General Article Archives

Disaster Recovery

Published July 27, 2021

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 More  

TaxFax Summer 2021

Published July 23, 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 More  

Small Business Forum: Implications of Book versus Tax Based Patronage in Agricultural Cooperatives

Published July 19, 2021

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 More  

ACCTFAX Summer 2021 Bulletin Board

Published July 14, 2021

Originally published in The Cooperative Accountant, Summer 2021 Issue ASB PROPOSES TO IMPROVE AND EXPAND HEDGE ACCOUNTINGOn May 5, 2021, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) intended to better align hedge accounting with an organization’s risk management strategies. Stakeholders are encouraged to review and provide comment on the proposed ASU by July 5, 2021. In 2017, the ...

Read More  

Utility Cooperative Forum: Do the Benefits of Underground Power Lines Outweigh the Costs?

Published July 8, 2021

Originally published in The Cooperative Accountant, Summer 2021 Issue Overview:America’s reliance on electricity has continued to grow.  Disruptions in electric service from weather events or natural disasters have tended to repeatedly prompt the seemingly logical next question “does it make sense to underground (UG) power lines to help minimize outages?”  Additionally, there has been a continuing trend for the ...

Read More