Pub. 2 2020 Issue 6

N O V E M B E R / D E C E M B E R 2 0 2 0 4 nebraska cpas 28 12 C O N T E N T S 10 ©2020 Nebraska Society of Certified Public Accountants | The newsLINKGroup, LLC. All rights reserved. The Nebraska CPA is published six times each year byThe 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 beenmade 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 2020 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. 6 PRESIDENT’S MESSAGE: THANKFUL FOR OUR PAST, CELEBRATING OUR FUTURE BY JONI SUNDQUIST, NEBRASKA SOCIETY OF CPAs 8 STATE BOARD REPORT: CPE IN A TIME OF PANDEMIC BY HEATHER MYERS, NEBRASKA BOARD OF PUBLIC ACCOUNTANCY 10 COUNSELOR'S CORNER: NEBRASKA UNIFORM TRUST DECANTING ACT: A NEW TRUST MODIFICATION TOOL BY ALEXANDER J. WOLF, ANTHONY P. DELUCA & NICHOLAS W. O'BRIEN, KOLEY JESSEN 12 CPA INSIDER: PROPOSED REGS CLARIFY EXCESS DEDUCTIONS ON FORM 1041 & THE YEAR OF THE ENTITY’S TERMINATION BY SHARON KREIDER, CPA AND MARY KAY FOSS, CPA 14 WELCOME NEW SOCIETY MEMBERS! 16 SOCIETY FOUNDATION AWARDS SCHOLARSHIPS: $128,600 PRESENTED TO 72 NEBRASKA COLLEGE STUDENTS IN 2020-2021 22 SUSAN K. WILKINSON PRESENTED BUSINESS AWARD FOR LEADERSHIP, TALENT, AND VISION 23 COURTNEY C. BAILLIE RECOGNIZED FOR SELFLESS SERVICE AND EXCEPTIONAL TEACHING STYLE 24 RALPH DOVALI, JR., RECEIVES AWARD FOR DEDICATION TO NUMEROUS CHARITABLE ORGANIZATIONS 25 ANTHONY J. PRUSS, III, HONORED WITH THE SOCIETY'S HIGHEST AWARD 26 AT LAST, A VACCINE! WHAT DOES IT MEAN FOR EMPLOYERS? BY ABBEY MOLAND, MCGRATH NORTH 28 HOW COVID-19 IS CAUSING GAPS IN GAAP BY SUSAN FIRRIOLO, CPA, TAX CORRESPONDENCE SERVICE 30 CLASSIFIED ADS 32 MEMBERS IN THE NEWS 34 IN MEMORIAM