NSAC Happenings and Latest News
NSAC Webinar Series: Unwrap the One Big Beautiful Bill Act
With the recent passage and signing of the One Big Beautiful Bill Act, there are a lot of Individual and Business provisions to analyze. NSAC will be presenting a series of CLNs (our version of a webinar) during August to shed light on provisions that will impact NSAC's membership. The three CLNs are scheduled as follows: One Big Beautiful Bill: An Overview of Tax ProvisionsAugust 12, 2025Free for NSAC Members/ $56 ...
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Washington Update
Tax Extenders. At the time of this writing (April 2025), there is a long path ahead for President Trump’s “big, beautiful” tax bill. The bill would extend tax cuts and make changes to provisions enacted in the 2017 Tax Cuts and Jobs Act. Many provisions in the bill, including Section 199A(g), the deduction for farmer cooperatives, will expire at the end of 2025 without action by Congress. The bill will also include Republican ...
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NSAC Great Lakes Chapter Inducts Two Distinguished Leaders into Hall of Fame
Bloomington, IL — June 13, 2025 The National Society of Accountants for Cooperatives (NSAC) Great Lakes Chapter proudly recognized two of its most dedicated members—Rebecca Thoune, Signing Director at CLA (CliftonLarsonAllen LLP), and David Loyd, Chief Financial Officer at Three Rivers FS—by inducting them into the Chapter’s esteemed Hall of Fame during the 2025 Annual Meeting held June 12–13 in Bloomington, ...
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Practical Uses of AI in Your Audit Practice
This article explores the evolving role of Artificial Intelligence (AI), particularly Generative AI (GenAI), in financial statement audits, highlighting its practical applications, adoption trends, and oversight considerations. It examines insights from the Public Company Accounting Oversight Board (PCAOB) regarding GenAI’s current uses in administrative audit functions and the associated governance challenges. The article details how ...
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FASB ISSUES Accounting Standards Update 2025-02 LIABILITIES (Topic 405) Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122 - March 2025
Summary This Accounting Standards Update amends the GAAP Taxonomy (Codification of Standards) in accordance with SEC Staff Accounting Bulletin No. 122. The Section of the Codification that is amended is paragraph 405-10-S99-1 which relates to the topic Accounting for Obligations to Safeguard Crypto-Assets and Entity Holds for Its Platform Users. The entire paragraph is removed. The ASU, including replacement information, is available at ...
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