NSAC Happenings and Latest News - Page 106
Accounting for Cooperative Business Combinations
The cooperative landscape continues to change throughout the country as agribusiness organizations consolidate. Historically, consolidation has been a result of distressed cooperatives or privately held businesses looking to combine with a stronger company. Today’s environment is much different — cooperatives with strong balance sheets are consolidating to improve customer service, reduce overhead, upgrade technology, or address ...
Read MoreEight Practices That Help Prevent Fraud in Your Agribusiness
Agribusinesses that become victims of employee fraud tend to place unrestricted trust in those they shouldn’t — including the credentialed controller or CFO they hired to help run their business. In fact, sometimes the individual who commits fraud is a long-term employee in a finance role. These individuals have the capability of doing the most damage, so it is important to use financial and operational protocols that remove ...
Read More10 Tips on Amending a Tax Return
The IRS shares some advice on fixing a return. Tax professionals are often more comfortable with amending a return than the average taxpayer – but even they can sometimes use a refresher on the subject. With that in mind, we offer these 10 tips from the Internal Revenue Service on when, why and how to change a previously filed tax return. 1. Know when to amend. Possibly the best reason to amend a return is to claim a deduction or credit ...
Read MoreContinued Rise Projected for Accountants' Starting Salaries in 2017
Starting salaries for U.S. accounting and finance positions will continue to rise in 2017, reflecting high demand for skilled professionals, according to a new salary guide. Increases in starting salaries will range from 3.0% to 4.3% in 2017, depending on the position, according to the Robert Half 2017 Salary Guide. The prediction trails the unusually high forecast for 2016, when the guide said starting salaries in accounting and finance would ...
Read MoreAvoiding Cost Segregation Recapture Tax
Here are some ways to lower any depreciation recapture when disposing of a property. Savvy tax professionals who recommend cost-segregation studies are well aware of the recapture tax rules that require taxpayers to pay back any tax deductions for accelerated depreciation when the property is sold. After all, in the right situation, the net present value of those tax savings far exceeds any recapture tax payback. While the effects of a ...
Read More