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Shaw, Hull and Navarrette, CPA's

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New Nebraska Filing Requirement

There is a new filing requirement that impacts pass-through entities in Nebraska. Pass-through entities include LLC's, Partnerships and S-corporations.  The Nebraska State Legislature recently passed LB 512 which was signed into law on May 30, 2019.  The new law...

Reconciling a Bank Account

One of the basic steps in keeping an accurate record of a bank account, whether it is a business account or a personal account, is performing a periodic reconciliation of the account.  This basic step is important for many reasons including ensuring that any...

IRA Inheritance Rules for Surviving Spouses

If you have been named the beneficiary of your spouse’s IRA, it is important that you understand the rules regarding IRA inheritance and the potential opportunities to defer taxes. The rules relating to inherited IRA’s are complex and it is important to consult with...

Inheriting an IRA

Inheriting an IRA can be a financial boon to a beneficiary. If the beneficiary is aware of all of their options when they inherit an IRA, they may be able to defer the tax implications of the IRA and further increase the financial benefits of the inheritance. Today we...

Nebraska Inheritance Tax

Nebraska is one of a small handful of states that taxes heirs on their inheritance. The tax rate varies based on the relationship of the recipient to the decedent. If the decedent’s property passes to their spouse in full, there is no inheritance tax due. Any property...

Qualified Business Income Deduction

One of the significant new tax deductions taking effect in 2018 under the new tax law is the qualified business income deduction. It should provide a substantial tax benefit to individuals with “qualified business income” from a partnership, S corporation, LLC, or...

New credit for paid family and medical leave

The Tax Cuts and Jobs Act makes changes to the general business credit by adding a new component credit for paid family and medical leave which is available to eligible employers for wages paid to qualifying employees on family and medical leave. The credit is...

Countdown to Tax Day!

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