.com PARTNERS YOU CAN COUNT ON Business succession and exit planning Mergers, acquisitions, and reorganizations Partnership taxation drafting and compliance Legal structuring for tax credit, tax incentive, and alternative financing Section 1031 exchanges Wealth transfer drafting, including estate and gift tax considerations Nonprofit exemption applications and compliance Legal representation before the IRS, state, and local authorities on tax matters
28 25 C O N T E N T S 12 ©2026 Nebraska Society of Certified Public Accountants | MBR Connect, formerly The newsLINK Group LLC. All rights reserved. The Nebraska CPA is published six times each year 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, 2026 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. INCOMING PRESIDENT’S MESSAGE 8 New Beginnings. Same Great Profession. By Kristen VanWinkle, Nebraska Society of CPAs OUTGOING PRESIDENT’S MESSAGE 10 A Final Reflection: Strength in Membership, Strength in Purpose By Joni Sundquist, Nebraska Society of CPAs STATE BOARD REPORT 12 Announcing a New Appointment and Transition By Dan Sweetwood, Nebraska Board of Public Accountancy COUNSELOR’S CORNER 14 Perfecting Security Interests in Intellectual Property A Practical Guide for Secured Transactions By Kayla Helgoth and Roberta Christensen, Koley Jessen 16 Preparing Early-Career CPAs for Success The Profession Ready Initiative 17 Private Banking: What Is It and Who Is It For? By Union Bank & Trust STATE TAX BRIEFING 18 Critical Legal Criteria to Address for Incentive Projects By Nick Niemann and Matt Ottemann, McGrath North Law Firm TRANSFORMATION TRENDS 20 Trust Is Still Accounting’s Most Valuable Asset By Donny Shimamoto, CPA, CITP, CGMA, Founder & Inspiration Architect, Center for Accounting Transformation 22 Fiscal Sponsorship: Expanding Impact While Managing Risk By Hannah Fischer Frey and Christopher Thorpe, Baird Holm LLP 24 2026 NESCPA Course Calendar 25 Registered Apprenticeship It’s Not Just for the Trades By Delta Wilson, Nebraska Department of Labor 26 Why Accountants Attempt to Sell on Their Own By Accounting Practice Sales 28 Veteran Finds Opportunity, Work‑Life Balance After Coming Home to Nebraska 30 Retired (or Soon Will Be)? How to Appeal Higher Medicare Premiums 32 Members in the News 33 Firms in the News 34 2026 NESCPA Advertiser Index 35 Welcome New Society Members 35 In Memoriam 6 Nebraska CPA
Once again, The Best Lawyers in America® has recognized 46 McGrath North attorneys in the full range of specialty practice areas key to supporting businesses of all sizes across a broad range of industries, and 27 attorneys have been recognized for 10 years or more! McGrath North invests time, energy and resources to build a culture of professional excellence and integrity that produces results for our clients to make lives better. INSPIRED BY EXCELLENCE. COMMITTED TO SUCCESS. SEE THINGS DIFFERENTLY. Collaborating with companies and CPA firms on: State Tax Audits • State Tax Appeals • State Tax Planning • State Tax Incentives State Business Incentives • Site Development Incentives • Property Tax Appeals Nick Niemann, JD State & Local Tax & Incentives Attorney Partner, McGrath North (402) 633-1489 nniemann@mcgrathnorth.com www.mcgrathnorth.com | www.nebraskastatetax.com | www.nebraskaincentives.com Matt Ottemann, JD, LLM State & Local Tax & Incentives Attorney Partner, McGrath North (402) 633-9571 mottemann@mcgrathnorth.com
INCOMING PRESIDENT’S MESSAGE
NEW BEGINNINGS. Same Great Profession. BY KRISTEN VanWINKLE, NEBRASKA SOCIETY OF CPAs AS I REFLECT ON THE PAST DECADE SERVING ON STAFF at the Nebraska State Board of Public Accountancy (State Board), I am reminded of the many chapters that defined those years—periods of progress and challenge, opportunities for growth, and a constant pace of change. Through it all, one constant has remained: you, the members of this profession. I vividly remember my first State Board meeting. I was eager to make a strong impression on the eight board members— individuals whose careers reflected remarkable success and influence. I’ll never forget meeting Bernie Gutschewski, the State Board chair that year—strong-willed, intelligent, with a commanding presence. Safe to say I was just a bit intimidated and remember thinking, what have I gotten myself into? Looking back, I wouldn’t change that experience for anything. Over time, mutual respect began to build, and I felt my ideas were not only heard but also valued. Each meeting brought new lessons, and along the way, I formed truly meaningful relationships. I’m sincerely grateful to all current and former State Board members for their dedication to the profession and for the support they’ve shown me. And I’ll always value the friendship of Dan Sweetwood and Heather Myers at the State Board—I’m not sure where I’d be without them. Those relationships, along with the experiences we’ve shared, have given me a unique perspective across every stage of a CPA’s career and have strengthened my commitment to serving and supporting our members. I have gained a deep appreciation for the resilience of our profession, the importance of service, and the enduring value of trusted relationships. At its core, our profession is about people— serving them, guiding them, and advancing their success— and I believe the Nebraska Society of CPAs plays an essential role in fulfilling that mission. When Joni announced her retirement, it prompted both reflection and gratitude across our community. Her contributions to the CPA profession in Nebraska have been significant and lasting, and we are thankful for her leadership and dedication. At the same time, we wish her continued success and fulfillment in the next chapter of her journey. Nebraska has long benefited from the strong and collaborative relationship between the State Board and Society. This partnership is grounded not only in tradition, but in mutual respect and a shared commitment to professional excellence and public protection. While our organizations serve distinct roles, we have consistently worked together to strengthen the profession. Maintaining this collaboration will remain a central priority under my leadership. In recent years, that collaboration has been especially impactful through joint efforts to modernize the Nebraska Public Accountancy Act. Together, we have achieved meaningful progress—updating firm ownership provisions to include ESOP structures, refining CPA Exam eligibility requirements, and developing additional pathways to licensure. As the profession continues to evolve, thoughtful leadership and ongoing cooperation will be essential to navigating what lies ahead. Serving Nebraska’s CPAs is both a privilege and a responsibility—one that makes this role deeply rewarding. I look forward to supporting our members, strengthening our partnerships, and working alongside you to shape the future of the CPA profession in Nebraska. Kristen VanWinkle is president and executive director of the Nebraska Society of CPAs. You may contact her at (402) 476-8482 or kristen@nescpa.org. 9 nescpa.org
OUTGOING PRESIDENT’S MESSAGE IF THERE IS ONE THING I’VE BEEN REMINDED OF TIME AND time again in this role, it’s that this profession shows up. You show up for your clients. You show up for your communities. And, importantly, you show up for each other. As we begin a new membership year, that spirit is worth recognizing. Dues notices have been sent, and if you have not already renewed, I encourage you to do so—not just as a transaction, but as a continued investment in a profession that is stronger because of your involvement. Before anything else, it is worth pausing on one important point: there is real strength in numbers. The more members who are engaged, the stronger our collective voice becomes and the greater impact we can have on the future of accounting. You saw that firsthand this year. Because of your membership and support, our advocacy efforts gained real traction. The CPA pathway legislation moved swiftly through the legislative process without opposition—a reflection of the strength and credibility of a unified profession. Even for those who weren’t directly engaged in that specific effort, your continued membership made this success possible. It is that collective support that gives our profession a strong, trusted voice when decisions are being made that affect your career and the future of accounting. At the same time, you helped strengthen the pipeline in meaningful and lasting ways. Through the work of the Society’s Accounting Careers Committee, we reached hundreds of high school students—introducing them to opportunities they may not have otherwise considered. Through the Foundation, we expanded our Pipeline Scholarship Program, welcomed new donors, and are extending support to students at community colleges across Nebraska. These are not small wins. They are critical steps in addressing one of the biggest opportunities facing our profession. That kind of impact does not happen by accident. It happens because members like you choose to stay involved. Your membership also supported the programs and connections you rely on every day. From expanded learning opportunities— including additional AI-focused programming and our new Demo Days series—to valuable partnerships through our Member Benefits Program, to the peer-to-peer relationships built through conference roundtables and leadership opportunities, you are part of a community that is actively evolving with you. And behind the scenes, your support is helping us invest in technology and strengthen regional collaboration—so we can deliver more value, stay responsive to change, and continue moving the profession forward. This is what your membership makes possible. A Final Reflection: STRENGTH IN MEMBERSHIP, STRENGTH IN PURPOSE BY JONI SUNDQUIST, NEBRASKA SOCIETY OF CPAs 10 Nebraska CPA
As I write this, I am also reflecting on what has been an incredibly meaningful chapter in my career. Serving as president and executive director of the Nebraska Society of CPAs has been an honor I do not take lightly. I have had a front-row seat to the dedication, integrity, and quiet leadership that define this profession—and I am deeply grateful for the opportunity to have been a part of it. I would be remiss if I did not recognize those who made this journey possible. My sincere thanks to Past Society Chairman Ryan Parker and the search committee who entrusted me with this role. I am also deeply grateful to both our past and current board members for their leadership, guidance, and unwavering commitment to the Society. And to former president Dan Vodvarka—thank you for your leadership and for helping lay the foundation that allowed our work to continue to grow and evolve. I also want to extend my sincere thanks to our exceptional Society staff: Kelly Ebert, Michelle Lyons, and Lori Vodicka. Quite simply, they are the heart of this organization. Their professionalism, creativity, and unwavering commitment to serving our members are what turn ideas into action and plans into real impact. They are the reason we are able to deliver on our mission every single day. I am also thrilled to pass the baton to my successor, Kristen VanWinkle. Kristen brings thoughtful leadership, a strong voice for the profession, and a clear understanding of both the challenges we face and the opportunities ahead. The Society is in very good hands, and I look forward to seeing all that will be accomplished under her leadership. On a more personal note, I want to thank my husband, Bob, an (inactive) CPA whom I met when he was at KPMG back in the mid-1990s. At the time, I could not have imagined that my path would lead me to this role and to serving the CPA profession in such a meaningful way—life has a strange way of connecting the dots! His support, perspective, and occasional CPA commentary have been invaluable along the way. Thank you for the opportunity to serve you, and thank you for showing up, for staying engaged, and for continuing to strengthen this profession in ways both big and small. The more members who are engaged, the stronger our collective voice becomes and the greater impact we can have on the future of accounting. 11 nescpa.org
KRISTEN VANWINKLE, FORMER ADMINISTRATOR OF THE Nebraska Board of Public Accountancy (State Board), has been appointed as the new president and executive director of the Nebraska Society of CPAs as of April 1. She succeeds Joni Sundquist in this important role. VanWinkle recently completed 10 years of dedicated public service to the State Board. During her tenure as administrator, she oversaw the issuance of certificates and initial permits to practice for CPAs and CPA firms in Nebraska. She also played an instrumental role in the renewal process for permits to practice and assisted in the development and implementation of the State Board’s new database within the Certemy platform. VanWinkle worked closely with the National Association of State Boards of Accountancy CPA Examination Services (NASBA CPAES), Nebraska educators, and candidates to process education requirements for eligibility to sit for the Uniform CPA Examination. She also assisted in the development of amendments to the Nebraska Public Accountancy Act and State Board regulations under Nebraska Administrative Code (NAC) Title 288. Most recently, she was a participant on the CPA Licensure Task Force, which examined and helped establish an alternative CPA licensure pathway in Nebraska. “Kristen’s work over the last 10 years is a testament to her dedication and commitment to public service,” said State Board Executive Director Dan Sweetwood. “I know I can speak for both current and former Board members in expressing appreciation for her support, guidance, and her work product. She has also served as a trusted sounding board, consistently providing thoughtful and well-reasoned recommendations on the many matters we have addressed. While I will miss our direct working relationship within the Board office, I am confident we will continue to collaborate in her new role,” Sweetwood noted. “I am very proud of her, and her accomplishments speak for themselves. I wish her every success.” Heather Myers, former business manager at the Nebraska Board of Public Accountancy and a 13-year employee of the State Board, will assume the duties of administrator. In addition, Megan Petersen has been recently hired to assume the role of CPE/peer review coordinator and business manager. She brings accounting and administrative expertise from Nelnet, as well as prior administrative work supporting health care professionals. RETIREMENT ANNOUNCEMENT Joni Sundquist has announced her retirement as the president and executive director of the Nebraska Society of CPAs as of May 31. “I have witnessed firsthand Joni’s quick learn of the profession, positive attitude, and good work while in her role,” said Sweetwood. “She had a significant impact on modernizing several Society platforms and was well versed in communicating and providing information to Nebraska CPAs. I was always impressed with her ability to take a complex matter and be able to provide an excellent summary focusing on the issues at hand. “She quickly became a member of the national CPA community and I know Board members, NASBA leadership, and other members of the CPA community were well aware of her ability to work together to solve the issues before us,” Sweetwood commented. ANNOUNCING a New Appointment and Transition STATE BOARD REPORT BY DAN SWEETWOOD, NEBRASKA BOARD OF PUBLIC ACCOUNTANCY 12 Nebraska CPA
“I very much appreciated her motivation to work closely with us on several important initiatives over the years including most recently the new pathways to licensure. Joni led this effort with her development of the CPA Licensure Task Force and continued to oversee and pursue the changes successfully through the Nebraska Legislature. With this important change, she will leave a significant legacy to future Nebraska CPAs! Best of all, I consider her a friend and wish her the best in retirement!” Dan Sweetwood is executive director of the Nebraska Board of Public Accountancy. You may contact him at (402) 471-3595 or dan.sweetwood@nebraska.gov. The Nebraska Board of Public Accountancy administers public accountancy law in Nebraska. Six of the eight board members are certified public accountants with active permits to practice and two are members of the public. Taxes don’t have to be taxing. Frankel is growing. Come enjoy the work again! Tax, Audit, Accounting, Technology, & Business Consulting 402.496.9100 | jobs@frankel.cpa 13 nescpa.org
COUNSELOR’S CORNER INTELLECTUAL PROPERTY OFTEN REPRESENTS A significant portion of collateral in lending transactions. When a borrower pledges intellectual property, the lender must be the first to “perfect” its security interest to establish priority over other creditors. CPAs should understand how security interests in intellectual property are perfected, as missteps in this area can materially misstate financial risk, asset availability, and creditor priority. The challenge is that perfection rules are not uniform: different types of intellectual property require different filing procedures, and the rules continue to evolve as new asset classes emerge. This article provides a practical overview of perfecting security interests in intellectual property under U.S. and Nebraska law. TRADITIONAL INTELLECTUAL PROPERTY Traditional intellectual property presents tension between two legal systems: state law under Article 9 of the Uniform Commercial Code (UCC § 9-101 et seq.), and federal statutes governing patents, trademarks, and copyrights. For patents and patent applications, Article 9 governs perfection against lien creditors. Under Nebraska law, a creditor perfects by filing a UCC-1 financing statement with the Nebraska Secretary of State. However, to protect against subsequent bona fide purchasers and mortgagees, the security interest should also be recorded with the U.S. Patent and Trademark Office (USPTO). The prudent approach is filing both. The federal Lanham Act (governing trademarks) does not address security interests, so Article 9 governs perfection through a UCC-1 filing with the Nebraska Secretary of State. Though not legally required, recordation with the USPTO is advisable to provide notice to future purchasers who may search the public USPTO records. The Copyright Act preempts state UCC filings. Creditors must record the security agreement with the U.S. Copyright Office to perfect a security interest in a registered copyright. However, no effective mechanism exists for recording security interests in unregistered works with the Copyright Office; perfection is thus accomplished through a UCC-1 filing. Given this complexity, creditors should encourage debtors to register copyrights before taking them as collateral. DOMAIN NAMES Domain names present an emerging category of digital collateral with significant value for many businesses. Courts generally classify domain names as “general intangibles” under the UCC, with perfection accomplished by filing a UCC-1 financing statement. Creditors should note that domain names carry unique risks: registrations can expire if the debtor fails to renew, and unauthorized transfers may occur without the secured party’s knowledge. Accordingly, lenders may wish to obtain additional protections—such as a power of attorney or escrowed instruction letter—to facilitate control of domain names upon default. AI-GENERATED INTELLECTUAL PROPERTY Artificial intelligence can now produce work product integral to a business—software code, for example—with minimal human involvement. The U.S. Copyright Office has taken the position that works generated solely by AI, without meaningful human authorship, are not protected by copyright; thus, the traditional perfection path for copyrighted works does not apply. A security interest may attach to AI-generated material if the lender and debtor agree it constitutes property in which the debtor has rights. Such material may have value as a trade secret, proprietary data, or general intangible. In these cases, perfection is accomplished by filing a UCC-1 financing statement. PERFECTING SECURITY INTERESTS IN INTELLECTUAL PROPERTY BY KAYLA HELGOTH AND ROBERTA CHRISTENSEN, KOLEY JESSEN A Practical Guide for Secured Transactions 14 Nebraska CPA
PRACTICAL TIPS CPAs can assist creditors and debtors in taking several practical steps to protect their positions: Conduct thorough due diligence. Verify the type of intellectual property involved, whether it is registered with or issued by a governmental office, and whether existing liens or encumbrances apply. For copyrights, confirm registration status. Use precise descriptions in both the security agreement and UCC-1 financing statement. Vague language like “all intellectual property” may be insufficient. Instead, identify specific patents by number, trademarks by registration, and copyrights by title and registration number. Employ a “belt and suspenders” approach. For patents, trademarks registered with the USPTO, or copyrights registered with the Copyright Office, file both the UCC-1 financing statement and record the security agreement with the applicable federal office. The cost of an additional filing is minimal compared to the risk of losing priority. Revisit filings periodically. Intellectual property portfolios change over time, and emerging asset types (such as AI-generated content) may require updated filings as the legal landscape evolves. CONCLUSION Perfecting a security interest in intellectual property is not a one-size-fits-all process. Parties should carefully identify and classify intellectual property assets before entering into secured transactions. Security agreements should describe collateral with specificity, and filings should be made in all appropriate locations to avoid gaps in protection. CPAs play a critical role in advising clients on the financial implications of these decisions and ensuring that secured transactions are properly reflected in financial reporting. When questions arise about novel asset types or complex portfolios, consulting with legal counsel familiar with secured transactions and intellectual property law is advisable. Kayla Helgoth and Roberta Christensen lead the Intellectual Property Practice Group at Koley Jessen, where they help clients establish, protect, and maximize the value of intellectual property assets. With experience ranging from trademark law and global brand management to intellectual property due diligence in M&A transactions, drafting and negotiating IP agreements, and perfecting security interests in both traditional and emerging IP assets, they advise businesses across the intellectual property lifecycle. They can be reached at kayla.helgoth@koleyjessen.com and roberta.christensen@koleyjessen.com. Banking tools backed by expert guidance Manage accounts, improve cash flow, and sharpen daily operations with tools backed by experts like Jan. She’s been helping businesses streamline their processes for decades, providing friendly, personalized service along with her knowledge. How can Jan help your business find the right tools and learn how to implement them effectively? Scan the QR code below or visit ubt.com/toolkit to learn more today. Jan > ubt.com/toolkit jan.sheridan@ubt.com | 402.323.1519 Member FDIC 15 nescpa.org
THE ACCOUNTING PROFESSION IS SENDING A CLEAR message on skills: workforce readiness at the early-career level has become an evolving challenge as the business environment grows more complex and technology continues to reshape how CPAs work. To identify and develop the skills early-career CPAs need for success, the American Institute of CPAs has launched an important effort to develop and strengthen young CPA talent: the Profession Ready Initiative. The Profession Ready Initiative is designed to improve workforce readiness by pinpointing where gaps exist and offering practical solutions that can be applied by employers, educators, and professional bodies alike. The goals are ambitious and critical: to ensure that CPAs entering the profession are prepared to adapt to emerging technologies such as AI and thrive across diverse career paths in public accounting, business and industry, government, and nonprofit organizations. This work is spurred directly by requests from members of the profession and reinforced by findings from the AICPA’s Rise2040 project, which is underscoring workforce transformation as an essential priority for the profession’s long-term success. WHAT THE PROFESSION READY INITIATIVE WILL DELIVER The Profession Ready Initiative will develop solutions to support the profession and its stakeholders, including a framework to serve as a north star for training and development of early-career CPAs; flexible and accessible learning solutions that harness emerging technologies; and teaching resources for educators to align academic preparation with workforce needs. This initiative reflects an understanding of AI and other environmental factors that are transforming the profession and aims to provide stakeholders with the resources they require to successfully develop the future CPA talent pool. This is not an effort focused on influencing requirements for CPA licensure. WHAT TO EXPECT & HOW TO TAKE PART The AICPA has formed an advisory group comprised of representatives from firms of all sizes, business and industry, state CPA societies, academia, and regulators, who will help ensure a broad and balanced perspective. The AICPA has also engaged a third-party research firm to conduct a comprehensive review of job descriptions, firm training and competency models, academic curricula, and other resources. The initiative is also engaging stakeholders across the profession through focus groups, interviews, and surveys. Your involvement is critical. Input from practicing CPAs, educators, learning experts, and others across Nebraska is essential to understanding the real-world skills needed for success. The Profession Ready Initiative is for the profession, and it should reflect your experiences. PREPARING EARLY-CAREER CPAs FOR SUCCESS The Profession Ready Initiative 16 Nebraska CPA
Over the coming months, CPAs will have multiple additional opportunities to engage, including: Participation in surveys focused on early-career skills and gaps Focus groups and interviews Opportunities to review and comment on findings before they are finalized In late 2026, the AICPA and the research firm will analyze the inputs and data and begin to validate and refine emerging themes and recommendations. That will be followed by an exposure draft for public comment in 2027, with results expected to be finalized and launched in late 2027. We strongly encourage all CPAs to take part and help shape outcomes that will support the next generation of professionals. STAYING INFORMED Be on the lookout for regular updates throughout the process, including initial findings, participation opportunities, and key milestones. The AICPA welcomes ongoing dialogue as this work progresses. To get in touch with the AICPA’s team, email ProfessionReady@aicpa-cima.com. For the latest information, please scan the QR code. https://www.aicpa-cima.com/resources/ landing/profession-ready-initiative The Profession Ready Initiative represents a significant, CPA-led step toward strengthening the profession’s future. With your involvement, it will deliver insights and solutions that reflect the realities of practice and support meaningful, lasting change. GET INVOLVED! 5Visit aicpa-cima.com/professionready to learn more and take pulse surveys. 5Participate in a focus group. Email ProfessionReady@aicpa-cima.com regarding your interest. 5Review and comment on findings before they are finalized. PRIVATE BANKING: What Is It and Who Is It For? BY UNION BANK & TRUST MANY BANKS AND WEALTH management firms offer private banking, a service that caters to busy professionals and high-net-worth individuals with unique banking needs. Here’s how you can determine whether private banking fits your financial lifestyle. What is private banking? Private banking connects clients with a dedicated relationship manager who handles everything from routine transfers to complex loans. Instead of using a branch or call center, clients work directly with their private banker who understands their financial picture and provides tailored advice. This concierge approach often includes perks, such as access to specialized experts and exclusive opportunities and events. What does private banking offer? Services vary by institution but typically include: Premium checking or savings accounts with preferential rates and higher limits Highly personalized service from a team of experts that extends beyond traditional banking hours Wealth management, including investment and financial planning Fiduciary and trust services, including estate planning and tax specialists Mortgage lending for residential and vacation homes Commercial lending and treasury services for business needs Lines of credit with competitive rates or waived fees Credit card services Agricultural lending and equipment finance The most effective private banking programs integrate wealth management to go beyond transactions, helping to simplify your life while enhancing your fiscal future. Who is private banking for? While guidelines vary, this elite service is ideal for individuals with a net worth of $1 million or greater or those earning $250,000 a year or more. Private banking usually requires a minimum balance, including deposit accounts, investments, or both. Why would I want a private banker? Private banking offers a simple, seamless solution, with a key point person who coordinates a team of experts to meet your financial needs. If you value convenience, personalized guidance, and customized financial solutions, private banking could be a powerful tool for you. Learn more at www.ubt.com/personal/ wealth-management/private-banking— the team would be happy to help you determine if private banking is the right fit for you. 17 nescpa.org
WE HAVE BEEN SEEING RENEWED INTEREST IN TAX incentives this year, both in Nebraska with legislative action on a new incentive program and in other states. Nebraska’s main economic development incentive program began with the 1987 Employment and Investment Growth Act (known as LB775), which was continued and enhanced through its successor in 2005, the Nebraska Advantage Act (known as LB312). The 2020 Imagine Nebraska Act is the third generation of Nebraska’s leading business growth incentive platform. These programs have incented the creation of more than 1,000 expansion projects, with over $45 billion of capital investment and 100,000-plus new jobs in Nebraska. Nebraska also has numerous other business incentives that are available to companies in many industries. With more companies exploring expansion and investment opportunities, incentives are becoming an increasingly important part of the decision-making process. We are writing this article to share practical insights on how to approach these opportunities and avoid common pitfalls that can impact the value and receipt of available incentives. In working on incentive projects with CPAs, company tax teams, and company leadership, we often encounter issues that might not be obvious at the outset but can significantly affect results. Many of these challenges come up early and can be difficult—or even impossible—to fix later. Based on that experience, we’ve outlined some of the most important legal and structural considerations to keep in mind, as projects tend to be most successful when these items are addressed upfront. APPLICATION ISSUES & PROJECT DESIGN Which Program: Several Nebraska business expansion incentives are available—both tax and non-tax. Before moving forward with a project, it’s important to evaluate which programs are the best fit. In some cases, a single project may qualify for more than one program. Project Entities: Depending on the incentive, the structure of your company and its related entities may need to meet specific eligibility requirements. It’s important to confirm this early in the process. Qualified Business: The project must usually fall within one or more “qualified business” activities. This may sound straightforward, but the Nebraska Department of Revenue can sometimes challenge whether a business qualifies. A clear and accurate description of your operations can make a big difference. Project Activities Description: How you describe your project matters. Being too broad or too narrow can impact eligibility and the amount of incentives available. Careful drafting upfront can help avoid issues later. Commitment: You’ll usually need to determine your expected levels of new investment and employment. These decisions directly affect the level of benefits available and your flexibility going forward. Employees: Understanding your base year employee count and required wage levels is critical. These factors often drive qualification and benefit levels. Coordination With State & Local Approvals: Timing is important. Your project should align with state and local approvals, zoning or site entitlements, and any additional incentives you’re pursuing. STATE TAX BRIEFING CRITICAL LEGAL CRITERIA TO ADDRESS FOR INCENTIVE PROJECTS BY NICK NIEMANN AND MATT OTTEMANN, McGRATH NORTH LAW FIRM 18 Nebraska CPA
MULTIPLE LOCATIONS Locations: Defining where your project will take place is key. The location and scope can impact both eligibility and the amount of incentives you receive. Multiple Sites: If your project spans multiple locations, specific rules determine whether they can be treated as a single project. These rules should be considered early to avoid surprises. CONTRACT WITH THE STATE Legal Agreement: Most incentive programs require a formal agreement with the state or local government. This agreement typically incorporates everything in your application— including attachments. Because of this, the application should be reviewed carefully, just like any other legal contract. CLAIMING BENEFITS Filing Claims: When claiming incentives, filings should clearly outline the legal basis for the claim. It’s also a good idea to preserve your rights by including a formal appeal or hearing request if needed. QUALIFIED PROPERTY Eligible Property: Not all property qualifies. Assets must meet specific use requirements and be located at the project site. Relevant Dates: Timing matters. Generally, property must be acquired after the application is filed and within the designated project period. Software as an Asset: Software can often qualify, but only if certain conditions are met—such as having the right type of license agreement in place. Manufacturing Exemption: Qualification for Nebraska’s manufacturing machinery and equipment exemption can potentially be impacted if the machinery or equipment is purchased through an Option 2 or 3 contractor. This should be addressed with vendors before a project is initiated. REAL PROPERTY CONSTRUCTION Contract Terms: Construction projects come with additional requirements. This can include how contractors are designated, certifications that must be obtained, and specific contract language related to taxes. These rules can also apply to build-to-suit lease arrangements. OPTIMIZING INCENTIVES Compliance: Documentation is key. Keeping detailed and organized records will make it much easier to claim and support your incentives. Equipment: Purchase and lease agreements should include clear terms around tax location (situs) and payment structure, as these can impact eligibility. STATUTORY LIMITS Prohibited Actions: Certain transactions, such as those between related parties, may limit or disqualify incentives. Understanding these restrictions ahead of time can help avoid issues. RESOLVING ISSUES Project Issues: If questions or disputes arise, specific procedures and deadlines exist for addressing them with state or local agencies. Acting quickly is important to preserve your options. BUSINESS SALE Project Transfer: If you sell the business or project, typically requirements must be met to transfer the incentives to a buyer while protecting the seller’s position. FOREIGN OWNERSHIP OR STRUCTURE Foreign Ownership or Subsidiaries: Nebraska has enacted certain restrictions on incentives for companies that are organized in, have their principal place of business in, or are owned (in whole or in part) by certain “foreign adversarial” countries. These countries include China, North Korea, Russia, Iran, Cuba, and the Maduro Regime of Venezuela. Those restrictions can also exist for subsidiaries of such companies. If your company may be impacted by these restrictions, you may potentially be able to take restructuring steps to reduce the impact of these restrictions. CONCLUSION Incentive programs can offer meaningful financial benefits, but getting the full value requires thoughtful planning and coordination from the beginning. By focusing on these key considerations early—and keeping your tax, legal, and operational teams aligned—you can put your project in the best position for success. Taking a proactive approach helps avoid surprises and ensures you make the most of the opportunities available. Nick Niemann and Matt Ottemann are partners with McGrath North Law Firm. As state and local tax and incentives attorneys, they collaborate with CPAs to help clients and companies evaluate, defend, and resolve tax matters and obtain various business expansion incentives. See www.NebraskaStateTax.com and www.NebraskaIncentives.com for more information. For a copy of their full publications, The Anatomy of Resolving State Tax Matters or the Nebraska Business Expansion Decision Guide, visit their websites or contact them at (402) 341-3070 or at nniemann@mcgrathnorth.com or mottemann@mcgrathnorth.com. 19 nescpa.org
TRUST IS STILL ACCOUNTING’S MOST VALUABLE ASSET TRANSFORMATION TRENDS Ethical behavior is not enforced through policies alone, but sustained through trust, transparency, and example. For all the disruption facing the accounting profession—technology shifts, talent shortages, regulatory complexity, etc.—one thing hasn’t changed: trust remains our most valuable asset. Clients trust us with their financial realities and future plans. Regulators trust us to uphold standards and hold clients to those standards. Public accounting firms trust their leaders to make decisions that protect both the public and the profession. And yet, many firms are quietly grappling with issues that I would translate to be ethics fatigue. This isn’t about headline-grabbing scandals or deliberate misconduct. It’s about the slow erosion that happens when pressure mounts, margins tighten, technology accelerates, and professionals are asked to do more and more—again and again. THE QUIET RISK OF ETHICS FATIGUE Ethics fatigue shows up in subtle ways. It’s the rationalization of shortcuts because “everyone’s exhausted” or “there’s not enough time.” It’s the hesitation to raise concerns because the team is already overwhelmed or over-budget. It’s the quiet acceptance of behavior that doesn’t feel right but doesn’t feel worth fighting for—at least not today. Over time, those moments add up. The profession has invested heavily in compliance frameworks, standards, and controls—and rightly so. But compliance alone cannot carry the weight of ethical decision-making in a high-pressure environment. Rules define the floor, not the optimal behavior. And because of the criticality of our duty to the public, we need to hold ourselves to a higher standard than any other profession. Culture determines what people do when no one is watching—or when everyone is too busy to notice. WHY TRUST STARTS INSIDE THE FIRM We often talk about trust as something firms earn externally: with clients, investors, and the public. But trust is built internally first. When professionals trust their leaders and believe their leaders to hold a high ethical standard, they’re more likely to speak up early. When teams trust each other, they’re more likely to ask questions instead of covering up uncertainty. When leaders trust their people, they’re less likely to rely solely on rules and rigid oversight, and more likely to encourage professional judgment and accountability. Without internal trust, even the strongest compliance systems are simply detective controls, rather than the preventive controls that are embodied by trust and high ethical standards. And in today’s environment—where AI tools accelerate work, decisions happen faster, and professional judgment is still required at critical points—trust isn’t a “soft” concept. It’s a core risk management issue. THE LIMITS OF COMPLIANCE-FIRST THINKING Most firms are very good at documenting policies. Fewer are intentional about modeling ethical decision-making in real time. Compliance answers the question: Is this allowed? Ethical leadership asks: Is this aligned with our values, our responsibilities, and the long-term trust our profession depends on both internally and from the public? When those conversations don’t happen, people fill the gaps themselves—often under stress, with incomplete information, and with an eye toward survival rather than stewardship. That’s when ethics fatigue turns into something more dangerous: disengagement. Disengaged professionals don’t necessarily break rules. They stop caring whether the rules and their actions serve a larger purpose. BY DONNY SHIMAMOTO, CPA, CITP, CGMA, FOUNDER & INSPIRATION ARCHITECT, CENTER FOR ACCOUNTING TRANSFORMATION 20 Nebraska CPA
LEADERSHIP’S ROLE IN RESTORING ETHICAL ENERGY Ethical cultures don’t emerge from memos or annual training. They are reinforced through everyday leadership behavior and peers holding each other accountable. That includes: Making space for questions, especially when timelines are tight. Responding constructively to concerns, even when they’re inconvenient. Acknowledging gray areas, rather than pretending every decision is clear-cut. Modeling boundaries, so giving in to pressure doesn’t become the default excuse. Leaders set the tone not by declaring values, but by demonstrating how those values guide decisions under pressure. When professionals see leaders ignore discomfort in favor of efficiency, trust erodes—quietly, but consistently. When they see leaders prioritize integrity over short-term wins, trust deepens and ethical energy flows. ETHICS IN AN AI-ASSISTED WORLD As firms adopt more advanced technology, ethical responsibility doesn’t disappear—it shifts. AI and automation can improve consistency and reduce certain risks, but they don’t eliminate professional judgment. Someone still decides how tools are configured, when outputs are accepted, and when results are questioned. That makes an ethical culture even more important. In a firm where people feel safe challenging assumptions, technology becomes a safeguard. In a firm where people feel pressured to move fast and stay quiet, technology can amplify risk instead of reducing it. A high ethical standard determines which outcome prevails. REFRAMING ETHICS AS PROFESSIONAL SUSTAINABILITY Ethics isn’t just about avoiding failure; it’s about sustaining the profession. Firms that actively invest in trust—through transparency, accountability, and human-centered leadership—are better positioned to retain talent, serve clients effectively, and adapt responsibly to change. Ethical energy is finite. When professionals are constantly stretched, their ability to engage thoughtfully diminishes. Recognizing that reality isn’t weakness—it’s leadership. Protecting trust means protecting the people who carry it. THE QUESTION LEADERS SHOULD BE ASKING Instead of asking “Are we compliant?” leaders might ask, “Are we creating conditions where people can do the right thing consistently?” That question shifts the focus from control to culture, from fear to responsibility, and from short-term performance to long-term sustainability. In a profession built on trust, that shift isn’t optional. It’s essential. Donny C. Shimamoto, CPA, CITP, CGMA, is the founder and inspiration architect for the Center for Accounting Transformation, which enables transformation by guiding professionals through the adoption and change required to step into the future of the accounting profession. He is also the founder and managing director of IntrapriseTechKnowlogies LLC, a Hawaiiheadquartered advisory-focused CPA firm dedicated to improving the world by helping small and mid-sized entities (SMEs) accelerate their business transformations through the application of Environmental Social & Governance (ESG) and Enterprise Risk Management (ERM) frameworks right-sized for smaller organizations. 21 nescpa.org
FISCAL SPONSORSHIP: Expanding Impact While Managing Risk NONPROFIT ORGANIZATIONS OFTEN HAVE MORE charitable activities to accomplish than they have time or resources to spend. Conversely, many unincorporated organizations or for-profit entities have the enthusiasm and resources to accomplish charitable purposes but lack the Section 501(c)(3) status that would exempt them from taxes incurred related to those activities. Fiscal sponsorship can provide the solution to both problems. The processes required to obtain Section 501(c)(3) status can be expensive and time consuming for new nonprofits. But through fiscal sponsorship, nonprofits can support individuals and nonexempt organizations to further exempt charitable purposes. Fiscal sponsors share their tax-exempt status with non-exempt organizations to allow more people to access the benefits of the philanthropic community and to reduce barriers to entry. Most commonly, fiscal sponsorships are structured so that a public charity acts as the fiscal sponsor (Sponsor) and provides aid to a new (not 501(c)(3) exempt) charitable project (Project). The Sponsor might provide technical know-how, administrative resources, or funding to support the Project. If the Sponsor receives donations that it regrants to the Project, the Sponsor must maintain complete discretion and control over the use of the funds in order to avoid jeopardizing the donation’s tax exemption.1 The Sponsor must also ensure the payments to the new Project further the charity’s exempt purpose. THE MODELS Fiscal sponsorship experts have successfully structured fiscal sponsorships in a variety of ways.2 The best structure depends on the project’s individual circumstances. Often the main question when determining how to structure the Sponsor-Project relationship is how much control each party will have over the activities and result. This article reviews some of those structures. Model A: The “Direct Project” Model3 One of the most common ways to structure a fiscal sponsorship to give the Sponsor maximum control is the Direct Project Model. In this model, the Project is internal to the Sponsor’s tax-exempt entity. The Project organizers may have the energy to accomplish a charitable project, but, for whatever reason, they do not want to form their own Section 501(c)(3) entity immediately. In Model A, the Project organizers approach a Sponsor with their idea, the Sponsor does due diligence to ensure the Project furthers its exempt purposes, and the Project organizers become the Sponsor’s direct employees or volunteers.4 The Sponsor is responsible for all management of the Project: executing the Project, insuring the Project, funding the Project. It is also responsible for any liabilities or taxes the Project might incur. This Model is the most labor intensive for the Sponsor, but it also provides the Sponsor with the most direct influence over the Project’s activities. It also leaves open the possibility of spinning the Project into its own Section 501(c)(3) organization once the Project can stand on its own. BY HANNAH FISCHER FREY AND CHRISTOPHER THORPE, BAIRD HOLM LLP 22 Nebraska CPA
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