Accounting, tax, finance and business education uniquely tailored to cooperatives.

The National Society of Accountants for Cooperatives

The only professional organization dedicated to providing education, resources and connections to professionals exclusively involved in the financial management and planning of cooperatives.

The National Society of Accountants for Cooperatives (NSAC) is comprised of professionals actively involved with the financial management and planning of cooperatives. The Society strives to provide accounting, tax, finance and business education uniquely tailored to cooperatives, supports cooperatives in business interests, and offers networking and professional development opportunities and connections.

Events

Upcoming Events  |  CLN Workshops
2022 Tax, Finance & Accounting Conference for Cooperatives
July 31 - August 3, 2022

2022 Tax, Finance & Accounting Conference for Cooperatives

Make sure you save the date for the 2022 Tax, Finance & Accounting Conference for Cooperatives! The conference is being held IN-PERSON in San Antonio from July 31-August 3, 2022. TFACC is the premier national conference for cooperative tax, finance and accounting professionals. TFACC is a can't miss event, as it is the only conference uniquely tailored to providing education, resources and connections to professionals involved in the ...

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Financial Forecasting
October 28, 2021

Financial Forecasting

Is your cooperative forward looking? Is it preparing financial forecasts? This session will focus on some of the objectives for forecasting. What tools and information are required to prepare a forecast? Tips will be shared on how to validate a forecast. Discussion will include where and how the forecast can be used?

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Tax Director Duties for Ag Coops: What Does a Tax Director Do?
November 1, 2021

Tax Director Duties for Ag Coops: What Does a Tax Director Do?

Do you want to know more about the roles and duties of a Tax Director working for an Agricultural Coop? Are you curious about how cooperative tax law applies specifically to farmer coops, and how this taxation impacts the amount and type of refund distributed? In this session, attendees will explore the unique set of tax rules that apply to famer owned cooperatives, and how these rules affect the overall role of a Tax Director at an AG Coop.

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Inside the Mind of an Auditor
November 9, 2021

Inside the Mind of an Auditor

Have you ever wondered what your auditor is thinking about your organization as you work together through the audit process? This session will highlight activities and processes that all accounting departments could benefit from implementing that will help strengthen your accounting team and improve the audit process.

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Common Fraud Schemes Facing Small Businesses Today
December 7, 2021

Common Fraud Schemes Facing Small Businesses Today

With the pandemic challenging traditional business processes and procedures, companies and their management are having to adapt to more electronic processes and different forms of communication. Fraudsters are mirroring these adaptations with ways of getting business information and how they execute their fraud schemes. We’ll discuss the most relevant fraud schemes affecting small businesses in this new business environment.

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Happenings

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IRS Updates Per Diem Rates for Travel Expenses for 2021-2022

October 12, 2021

The Internal Revenue Service has issued the special per diem rates that take effect Oct. 1, 2021, which taxpayers can use to substantiate the amount of expenses for lodging, meals, and incidental expenses when traveling away from home. Notice 2021-52 includes the special transportation industry rate, the rate for the incidental-expenses-only deduction, along with the rates and list of high-cost localities for purposes of the high-low ...

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How Many of Your Primary Controls Are Preventive?

October 4, 2021

When I started my auditing career during the rollout of Sarbanes-Oxley, there was sustained debate within the industry as to which type of internal control was better: preventive or detective. While preventive controls are intended to prevent unauthorized or unwanted activities and variances from the established process, some argue that such events are bound to occur. Organizations should therefore focus intently on detective controls ...

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Lease Accounting: Private Companies on the Clock After Delay

September 24, 2021

In early 2020, the COVID-19 pandemic added another element of business disruption for organizations to manage while the effective dates to comply for FASB's new lease accounting standards were quickly approaching. Following a pandemic-related delay, the new standard takes effect for entities within the "all other entities" category for fiscal years starting after Dec. 15, 2021, and for interim periods within fiscal years beginning after Dec.

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Business Meal Deductions after the TCJA

September 13, 2021

The legislation known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, eliminated the general deduction of business entertainment expenses under Sec. 274(a). The TCJA mostly left intact, however, the deductibility of food and beverage expenses as a business expense (generally, at 50% of the expense amount). But because of a long-standing understanding and practice of treating business entertainment and meals as congruent, practitioners sought ...

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