I S S U E 2 , 2 0 2 2 6 nebraska cpas PRESIDENT’S MESSAGE BY JONI SUNDQUIST, NEBRASKA SOCIETY OF CPAS SPRING: A TIME OF RENEWAL With spring comes warmer weather, blossoming f lowers, the start of golf season, and the end of another tax season. It’s a time of growth and renewal! Spring also brings the start of our new fiscal year and the annual renewal of your Nebraska Society of CPAs’ membership. We hope you continue to look to the Society as your No. 1 resource for education, information, and legislative representation—and that you encourage your co-workers and peers to do the same. Paying your membership dues may be completed in just a few clicks at www.nescpa.org/my-cpa/dues. Watch Your Mail! Spring is a time for planning at the Society, and we’ve been busy scheduling this year’s Cont i nu i ng Profe s s iona l Education (CPE) programs. The 17t h ed i t ion of t he Society’s 2022 CPE Catalog & Member Guide wi l l be ar r iv ing in your mai lbox soon. The catalog includes a listing of more than 120 CPE courses and conferences offered through the Society fromApril throughDecember 2022, along with details about CPE pricing, locations, and registration. I am pleased to report that in-person courses are returning in 2022! All society coursesmay be found on thewebsite at www.nescpa.org/ cpe—along with more than 5,000 partner webcasts to satisfy your CPE requirements and educational needs. In the guide, you will also find a listing of the Society Board of Directors, past chairmen, committee members, and award recipients as well as updates on the Society’s scholarship program, member benefits, and more. Legislative Update The Nebraska Legislature adjourned April 20. Here’s an update on just a couple items of interest to the profession: • CPA Firm Ownership Bill Approved by Governor. LB707 was passed by the Nebraska Legislature on April 12 and approved by the Governor on April 18. The bill is a “Christmas tree” bill that includes the provisions of LB894, as introduced by Sen. Matt Williams (Gothenburg) for Sen. John Stinner (Gering) on behalf of the Nebraska Society of CPAs. (A “Christmas tree” bill is a political term referring to a bill that attracts many, often unrelated, amendments.) Among other things, LB707 amends the Nebraska Public Accountancy Act (PAA) to remove certain CPA firm ownership provisions so that a CPA firmmay be owned by at least 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. In short, LB707 removes the physical “head count” requirement of CPA firm ownership in Nebraska. Most bills passed and approved by the Governor become law three calendar months after the Legislature adjourns. However, LB707 includes an Emergency Clause and will take effect immediately.
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