General Article Archives
The Cooperative Accountant Summer 2025
The Summer 2025 issue of The Cooperative Accountant (TCA) has been released! Focusing on cooperative-related issues, such as accounting and auditing, finance, cooperative management, legal and regulatory issues and taxation, this journal has become widely recognized as the industry standard. NSAC members, please log into Connect to view or download the latest issue.
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The User Fee for Letter Ruling Requests Is Increased Again
At the beginning of each year the IRS releases a revenue procedure detailing how to go about requesting a private letter ruling, closing agreement or determination letter. This year’s revenue procedure is Rev. Proc. 2025-1, 2025-01 IRB 1 (December 30, 2024). The annual revenue procedure has gradually expanded and now takes up 117 pages in the Internal Revenue Bulletin. For someone not familiar with the process of seeking private letter ...
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Proposed Regulations Update Guidance on Section 30C Alternative Fuel Vehicle Refueling Property Credit
Internal Revenue Code (“Code”) Section 30C provides a credit for certain costs of qualified alternative fuel vehicle refueling property placed in service within low-income communities or non-urban census tracts. On September 19, 2024, the Internal Revenue Service (“Service”) published a proposed rule to provide additional guidance for the credit. Section 30C was enacted as part of the Energy Policy Act of 2005, and ...
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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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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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