NSAC Happenings and Latest News - Page 2
IRS to Permit Reliance on Frequently Asked Questions
On Oct. 15, 2021, the IRS announced changes that allow taxpayers to argue reliance on Service-issued frequently asked questions pages (FAQs) in seeking relief from penalties that provide a reasonable-cause exception (see IRS News Release IR-2021-202). While taxpayers will still have to show that such reliance was in good faith and was reasonable based on all the facts and circumstances, the announcement represents a new era in ...
Read MoreTCA Spring 2022 Utility Cooperative Forum: Should our company “own or lease” our fleet equipment?
Originally published in The Cooperative Accountant, Spring 2022 Issue The decision whether to “own or lease” company fleet equipment has been seen by many historically as a financial decision. But there may be other good reasons to consider one option over the other. Some of the non-financial reasons to choose leasing may include the constant influx of new equipment technologies and an ever-growing shortage of qualified ...
Read MoreAvoid These 7 Delegation Mistakes
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 ...
Read MoreTCA Spring 2022 TAXFAX
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 ...
Read MoreAuto Depreciation Limits Leap with Inflation
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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