NSAC Happenings and Latest News - Page 25
Disaster Recovery
Originally published in The Cooperative Accountant, Summer 2021 Issue Too many companies aren’t prepared to handle a disaster or business continuity event. Rather than putting it off indefinitely, companies need to make an effort to get a disaster recovery plan in place. The list below offers a series of steps that can be taken to reinforce the ability to bounce back from anything that may become a disaster – whether it’s ...
Read MoreNew Lease Accounting Standards Come with Plenty of Gotchas
The recent leasing rules from the Financial Accounting Standards Board and the Governmental Accounting Standards Board are turning out to be harder to follow than many organizations expected. Not only do the new leases standards, FASB’s ASC 842 and GASB’s Statement No. 87, require entities to put operating leases on the balance sheet for the first time ever, but they come with extra complexities. Entities will need to evaluate all ...
Read MoreTaxFax Summer 2021
Originally published in The Cooperative Accountant, Summer 2021 Issue The Continuing Saga of Section 199A(g)Throughout 2020, the National Council of Farmer Cooperatives (“NCFC”) continued its concerted effort to have the U.S. Treasury and the Internal Revenue Service (“IRS”) follow Congress’s explicit intent for the agencies to recreate how “old” Section 199 worked for farmer co-ops when writing ...
Read MoreSmall Business Forum: Implications of Book versus Tax Based Patronage in Agricultural Cooperatives
Originally published in The Cooperative Accountant, Summer 2021 Issue IntroductionA book tax difference (BTD) is the difference between book income and taxable income in a given period. BTDs arise from various accounting items that are recognized differently depending on the income basis in consideration. Taxable income represents the amount of income that is subject to taxation in accordance with IRS tax code and other statutes. Book ...
Read MoreBest Practices: Ways to Manage Workplace Conflict Better
Conflict in the workplace is unavoidable. Here are nine tips to help you best navigate workplace disagreements. 1. Avoid editorializing and exaggerating during the discussion. Focus on the facts as well as potential solutions. It’s about the end game, not how you got to where you are. 2. Conduct individual chats. Then strategically attempt to identify common interests and expectations. 3. Create opportunities for healthy conflict.
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