NSAC Happenings and Latest News - Page 3
Section 163(j) and Patronage Dividends Patrons Receive from Credit Cooperatives
The U.S. Department of Treasury (Treasury) and the Internal Revenue Service (IRS) provide taxpayers with an opportunity to suggest tax issues of general interest for which guidance would be helpful to taxpayers under a program called the Priority Guidance Plan. The National Council of Farmer Cooperatives (NCFC) sent a letter on May 30, 2024 recommending the issuance of guidance with respect to the treatment of patronage dividends received by a ...
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NSAC Honors David Antoni with the 2025 Silver Bowl Award
[Miamisburg Ohio, February 10, 2025] The National Society of Accountants for Cooperatives (NSAC) is proud to announce David Antoni, National Tax Managing Director at Moss Adams LLP, as the 2025 Silver Bowl Award recipient. This prestigious honor—the highest recognition in the cooperative accounting industry presented by NSAC—celebrates individuals whose exceptional contributions have strengthened and advanced the cooperative ...
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Digital literacy: a Must-Have For Accountants
The role of an accountant has been evolving significantly over the last several years and will continue to be notably impacted by continuously emerging technology solutions. The days when accountants were predominantly number-crunchers and those that put together financial reports are dwindling, if not all together gone. Traditional accounting tasks have been streamlined or eliminated with the introduction of multiple technological solutions.
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NSAC Support of Section 199 A Permanence
NSAC joins the Main Street Employers Coalition and more than 230 trade associations supporting legislation to make the Section 199A deduction permanent. The Main Street Tax Certainty Act is set to be reintroduced by Senator Steve Daines (R-MT) and Representative Lloyd Smucker (R-PA). The deduction was enacted in 2017 to encourage job creation and new investment by private businesses. It also helps private companies compete with public ...
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Accounting and Tax Guidance for Crypto Assets
In December 2023, the FASB issued Accounting Standards Update (ASU) 2023-08, entitled Accounting for and Disclosure of Crypto Assets. The provisions in ASU 2023-08 add Accounting Standards Codification (ASC) Subtopic 350-60, entitled Intangibles—Goodwill and Other—Crypto Assets to the accounting technical literature. This guidance applies to all entities that hold crypto assets that meet certain criteria. The provisions of ASU ...
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