Uncategorized Article Archives
NSAC ANNOUNCES 2022-2023 SCHOLARSHIP RECIPIENTS
CENTERVILLE, OHIO, June 8, 2022—The National Society of Accountants for Cooperatives (NSAC) is pleased to announce that it has selected its scholarship recipients for the 2022-2023 academic school year. There were a record number of entries this year, and the Scholarship Selection Committee was thoroughly impressed with all applicants. Thirteen students received a $1,000 scholarship, for a combined total of $13,000. Congratulations ...
Read MoreTCA Spring 2022 Utility Cooperative Forum: Should our company “own or lease” our fleet equipment?
Originally published in The Cooperative Accountant, Spring 2022 Issue The decision whether to “own or lease” company fleet equipment has been seen by many historically as a financial decision. But there may be other good reasons to consider one option over the other. Some of the non-financial reasons to choose leasing may include the constant influx of new equipment technologies and an ever-growing shortage of qualified ...
Read MoreTCA Spring 2022 TAXFAX
Originally published in The Cooperative Accountant, Spring 2022 Issue Research Credit Update The federal Section 41 Credit for Increasing Research Activities (“R&D Credit”) is an intriguing opportunity for cooperatives to claim a dollar-for-dollar tax credit against their tax liability for the year based on their qualified research expenses and a 20-year carryforward of any unused credit to offset tax liabilities in ...
Read MoreTCA Spring 2022 ACCTFAX BULLETIN BOARD
Originally published in The Cooperative Accountant, Spring 2022 Issue FASB AMENDS THE LEASE STANDARD TO ALLOW LESSEES THAT ARE NOT PUBLIC BUSINESSES GREATER FLEXIBILITY IN APPLYING INTEREST RATE SELECTION On November 11, 2021, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU 2021-09) that modifies an existing provision of Topic 842 which allows non-public business entities to elect to use a ...
Read MoreTCA Spring 2022 Small Business Forum: Are DAOs the New Coops?
Originally published in The Cooperative Accountant, Spring 2022 Issue There has been extensive media coverage surrounding Bitcoin but DAOs (Decentralized Autonomous Organizations) are utilizing the same blockchain technology to revolutionize organizational structure. DAOs have garnered a large amount of capital and attention in the last year. In August 2021, BitDAO raised $365 million, $230 million of which was secured within 20 ...
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