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Category Archives: Small business Tax

Nebraska Higher Blend Tax Credit –

The Nebraska Higher Blend Tax Credit Act Application, Form HBTC-A, will be accepted beginning August 1, 2022. Nebraska retail dealers who sold and dispensed E-15 or higher ethanol blends of gasoline at their retail sites during the 2021 calendar year are eligible to receive refundable tax credits. Funds are limited. Complete applications, therefore, will be...

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Nebraska Tax Cuts – Robert Bell, CPA, Auditor

Wednesday, Governor Pete Ricketts signed LB-873 which provides relief from income and property tax. The new law lowers income tax for individuals by 1%, setting the rate at 5.84% by 2027. Further, this legislation will lower tax rates for businesses from 7.5% to 5.84% over the same time period. LB-873 also makes Social Security income...

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Charitable Contributions – Robert Bell, CPA, Auditor

The IRS has clarified how corporate taxpayers should be calculating their charitable contribution deductions and the use of charitable contribution carryovers. Further, the IRS has clarified the ordering rules with respect to the interplay between charitable contributions and prior year net operating losses (NOLs). To prevent doubling up on tax benefits, IRS Code Section 170(d)(2)(B)...

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