General Article Archives - Page 2

Cooperatives: An Ownership Model for Digital Networks

Cooperatives: An Ownership Model for Digital Networks

Published January 17, 2023

Could a legal structure common to credit unions and rural utilities revitalize blockchain and help realize the web3 vision of a new digital world?Turbulence in the crypto and blockchain markets over the past year has shed light on a question that has received increasing attention: how web3 companies share ownership in digital networks, including through tokens. As the industry wrestles with this question, builders and investors should consider ...

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NSAC Highlight from 2022

NSAC Highlight from 2022

Published December 29, 2022

NSAC, the only professional organization dedicated to providing education, resources and connections to professionals involved in the financial management and planning of cooperatives, takes a look back at the highlights from 2022. We would like to thank the members and friends of NSAC for a successful year!

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Patronage or Non-patronage? The Internal Revenue Service provides guidance on the determination of patronage for two rural telephone cooperatives.

Patronage or Non-patronage? The Internal Revenue Service provides guidance on the determination of patronage for two rural telephone cooperatives.

Published December 2, 2022

During the first half of 2022, the Internal Revenue Service (the “Service”) released two private letter rulings (“PLRs” or a “PLR”) that addressed unique situations impacting rural telephone cooperatives. In the first PLR, the Service concluded that a portion of a gain realized by a consolidated corporate subsidiary of the cooperative could be excluded from consolidated gross income if properly allocated to ...

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Upskilling for Accountants

Published January 24, 2022

Originally published in The Cooperative Accountant, Winter 2021 Issue What is “upskilling”?  Merriam-Webster (n.d.) defines “upskill” as a verb:  transitive: to provide (someone, such as an employee) with more advanced skills through additional education and training   intransitive: to acquire more advanced skills through additional education and ...

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TAXFAX Winter 2021

Published January 19, 2022

Originally published in The Cooperative Accountant, Winter 2021 Issue IRS Releases Revised Hobby Loss Audit Technique Guide To assist agents in the field, the IRS has developed a series of publications which it calls audit technique guides (“ATGs”). According to the IRS website: “ATGs explain industry-specific examination techniques and include common, as well as, unique industry issues, business practices and ...

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