Tax Track

Sun, July 31, 2016
1:00 p.m. - 5:00 p.m. T01. Basic Agriculture Cooperative Tax
 

David Antoni, Tax Managing Director KPMG LLP,
Eric Krienert CPA, Director Moss Adams LLP,
Barry Groebel, CPA Tax Partner, Herbein + Company
Rebecca Smith CPA, MST, CliftonLarsonAllen LLP.
Constitution D – Constitution Level
This session will provide an introductory perspective of the Principles of Cooperative Taxation and include sub topics such as but not limited to: Fundamentals of the Cooperative Tax System, Definition of a Cooperative, Taxation of Cooperatives and Patrons, Redemption of Patronage Capital, Reorganizations and more.
Course Level: Basic
Field of Study: Tax
CPE Hours: 4.5 CPE

 
Mon., Aug. 1, 2016
9:10 a.m. - 10:10 a.m. T02. Overview of the Proposed Section 385 Regulations
 

Michael Fincher, CPA Senior Manager, Deloitte Tax LLP
Jonathan Forrest, Principal, Deloitte Tax LLP
Constitution A – Constitution Level
This session will provide an overview of the Proposed Section 385 regulations that were published by US Treasury and the IRS on April 4, 2016, and discuss the potential effect on intercompany debt for federal tax purposes (including, re-characterizing certain debts as equity and establishing documentation requirements).
Course Level: Overview
Field of Study: Tax
CPE Hours: 1 CPE

   
10:25 a.m. - 11:20 a.m. T03. Navigating extraordinary gains and losses options in the Cooperative Setting
 

Sharon Appelt Tax Director Darigold, Inc.
Michael Fincher, CPA Senior Manager Deloitte Tax LLP
Constitution A – Constitution Level
This session addresses options for cooperatives in treating extraordinary gains & losses.  Such gains and losses may be derived from the sale of a headquarters building, a processing facility, a subsidiary, or unusual gains from insurance settlements or legal settlements.  Issues may arise as to whether the transaction is patronage or nonpatronage and how to allocate the gain or loss.
Course Level: Basic
Field of Study: Tax
CPE Hours: 1CPE

   
12:45 p.m. - 1:45 p.m. T04. Update from USDA Rural Business/Cooperative Service
 

Meegan Reilly Moriarity, Rural Business-Cooperative Service/ US Department of Agriculture
James Barham, Agricultural Economist, U.S. Department of Agriculture
Bruce Reynolds, Agricultural Economist, U.S. Department of Agriculture
Constitution A- Constitution Level
This session will review the programs available for rural cooperatives including funding, managament, design. Attendees will be introduced to the many programs and the outreach efforts on behalf of USDA.
Course Level: Overview
Field of Study: Specialized Knowledge and Applications
CPE Hours: 1 CPE

   
2:10 p.m. - 3:05 p.m. T05. Cooperatives Operating Cross-border: Tax Information Reporting Requirements Update
 

Wakako Byer Moss Adams LLP
Chris Riccardi, Senior Manager KPMG LLP
Constitution A- Constitution Level
In this session we will provide an introductory overview of the U.S. tax information reporting requirements cooperatives operating cross-border must consider.  We will cover a general overview of typical transactions, structures, doing business with foreign patrons, that may require completion of such forms as Forms 1042, 5471, W-8 series, U.S. withholding tax, considerations of applicable US Tax Treaty provisions, as well as introduce the current international initiative by OECD countries on implementation of country by country reporting.
Course Level: Overview
Field of Study: Tax
CPE Hours: 1 CPE

   
3:20 p.m. - 4:15 p.m. T06. Some Complex Issues in Pool Accounting for Marketing Cooperatives
 

Dave Antoni Tax Managing Director KPMG LLP
Teree Castanias, CPA, Tax Accountant, Teresa Castanias CPA
Eric Krienert, CPA Director, Moss Adams LLP
Constitution A- Constitution Level
In this session we will discuss the current and historic practices marketing cooperatives typically employ for crop pool accounting as well as associated tax planning and flexibility Sub-Chapter T may afford.  A panel will  share illustrated examples of their approaches in this subject area.
Course Level: Intermediate
Field of Study: Tax
CPE Hours: 1 CPE

Suggested: Be familiar with the Pool Accounting module from NSAC A&A accounting session

 
Tue., Aug. 2, 2016
9:15 a.m. - 10:10 a.m. T07. FASB’s New Revenue Recognition Standard: ASC 606, Revenue from Contracts with Customers: Introductory Overview and Tax Considerations
 

Eric Lucas, Principal Washington National Tax, KPMG LLP,
Stephanie Petruzzi, Manager KPMG LLP
Independence Ballroom – Independence Level
In this tax and accounting oriented session, we will provide an introduction geared to tax professionals on the principal elements of the new standard for revenue recognition on contracts with customers, with a focus on tax implications: how will the new standard affect existing tax accounting methods for revenue recognition, process of evaluating the tax effects and potential for changes of tax accounting methods; discussion of current process for filing Form 3115, application for change in accounting method with the IRS National Office.
Course Level: Basic
Field of Study: Tax
CPE Hours: 1 CPE

   
10:25 a.m. - 11:20 a.m. T08 Tax Information Reporting and FATCA, chapters 3&4: Implications for Cooperatives Revisited- Compliance War Stories
 

Larry Boyle, Tax Manager, Ocean Spray Cranberries Inc.
Tamara Faas, Manager Corporate Accounts Payable Manager, CHS
Bob Glass, Director of Taxes, Land O’Lakes Inc.
Chris Riccardi, Senior Manager, KPMG LLP
Constitution A – Constitution Level
This Session will revisit FATCA with a focus on a discussion with cooperative panel members on their cooperative’s recent experiences with on-going compliance; a discussion of war stories illustrating the compliance challenge
Course Level: Basic
Field of Study: Tax
CPE Hours: 1 CPE
.

   
1:00 p.m. - 1:55 p.m. T09. “Cooperatives and the unique aspects for ASC740”
 

David Antoni, Tax Managing Director, KPMG LLP –
Eric Krienert CPA, Director Moss Adams LLP
Constitution A – Constitution Level
We will discuss the application of ASC740 to Cooperative with emphasis of the unique aspects of federal taxation of Cooperatives under Subchapter T, including implications of distributing patronage dividends on a book vs tax basis, patronage income retained reserves and when the so-called “pro-rata method” of tax effecting temporary differences may be appropriate.  In addition, evaluating considerations for determining the need for a valuation allowance on patronage sourced deferred tax assets, including non-qualified written notices of allocation.
Course Level: Basic
Field of Study: Tax
CPE Hours: 1 CPE

   
2:10 p.m. - 3:05 p.m. T10 Tax Considerations related to the new Leasing Standards
 

Adam Hite, CPA, Tax Senior Manager Moss Adams LLP
Constitution A- Constitution Level
This session will review the new GAAP leasing standards from a tax perspective, focusing on recognizing the new book/tax differences and impacts on deferred taxes, current taxes and patronage calculations
Course Level: Basic
Field of Study: Tax
CPE Hours: 1 CPE

   
3:20 p.m. - 4:15 p.m. T11. A Potpourri of SALT (State and Local Tax)
 

Rebecca Smith, CPA, MST CliftonLarsonAllen
Barry Groebel, CPA Herbein + Company, Inc.
Constitution A- Constitution Level
When cooperatives expand their businesses across state lines the experience is often flavored by an unwelcome dash of state and local tax (SALT). Join us to explore a variety of SALT ingredients including factors that may create nexus and/or a filing requirement in a state, the various and changing state apportionment and revenue sourcing rules, and the trend towards gross receipts tax, commerce tax and other non-income taxes.
Course Level: Intermediate
Field of Study: Tax
CPE Hours: 1 CPE

   
4:30 p.m. - 5:25 p.m. T12. Open Forum Discussion
 

Independence B-E – Independence Level
The distinctions between the historical small and large Cooperatives continues to diminish with regards to tax and accounting issues. In 2016 the small and large roundtables are combined to enhance the learning experience for all
Course Level: Basic
Field of Study: Tax and Accounting
CPE Hours: 1 CPE
.