30 18 C O N T E N T S 8 ©2023 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 5, 2023 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 6 Nebraska Society of CPAs Ushers in New Era of Leadership By Joni Sundquist, Nebraska Society of CPAs STATE BOARD REPORT 8 Mastering CPE Compliance With the Nebraska Board of Public Accountancy By Heather Myers, Nebraska Board of Public Accountancy 10 One Times Gross: Is That the Law? By Accounting Practice Sales 12 Everything You Need to Know About the Corporate Transparency Act By Adam M. Ripp & Tristin S. Taylor, Baird Holm LLP 16 IRS Intensifies Efforts to Combat ERC Scams Consider Getting a “Second Opinion” By Rick Meyer, CPA, MBA, MST, alliantgroup STATE TAX BRIEFING 18 The Coming EPIC Disaster What’s in Store If the EPIC Option Becomes the Law By Nick Niemann & Matt Ottemann, McGrath North Law Firm COUNSELOR’S CORNER 24 401(k) Plan Audits Common Issues & Resolutions By Peter M. Langdon, Koley Jessen 27 The Language of GAAP By Paul H. Koehler, CPA, Government & Nonprofit Services Specialist 30 Legacy Giving A Conversation Full of Opportunity By Catherine French McGill, JD, CAP®, AEP®, Gift Acceptance Manager, Omaha Community Foundation 32 The Six-Word Success Formula Find a Need and Fill It By the Davenchar Group 34 In Memoriam 34 Welcome New Society Members! 35 2023 NESCPA Advertiser Index Cover Photo: Chairman Kelly Martinson, Chairman-Elect Brian Klintworth, and Secretary Jodi Eckhout visit during the NESCPA Fall Conference in Ashland.
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