Pub. 3 2021 Issue 6

N O V E M B E R / D E C E M B E R 2 0 2 1 4 nebraska cpas 6 PRESIDENT’S MESSAGE: FOUNDATION BREAKS SCHOLARSHIP FUNDING RECORD ONCE AGAIN BY JONI SUNDQUIST, NEBRASKA SOCIETY OF CPAS 10 STATE BOARD REPORT: INVOLVEMENT OPENS DOORS OF OPPORTUNITY BY MARCY LUTH, CPA 12 STATE TAX BRIEFING: THE CRITICAL LEGAL CRITERIA FOR OPTIMIZING NEBRASKA’S INCENTIVES BY NICK NIEMANN AND MATT OTTEMANN, MCGRATH NORTH 14 COUNSELOR’S CORNER: BUILD BACK BETTER ACT: WHAT’S OUT & WHAT’S IN? BY NICHOLAS BJORNSON AND CRAIG BENSON, KOLEY JESSEN 16 CPA INSIDER: THE $1.2T INFRASTRUCTURE BILL: A CRYPTOCURRENCY DILEMMA BY SHARON KREIDER, CPA 17 HONOR ROLL FOR THE FOUNDATION OF THE NEBRASKA SOCIETY OF CPAS 18 SOCIETY FOUNDATION AWARDS SCHOLARSHIPS — $129,000 PRESENTED TO 74 NEBRASKA COLLEGE STUDENTS IN 2021-2022 24 DEANN M. HAEFFNER PRESENTED AWARD FOR LEADERSHIP IN GOVERNMENT 25 MARGARET E. KNIGHT RECOGNIZED FOR EXCELLENCE IN ACCOUNTING EDUCATION 26 JENNIFER R. CLAUS COMMENDED FOR OUTSTANDING VOLUNTEER SERVICE IN THE STATE 27 JANET M. LABENZ HONORED WITH THE SOCIETY’S MOST PRESTIGIOUS AWARD 28 MEMBERS IN THE NEWS 30 IN REMEMBRANCE OF RETIRED AMERITAS CEO & SOCIETY MEMBER JOANN MARTIN 31 IN MEMORIAM 32 CLASSIFIED ADS 34 WELCOME NEW SOCIETY MEMBERS! 16 12 C O N T E N T S 10 ©2021 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. NOVEMBER/DECEMBER 2021 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.