NSAC Happenings and Latest News

Avoid These 7 Delegation Mistakes

Published May 9, 2022

Delegating is far more than just assigning tasks to others. "It's not just about shuffling things around. It frees you up to work on things that are highest and best use for your level," said Tamera Loerzel, a partner with ConvergenceCoaching LLC in Prior Lake, Minn. "It also offers crucial opportunities for you to help employees learn and grow." As a career coach, Loerzel spends a lot of time teaching others to delegate more effectively, and ...

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TCA Spring 2022 TAXFAX

Published May 6, 2022

Originally published in The Cooperative Accountant, Spring 2022 Issue Research Credit Update  The federal Section 41 Credit for Increasing Research Activities (“R&D Credit”) is an intriguing opportunity for cooperatives to claim a dollar-for-dollar tax credit against their tax liability for the year based on their qualified research expenses and a 20-year carryforward of any unused credit to offset tax liabilities in ...

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Auto Depreciation Limits Leap with Inflation

Published April 27, 2022

The IRS issued sharply higher new depreciation limitations for passenger automobiles, reflecting inflation of vehicle prices in the past year. These limits are updated annually for inflation according to the automobile component of the chained consumer price index for urban consumers. Rev. Proc. 2022-17 contains the Sec. 280F(a) inflation-adjusted dollar limitations on depreciation deductions for passenger automobiles (which includes trucks and ...

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2021 Was a Big Year for Changes in the Workforce, But 2022 Will be Bigger

Published April 22, 2022

The COVID-19 pandemic has brought numerous changes to our daily lives, including the workforce, which saw a significant shift. The finance and accounting sector, in particular, has been deeply affected as the pace of the modern workplace was exacerbated by COVID-19 and has become a pressure cooker for controllers and their teams as they faced tighter deadlines, expanding compliance obligations, a shift to remote work, and higher scrutiny from ...

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Published April 15, 2022

Originally published in The Cooperative Accountant, Spring 2022 Issue FASB AMENDS THE LEASE STANDARD TO ALLOW LESSEES THAT ARE NOT PUBLIC BUSINESSES GREATER FLEXIBILITY IN APPLYING INTEREST RATE SELECTION  On November 11, 2021, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU 2021-09) that modifies an existing provision of Topic 842 which allows non-public business entities to elect to use a ...

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