26 24 C O N T E N T S 13 ©2024 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 2, 2024 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 8 Embracing Discomfort to Make Forward Progress By Joni Sundquist, Nebraska Society of CPAs 12 CPA Candidates Approved to Sit at 120 Hours Starting 1/1/2025 By Dan Sweetwood, Nebraska Board of Public Accountancy & Joni Sundquist, Nebraska Society of CPAs 13 Independence Is a Cornerstone of the Auditing Profession By Joni Sundquist, Nebraska Society of CPAs STATE BOARD REPORT 15 Big Changes Coming to NASBA By Dan Sweetwood, Nebraska Board of Public Accountancy 16 2024 NESCPA Course Calendar STATE TAX BRIEFING 18 2024 Nebraska Tax & Incentive Legislative Update The Governor’s Plan May Be On Hold, But the Legislature Still Made Numerous Improvements By Nick Niemann & Matt Ottemann, McGrath North Law Firm 21 In Memoriam 22 Review Tax Returns to Help Clients Level Up Their Charitable Giving Plans By Kelli Cavey, Vice President of Donor Services, Omaha Community Foundation 24 Strategic Corporate Structures When Do Nebraska Courts Pierce the Corporate Veil? By Katie L. Kalkowski & Hannah Fischer Frey, Baird Holm LLP COUNSELOR’S CORNER 26 Best Practices Structuring Buy-Sell Agreements for Farmers, Ranchers & Other Business Owners Post Connelly v. United States By Craig W. Benson & Rebekah C. Birch, Koley Jessen 28 What Questions Will You Be Asked When Selling a CPA Firm? By Accounting Practice Sales 30 The Burden of Proof Establishing Nonmarital Character of Assets in Nebraska By Bryan P. Robertson 32 Members in the News 34 Welcome New Society Members 35 2024 NESCPA Advertiser Index
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