NSAC Happenings and Latest News - Page 106
Nonqualified Patronage Distributions Provide Alternative for Coops
Cooperatives distribute member-based income to patrons in the form of patronage dividends. Historically, these took the form of qualified patronage dividends with a portion paid in cash and the rest paid in qualified equity credits. Subchapter T of the Internal Revenue Code has specific requirements for a distribution to be considered “qualified.” Once these requirements are met, the cooperative is allowed a tax deduction for the ...
Read MoreBusiness Succession Planning
Many business leaders expect to someday pass on the leadership of their companies to their subordinates. This change in leadership is a common strategy to maintain the continuity and direction of the organization. But every business leader faces roadblocks that threaten to thwart his or her plans. 1. Waiting too long to start planning In a national survey, of manufacturing and distribution companies, we asked business leaders how prepared they ...
Read MoreIRS Warns W-2 Phishing Scam Is Spreading Wider
The Internal Revenue Service is cautioning a variety of organizations that the W-2 phishing email scam is now spreading to more organizations beyond corporate America, with schools, restaurants, hospitals and tribal groups now being targeted by cybercriminals. Last week, the IRS issued a warning about the scam reappearing this tax season for the second year in a row. Cybercriminals tricked payroll and HR employees into giving employee names, ...
Read MorePreparing for the New Rev Rec Standards: Choosing the Right Adoption Method
As companies prepare for the new revenue accounting standards that take effect for all public companies in 2018, a wide range of accounting and financial executives are tasked with evaluating what adjustments will need to be made and what new procedures will need to be put in place for recording various financial metrics. Revenue recognition is a critical and often complex accounting area that companies can’t afford to get wrong, so many ...
Read MoreCost Segregation in a Post-repair Regs World
For many years, corporate accounting professionals have been taking advantage of cost segregation studies to provide significant tax benefits for their businesses by accelerating the depreciation on qualified fixed assets. By depreciating the personal property costs of such assets over five or seven years (and land improvements over 15 years instead of the typical 39-year recovery period for general building property), the additional deductions ...
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