General Article Archives
Washington Update
Tax Extenders. At the time of this writing (April 2025), there is a long path ahead for President Trump’s “big, beautiful” tax bill. The bill would extend tax cuts and make changes to provisions enacted in the 2017 Tax Cuts and Jobs Act. Many provisions in the bill, including Section 199A(g), the deduction for farmer cooperatives, will expire at the end of 2025 without action by Congress. The bill will also include Republican ...
Read More
Practical Uses of AI in Your Audit Practice
This article explores the evolving role of Artificial Intelligence (AI), particularly Generative AI (GenAI), in financial statement audits, highlighting its practical applications, adoption trends, and oversight considerations. It examines insights from the Public Company Accounting Oversight Board (PCAOB) regarding GenAI’s current uses in administrative audit functions and the associated governance challenges. The article details how ...
Read More
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.
Read More
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 ...
Read More
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 ...
Read More