7 nebraska society of cpas W W W . N E S C P A . O R G The Nebraska Society of CPAs remains committed to the CPA profession— we are here to support you with education, advocacy, and leadership that will help you best serve your clients and communities. Event Held to Honor State Senators Following the board meeting on January 4, the annual State Senators’ Reception and Dinner was held at The Cornhusker Marriott, Renaissance Room, in Lincoln, with about 45 people attending, including 20 state senators. After cancellation of last year’s event, this long-standing tradition provided a welcome opportunity for CPAs to connect with state senators and for senators to reconnect with one another prior to the start of the second session of the 107th Legislature on January 5. Photos of the event are included in this article. Legislation Review Meeting Society lobbyist Korby Gilbertson of Radcliffe, Gilbertson &Brady led a review of proposed state legislation of potential interest to the profession on January 24. Members of the Society Board, Political Education Committee, Legislation Committee, and Taxation Committee participated in the discussion to help determine the Society’s positions on various bills and to bring awareness to various tax, employment, and licensing bills that were introduced during the first 10 days of the Legislature. A total of 587 new bills have been introduced this session. In a short, 60-day session, things move quickly—f loor debate started January 10 and public hearings began January 18. On January 24, Society Past Chairman Ryan Burger presented testimony before the Nebraska Legislature’s Banking, Commerce, and Insurance Committee in support of LB894. The bill was introduced by State Sen. Matt Williams (Dist. 36) of Gothenburg on behalf of State Sen. John Stinner (Dist. 48) of Gering, who was unable to attend as he was conducting the Appropriations Committee’s hearing on the Governor’s recommendations for funds available to the state through the American Rescue Plan Act (ARPA). Recognizing the many challenges for owners of small CPA firms, particularly those located in our state’s numerous rural communities and small towns, the Society worked closely with the Nebraska Board of Public Accountancy in the drafting of LB894. The Society Board and the State Board explored solutions to the barriers established by our present law, created a joint task force, and carefully reviewed Nebraska’s laws and regulations to determine the best approach to small CPA firm ownership challenges. The result was LB894. LB894 will allowwhat the majority of other states already permit: that a simple majority of the ownership of a firm, in terms of financial interests and voting rights, belongs to a licensed CPA. LB894 removes the “head count” requirement so that a CPA firm may be owned by one CPA and one or more non-CPAs—as long as the CPA or group of CPAs hold at least 51% equity ownership of the CPA firm. The bill is non-controversial and will likely be combined with other such non-controversial bills in order to cross the finish line. Legislative priority areas for the Society include: • Promoting consistency in the administration and enforcement of Nebraska statutes and rules related to the Nebraska Public Accountancy Act and the practice of accountancy for licensed CPAs. • Gauging the effect of legislative proposals on the CPA profession, supporting those solutions that create a favorable environment for the profession and opposing those that do not. • Opposing the taxation of professional services. • Opposing irresponsible licensing reform that would negatively affect the CPA profession. Stay posted on legislative news at www.nescpa.org/advocacy/news. Helping to Grow the Pipeline Your Society continues to seek new and innovative ways to help grow the CPA pipeline through outreach efforts to Nebraska high school students. Thank you to the following firms for their significant support of the following events, which are provided at no cost to students: • On February 9, Lutz and Seim Johnson will be sponsoring the f irst “Economics & Accounting Day” for Nebraska high school students at the University of Nebraska-Lincoln College of Business, planned and hosted by the Nebraska Society Past Chairman Ryan Burger presents testimony before the Nebraska Legislature's Banking, Commerce & Insurance Committee in support of LB894.
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