December 16, 2009 - Section 199 Update

Date: Wednesday, December 16, 2009
Time: 11:00 AM ET / 10:00 AM CT / 09:00 AM MT / 08:00 AM PT [Prevailing Time]
Presenter(s): David Antoni, Managing Director, Tax Services with KPMG LLP and Teresa Castanias, CPA and Retired Partner from KPMG
Learning Objectives:
Learn how the new rulings in Section 199 for agricultural cooperatives can impact your cooperative's tax situation.
Field of Study: Taxes
Program Level: Intermediate
CPE Credit: 1 Credit Hour
Delivery Method: Group Internet-based
Prerequisite(s): NOTICE: Although there is no advance prep or prerequisites for this course, the presenters will give only very brief discussion of the rules of Section 199, so the participants should have a working knowledge of those rules.

Course Description

Presentation will cover the new developments in Section 199 including recent IRS rulings for sugar, grain and milk coops.

The discussion will also include what type of activities qualify for Section 199 for coops, how the coop should compute Section 199 when it has member and non-member income, including how the wage limitation applies, and pass-through to member considerations.

Join in on this CLN discussion as Dave and Teree share viewpoints and implications on the developments in this area.

Presenter and Moderator Bios
David Antoni serves as KPMG’s National Director of Cooperative Tax Services. Dave is responsible for providing tax consulting and compliance services to cooperatives and non-cooperative enterprises in our Consumer & Industrial Markets practice.

Dave also serves on KPMG’s National FAS 109 Network and has significant experience in the application of FAS 109 and FIN 48 to both cooperative and public company audit clients. Dave works with management and boards on tax considerations for capital and bylaws provisions and advises cooperatives on tax issues such as IRC section 199.

Dave’s professional accounting experience with KPMG spans over 23 years and 19 years serving cooperatives as a focus area. Dave holds a Bachelor of Science degree in Business Administration (cum laude) from La Salle University, Philadelphia, Pennsylvania, where he concentrated in Accounting and Computer Science and was a member of the Beta Alpha Accounting Society. He also has completed several graduate level tax courses in Villanova University School of Law’s Master of Science in Taxation program.

His professional affiliations include a past treasurer and board member of the Capitol Chapter of the National Society of Accountants for Cooperatives (NSAC) and serves as a Vice Chair of its National Tax Committee. He is also a member of the Legal, Tax and Accounting Committee of the National Council of Farmer Cooperatives and serves as Vice Chair of Subcommittee on Digest of Cases, and is a member of the American Institutes of Certified Public Accountants.

Dave is a frequent speaker concerning tax issues related to cooperatives at annual meetings of the NSAC and contributes articles to the Tax Fax Column of NSAC’s The Cooperative Accountant publication. He author’s KPMG’s Tax News Flash – Cooperatives publication and facilitates discussions on cooperative tax topics at KPMG’s Annual Cooperative Roundtable.

Teresa H. (Teree) Castanias, CPA has recently retired from KPMG where she was the National Director for Cooperative Tax Services. Teree was responsible for providing tax consulting and compliance services to KPMG’s “Consumer Markets” and “Financial Services” clients, including cooperatives and non-cooperative enterprises in food production, manufacture and distribution and enterprises in banking and related services.

Her work with cooperatives includes all aspects of tax consulting and compliance at both the federal and state level, issues related to accounting for income taxes for cooperatives including FIN 48, working with management and boards on capital and bylaw issues, and working with cooperatives to change tax laws to include favorable provisions for cooperatives, such as Section 199.

In addition to a significant national cooperative practice, she also served several large farming operations throughout California. Teree’s professional accounting experience with KPMG spans over 32 years and 28 years serving cooperatives as a focus area. She will be continuing to do consulting for cooperatives and others. In addition, she and her husband have a farm in Dixon and she is an avid equestrian.

Teree earned a Bachelor of Business Administration, cum laude, from the University of Notre Dame, Notre Dame, Indiana. She has also completed graduate course work in accounting and taxation at Seattle University and Golden Gate University.

Teree is a member of the Executive Committee and the in-coming Chair of the Legal, Tax and Accounting Committee of the National Council of Farmer Cooperatives (“NCFC”). She is also the immediate past Chairman and a member of the Tax Committee of the National Society of Accountants for Cooperatives (“NSAC”).

Teree is also past board member of NSAC’s National board and Far Western Chapter. Teree is a member of the American Institute of Certified Public Accountants and the California Society of Certified Public Accountants. She serves on several boards and committees with an agriculture focus, including California State Fair Ag Advisory Board, California 4-H Foundation, and Ag Council of California.

Cost
$56.00 for NSAC Members / $70.00 for Non-Members

Delivery System

• All programs are delivered using the Zoom platform.
• Confirmations will include log-in instructions.
• Participants are able to participate using any device with an Internet connect (if the device does not have speakers, the participant can also dial-in) or they can participate with audio only by dialing in.
• All registrants will receive a link to the CLN’s recording by email within 48 business hours of event’s conclusion.
• There will be assistance available to help with technical and connectivity issues up to 10 minutes prior to the start of the presentation.

Registration

All registration is done on-line and each guest must provide their name and email address to participate. All NSAC members may register for free. Non-members may register for a nominal fee.

Refund Policy

NSAC will not issue refunds for CLNs. If a registrant is unable to participate in the CLN and provides notification to info@nsacoop.org 48 hours prior to the session, a credit will be provided for a future CLN. Alert the NSAC staff member monitoring the CLN if technical difficulties are encountered and technical support will be provided to eliminate problems with future CLNs.

Additional Information

Live participation is required for CPE credit and polling questions must be answered to document your active participation. All registrants will receive an email following the session with links to the slides and/or handouts, and a link to the CLN recording (unless otherwise stated). If you are unable to participate in the live session, you can still watch the recorded session, but you will not be eligible for CPE credits. Those eligible for credits will receive their certificate by email with 7 business days.

For more information regarding NSAC CLNs or administrative policies such as complaint and refund, contact the NSAC Headquarters, 7946 Clyo Road, Suite A, Centerville, OH 45459, 937-222-6707, or info@nsacoop.org.