NSAC Happenings and Latest News - Page 2

IRS Updates Car and Truck Depreciation Limits

Published September 6, 2021

The IRS issued its annual inflation-adjusted update of depreciation limitations for passenger automobiles (including passenger vans and trucks) placed in service in 2021 (Rev. Proc. 2021-31). The revenue procedure similarly updates income inclusion amounts by lessees of passenger automobiles with respect to vehicles with lease terms beginning in 2021. These limits are updated annually for inflation according to the automobile component of the ...

Read More  
NSAC Welcomes New President, David Antoni, for 2021-2022 Term

NSAC Welcomes New President, David Antoni, for 2021-2022 Term

Published September 3, 2021

CENTERVILLE, OHIO, September 3, 2021—The National Society of Accountants for Cooperatives (NSAC) is excited to announce that David Antoni, CPA, Tax Managing Director at KPMG LLP, has been named President for the 2021-2022 term. Founded in 1936, the NSAC is a professional society comprised of approximately 1,500 individual members actively involved with the financial management and planning of cooperative business. The organization ...

Read More  
NSAC Elects New Board of Directors for 2021-2022 Term

NSAC Elects New Board of Directors for 2021-2022 Term

Published September 1, 2021

CENTERVILLE, OHIO, September 1, 2021—The National Society of Accountants for Cooperatives (NSAC) is pleased to announce the new Board of Directors for the 2021-2022 term. The Board of Directors aids in determining the culture, strategic focus, and overall direction of the NSAC. The Board supports NSAC’s mission of serving cooperatives by providing accounting, tax and business education uniquely tailored to professionals working for ...

Read More  

Embrace Continuous Accounting to Close the Monthly Books Faster

Published September 1, 2021

Accounting teams always welcome a way to speed up the monthly close process, but it's difficult with so many moving parts to account for. The challenge has contributed to the rise of continuous accounting, an approach that aims to leverage modern tech such as AI to automate processes and optimize resources while providing improved real-time accuracy. Most organizations are early in their adoption of continuous accounting principles. But there ...

Read More  

What Employee Fringe Benefits Are Taxable?

Published August 30, 2021

It’s a topic that has been in the news lately: Exactly what constitutes taxable fringe benefits for employees? Which are perfectly legal perks, and which are to be avoided? First of all, what’s the definition of a fringe benefit? Sometimes referred to as an employee benefit or perk, it’s a form of payment, which includes property, services, cash, or cash equivalent, in addition to payment for the performance of services ...

Read More