NSAC Happenings and Latest News
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Cheers to 90 Years! NSAC is Celebrating a Milestone!
The National Society of Accountants for Cooperatives is thrilled to celebrate its 90th Anniversary—a milestone marking nine decades of supporting professionals in cooperative financial management and planning while advancing the cooperative model. Since 1935, NSAC has been the go-to for industry-specific education, resources, and connections. We’re kicking off the celebration in style at COMPASS, where attendees, both virtual ...
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In Tribute: Remembering Two Members of the NSAC Family
The National Society of Accountants for Cooperatives (NSAC) is deeply saddened to share the passing of two cherished members of our community. They will be profoundly missed for their presence, dedication, and the many ways they enriched our professional family. We extend our heartfelt condolences to their families, friends, and colleagues during this difficult time. Richard French The NSAC community has lost a cherished friend, member, and ...
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FASB ISSUES Accounting Standards Update 2024-04 DEBT – DEBT WITH CONVERSION AND OTHER OPTIONS (Subtopic 470-20) Induced Conversions of Convertible Debt Instruments - November 2024
The Board is issuing this Update to improve the relevance and consistency in application of the induced conversion guidance in Subtopic 470-20, Debt— Debt with Conversion and Other Options. When the terms of a convertible debt instrument are changed to induce conversion of the instrument, current generally accepted accounting principles (GAAP) provide guidance for determining whether the transaction should be accounted for as an induced ...
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The User Fee for Letter Ruling Requests Is Increased Again
At the beginning of each year the IRS releases a revenue procedure detailing how to go about requesting a private letter ruling, closing agreement or determination letter. This year’s revenue procedure is Rev. Proc. 2025-1, 2025-01 IRB 1 (December 30, 2024). The annual revenue procedure has gradually expanded and now takes up 117 pages in the Internal Revenue Bulletin. For someone not familiar with the process of seeking private letter ...
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When a Small Cooperative Prevails in Litigation With the IRS, It May Be Entitled To Recover Some of Its Costs
Under certain limited circumstances, a taxpayer that substantially prevails in a tax dispute with the IRS may be able to recover a portion of its administrative and legal expenses (including attorney’s fees). See, Section 7430 of the Internal Revenue Code. Taxpayers eligible for recovery include individuals whose net worth at the time the civil action was filed did not exceed $2 million. Relief is also available for unincorporated ...
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