Yearly Archives: 2014

Lexington Farmer BBQ

Marlin Johnson and Jed German spend the afternoon grilling burgers for their many farmer friends in the Lexington area who are busy in the crops or hauling corn to the elevators. We appreciate all they do and want to say thank you!

Dana Harmoney Joins Contryman Associates

Dana Harmoney joins Contryman Associates, P.C. as an accountant in the Tax Department. As a member of the tax team, she will provide business and individual tax preparation and planning services. Harmoney is a Certified Public Accountant licensed to practice in the state of Nebraska. Originally from Overton, Nebraska, Harmoney received her Bachelor’s of Science […]

Sales Tax Exemption for Agricultural Repair Parts

Effective October 1, 2014, sales of all repair and replacement parts used to repair agricultural machinery and equipment used in commercial agriculture are exempt from sales and use taxes. The purchaser must issue to the seller a properly completed Nebraska Resale or Exempt Sale Certificate Form 13, Section B, exempt category 2, to exempt the purchase from tax. […]

QuickBooks 2011 Sunset

Does your small business use QuickBooks for your bookkeeping and financial needs? If you work in QuickBooks 2011, be aware this version is scheduled to sunset on May 31. This means any add-on services such as payroll or online banking are discontinued. Give Contryman Associates P.C. a call if you have questions about upgrading.

The IRS wants to know your name

Most of us would be happy if the IRS never knew who we are or where we live. But sometimes it’s a good idea to keep the government informed. If you or one of your dependents had a name change last year, you should notify the Social Security Administration (SSA) before you file your federal […]

No capitalization required – in this case

The IRS has concluded that amounts that a manufacturer paid to retailers to offset the cost of constructing display areas for the manufacturer’s products did not have to be capitalized. Under the facts presented in Chief Counsel Advice (CCA) 201405014, the manufacturer enters into an agreement to pay the retailers to maintain retail space that […]

Completed amenities were part of the contract

The Tax Court concluded in a recent case that a developer of a planned residential community did not have to recognize income under the completed contract method of accounting until the common improvements were completed. Shea Homes and its related entities developed large planned residential communities. Shea contended that final completion and acceptance under the […]

‘Momma Mia!’ ABBA admits to unusual tax planning

Björn Ulvaeus, founder of the Swedish rock group ABBA, has admitted that the quartet was looking to save “Money, Money, Money” in the late ’70s and early ’80s when they donned their trademark glittering hot pants, sequined jumpsuits and platform heels to take to the stage to perform hit songs like “Fernando” and “Dancing Queen.” […]

Nebraska Legislative Changes

Often when we talk of tax law changes the focus is on Federal law. Periodically, there are changes on a state level that are important as well but may go un-noticed except to people like your tax professionals. We’d like to alert you to some 2013 Nebraska Legislative Changes that may benefit you. Some highlights […]

Dehn Renter is Recertified as Valuation Analyst

Dehn Renter, CPA, CVA, with the accounting firm Contryman Associates, P.C., has received recertification as a Certified Valuation Analyst (CVA) with the National Association of Certified Valuation Analysts (NACVA). He has provided business valuation services since 1999. To qualify for recertification, Renter completed 36 hours of continuing professional education in specific business valuation related areas. […]