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A Day of Technical Exchanges features high-value roundtables designed exclusively for tax, finance, and accounting professionals in the cooperative arena. You won't want to miss this chance to stay ahead of growing challenges and roll up your sleeves in collaboration on those emerging issues that keep you up at night. With this unique opportunity for networking and engagement with leading industry experts in a small group setting, attendees control the flow and content of the exchange and are encouraged to bring topics relevant to them for discussion. Invest in your own professional growth with this solutions-based program - ...
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The NSAC Electric Co-op Chapter (ECC) Board is responsible for managing the affairs of the chapter, its direction, program priorities, resource allocations and both financial performance and planning, while supporting the National Society of Accountants for Cooperatives’ mission of serving cooperatives by providing accounting, tax, finance, and business education uniquely tailored to professionals working for and with cooperatives; providing networking and professional development opportunities for members, prospective members and others supporting the cooperative sector; and participating in standard-setting and implementation processes enabling members to effectively ...
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CENTERVILLE, OHIO, September 6, 2022—The National Society of Accountants for Cooperatives (NSAC) is pleased to announce that Eric Krienert, CPA, Partner at Moss Adams LLP, has been named NSA National President for the 2022-2023 term. Founded in 1936, the NSAC is a professional society comprised of approximately 1,600 individual members actively involved with the financial management and planning of cooperative businesses. The organization provides professionals with education, resources, and connections needed to stay on the cutting edge, and is the only association actively addressing the needs of cooperatives. Eric Krienert, CPA, has worked ...
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CENTERVILLE, OHIO, September 6, 2022—The National Society of Accountants for Cooperatives (NSAC) is pleased to announce the Board of Directors for the 2022-2023 term. The Board of Directors determines the culture, strategic focus, and overall direction of the NSAC. The Board supports NSAC’s mission of serving cooperatives by providing accounting, tax, finance, and business education uniquely tailored to professionals working for and with cooperatives; providing networking and professional development opportunities for members, prospective members and others supporting the cooperative sector; and participating in standard-setting and implementation processes ...
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5 Mentorship Tips for Recruitment and Retention Devoted and experienced mentors for new hires help lower turnover and encourage integration with company values. Ryan Campagna August 26, 2022 Attracting and retaining employees has proved a challenge in the wake of unprecedented levels of employee resignations and an increased desire for hybrid or work-from-home options. Compounding this frustration is the high failure rate of young professionals in many industries, creating more job openings. However, normalizing high failure rates among young professionals is a dire mistake. Devoting time and effort to ensuring the success of newly minted workers ...
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Early Sunday morning (8/7/22), the Senate approved the Inflation Reduction Act of 2022 ( H.R. 5376 ) by a 51-50 party-line vote, with Vice President Harris casting the tie-breaking vote. The House is expected to take up the measure later this week. The Senate considered dozens of amendments but only two were adopted, one amending the book minimum tax to prevent certain small and mid-sized businesses from being subject to the 15 percent minimum tax. (a special rule for farmer cooperatives allows them to reduce income by amounts paid out in patronage dividends and per-unit retain allocations. See page 19 of the full text of the bill.) Offered by Sen. Thune ...
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By a vote of 51 to 50, the U.S. Senate on Sunday passed a budget reconciliation bill, H.R. 5376 , now known as the Inflation Reduction Act of 2022. The bill contains numerous tax provisions, including a 15% corporate minimum tax, expanded eligibility for premium tax credits, and numerous clean energy credits. The Senate vote, in which no Republicans joined the Senate's 48 Democrats and two Independents and with the resulting tie broken by Vice President Kamala Harris, caps over a year of seeking an elusive consensus among Democrats on the bill, originally styled as the Build Back Better Act. The bill now goes to the House, where it is expected to pass on Friday. ...
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Early Sunday morning (8/7/22), the Senate approved the Inflation Reduction Act of 2022 ( H.R. 5376 ) by a 51-50 party-line vote, with Vice President Harris casting the tie-breaking vote. The House is expected to take up the measure later this week. The Senate considered dozens of amendments but only two were adopted, one amending the book minimum tax to prevent certain small and mid-sized businesses from being subject to the 15 percent minimum tax. (a special rule for farmer cooperatives allows them to reduce income by amounts paid out in patronage dividends and per-unit retain allocations. See page 19 of the full text of the bill.) Offered by Sen. Thune ...
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By a vote of 51 to 50, the U.S. Senate on Sunday passed a budget reconciliation bill, H.R. 5376 , now known as the Inflation Reduction Act of 2022. The bill contains numerous tax provisions, including a 15% corporate minimum tax, expanded eligibility for premium tax credits, and numerous clean energy credits. The Senate vote, in which no Republicans joined the Senate's 48 Democrats and two Independents and with the resulting tie broken by Vice President Kamala Harris, caps over a year of seeking an elusive consensus among Democrats on the bill, originally styled as the Build Back Better Act. The bill now goes to the House, where it is expected to pass on Friday. ...
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SAN ANTONIO, TEXAS, August 2, 2022—During the 2022 Tax, Finance & Accounting Conference for Cooperatives, NSAC presented its annual Silver Bowl Award to deserving recipient, Jeff Brandenburg, CPA. The Silver Bowl Award is the most prestigious award NSAC bestows to a member of the cooperative industry profession. This recognition is awarded by the Society’s Board of Directors to individuals who have distinguished themselves over a substantial period of time by services which have enhanced the image and operations of the cooperative profession as a whole. The Society awarded Jeff this honor due to his admirable leadership and dedication to the betterment ...
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Form 1099-PATR, Taxable Distributions Received From Cooperatives, is going to join the group of 1099-series information returns which operate as “continuous use” forms because their design and content are not expected to change from year to year. Conversion from an annual form to a continuous-use form means that changes in the form aren’t anticipated to occur annually so the IRS would revise the form only if necessary to conform to a major change such as a requirement in new federal legislation. Forms 1099-MISC, -NEC, -INT, -DIV, -K and other 1099s and 1098s have already become continuous-use forms. On a paper version of the form or a recipient statement, the ...
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Eide Bailly, a Top 20 Firm based in Fargo, North Dakota, is expanding to Nebraska by adding Seim Johnson, a firm in Omaha, effective July 25. The merger will add 20 partners and 70 staff members to Eide Bailly, which currently has more than 350 partners and nearly 3,000 staff in the U.S. Financial terms of the deal were not disclosed. Seim Johnson is a $22 million firm, while Eide Bailly earned $521 million in annual revenue. Eide Bailly ranked 20th on Accounting Today’s 2022 list of the Top 100 Firms. The two firms are already familiar with one another, as Seim Johnson is a member of the Eide Bailly Alliance, an association of non-competing CPA firms formed ...
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As the number of ransomware attacks continue to increase, the response at C-level must be swift and decisive. Top executives are increasingly dreading the phone call from their fellow employee notifying them that their company has been hit by a cyberattack. Nearly every week in 2021 and early 2022, a prominent organization has been in the media spotlight as their public relations team struggles to explain how they were attacked and how they can regain consumer confidence. A recent survey showed that 37 percent of organizations surveyed had been affected by ransomware attacks in the last year. Worse, the days when executive leadership teams could fully delegate ...
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The AICPA Professional Ethics Executive Committee (PEEC) recently developed and approved new interpretations related to noncompliance with laws and regulations (NOCLAR) within the AICPA Code of Professional Conduct. The new interpretations of the "Integrity and Objectivity Rule" (ET §1.100.001 and ET §2.100.001) are titled "Responding to Noncompliance With Laws and Regulations" (ET §1.180.010 and ET §2.180.010). The interpretations are effective June 30, 2023. Early implementation is allowed. The "Integrity and Objectivity Rule" states: "In the performance of any professional service, a member shall maintain objectivity and integrity, shall be free of conflicts ...
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A Q&A with Chicago Booth’s René Caldentey about crisis-ready supply-chain management COVID-19 hurt supply chains. Will conflict in Ukraine stress them further? It is obviously having a huge effect on a number of sectors, most notoriously on energy markets, which have an immediate impact on logistics costs. More broadly, it is not just war but the fact that the geopolitical environment of countries and regions changes the way companies run their supply chains. The challenge, of course, is whether you have the capabilities as a company to manage the interaction between politics and business. The political environment is one more risk you have to deal with. ...
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For some organizations, it’s back to in-office work as usual, but the majority of enterprises are embracing remote and hybrid models. A new report from Forrester entitled The Anywhere-Work Preflight Checklist shows that when done correctly, businesses embracing remote and hybrid work are able to grow talent, culture and technology over time. However, if the move is not done correctly or at all, companies may experience disastrous results. “While we predict that anywhere work is here to stay, we also point out the many headwinds facing companies as they try to operationalize employee-experience-focused return to office (RTO) programs,” said J.P. Gownder, vice ...
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The Internal Revenue Service is coming under criticism from Congress and the American Institute of CPAs for destroying an estimated 30 million paper-filed information returns to cope with its backlog last year, with one lawmaker even calling for the IRS commissioner to be replaced immediately. The Treasury Inspector General for Tax Administration released a report on the processing of business tax returns, noting that the IRS decided in March 2021 to destroy millions of paper information returns because of its inability to process all the paper returns it was receiving. The IRS typically uses information returns such as Form 1099-MISC to verify the accuracy ...
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WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For the final 6 months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective at the start of the year. The new rate for deductible medical or moving expenses (available for active-duty members of the military) will be 22 cents for the remainder of 2022, up 4 cents from the rate effective at the start of ...
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CENTERVILLE, OHIO, June 8, 2022—The National Society of Accountants for Cooperatives (NSAC) is pleased to announce that it has selected its scholarship recipients for the 2022-2023 academic school year. There were a record number of entries this year, and the Scholarship Selection Committee was thoroughly impressed with all applicants. Thirteen students received a $1,000 scholarship, for a combined total of $13,000. Congratulations to the following recipients: Ally Cochran Sponsoring Member: Lance Cochran, Mid-West Chapter Kyle Goblirsch Sponsoring Member: Kathy Goblirsch, North Central Chapter Dylan Wehner Sponsoring Member: ...
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CENTERVILLE, OHIO, June 8, 2022—The National Society of Accountants for Cooperatives (NSAC) is pleased to announce that it has selected its scholarship recipients for the 2022-2023 academic school year. There were a record number of entries this year, and the Scholarship Selection Committee was thoroughly impressed with all applicants. Thirteen students received a $1,000 scholarship, for a combined total of $13,000. Congratulations to the following recipients: Ally Cochran, Mid-West Chapter Kyle Goblirsch, North Central Chapter Dylan Wehner, Great Lakes Chapter Emilie Loyd, Great Lakes Chapter Tiarra Tefft, Mid-West Chapter Tiffany ...
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