NSAC Happenings and Latest News

Patronage or Non-patronage? The Internal Revenue Service provides guidance on the determination of patronage for two rural telephone cooperatives.

Patronage or Non-patronage? The Internal Revenue Service provides guidance on the determination of patronage for two rural telephone cooperatives.

Published December 2, 2022

During the first half of 2022, the Internal Revenue Service (the “Service”) released two private letter rulings (“PLRs” or a “PLR”) that addressed unique situations impacting rural telephone cooperatives. In the first PLR, the Service concluded that a portion of a gain realized by a consolidated corporate subsidiary of the cooperative could be excluded from consolidated gross income if properly allocated to ...

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Treasury Moves Forward with Database on Corporate Ownership

Published October 31, 2022

WASHINGTON (AP) — Tens of millions of small U.S. companies will be required to provide the government with details on their owners and others who benefit from them under a regulation finalized Thursday that’s intended to peel back the layers of ownership that can hide unlawfully obtained assets. The Treasury Department said it was moving to create a database that will contain personal information on the owners of at least 32 million ...

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ESG and Cybersecurity Compliance Are Every Employee’s Concern

ESG and Cybersecurity Compliance Are Every Employee’s Concern

Published October 26, 2022

The following opinion piece was written by Wharton legal studies and business ethics lecturer Leeza Garber, Esq., and Allison Jegla, global director of impact at 100 Women in Finance. In late spring 2022, the Securities and Exchange Commission (SEC) charged an elite investment adviser for “misstatements and omissions” about Environmental, Social, and Governance (ESG) considerations related to its managed mutual funds. This same ...

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5 Tips to Help CFOs Become Better Negotiators

5 Tips to Help CFOs Become Better Negotiators

Published October 21, 2022

Here’s how to get better at negotiating both inside and outside the company. Sandra Beckwith, CFO.com, September 29, 2022 Ravi Narula (CFO of FinancialForce) recalls a particularly frustrating situation several years ago when closing a deal with a company in another country. The two parties had negotiated all terms. With no remaining questions or open items, they submitted the contract for legal review. During that two-week period, ...

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A $2 Trillion Fraud with Employee Retention Credits Puts Financial Advisors on Edge

A $2 Trillion Fraud with Employee Retention Credits Puts Financial Advisors on Edge

Published October 10, 2022

This story has been updated with comments from the IRS. Larry Pon was driving home from the gym following a workout in Redwood City, California, when the too-good-to-be-true barrage began. He was glued to a local sports radio station, digesting the latest baseball disaster for the San Francisco Giants. But over the course of an hour, he heard four different commercials from four different companies advertising a lucrative tax break for small ...

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