Current Cooperative Tax Update

Date: Wednesday, September 14, 2016
Time: 12:00 PM ET / 11:00 AM CT / 10:00 AM MT / 09:00 AM PT [Prevailing Time]
Presenter: George Benson, Attorney, McDermott Will & Emery, LLP
Moderator:
Learning Objectives:
This one hour session will focus on current federal income tax developments in the past year of interest to cooperatives
Field of Study: Taxes
Program Level: Basic
CPE Credit: 1 Credit Hour
Delivery Method: Group Internet-based
Prerequisite(s): No advanced preparation or prerequisites are required for this course.
IMPORTANT NOTE:
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Course Description

The program will include a review of Section 199 developments of particular interest to cooperatives including pending Court cases, a new private letter ruling, and a proposed amendment to the regulations. In addition, the presentation will discuss several recent private letter rulings. One of the private letter rulings provides further insight with respect to issues presented under Subchapter T as the internet is used increasingly to communicate with members. Another addresses several issues that arise when a cooperative receives a windfall and seeks to distribute it to members as part of a deductible patronage dividend. A third ruling revisits the rules for determining when partnership income may qualify as patronage-sourced.

Presenter and Moderator Bios

Presenter: George Benson, Attorney, McDermott Will & Emery, LLP

: George W. Benson is a partner in the law firm of McDermott Will & Emery LLP and is based in the firm’s Chicago office. George focuses his practice on federal income tax planning, tax controversy and tax litigation matters. George works with both public and private corporations (including S corporations), partnerships and limited liability companies and with individual taxpayers on a broad range of federal income tax issues. In addition, George has done considerable work for cooperative organizations of all kinds, both exempt and non-exempt, engaged in marketing agricultural products, wholesale distribution of products (such as farm supplies, hardware, groceries, office products and hospital supplies), manufacturing, transportation, providing credit and other financial services, electricity and housing. George has been particularly active in representation cooperatives involved in feral income tax controversies. He is a member of the Legal, Tax and Accounting Committee of the National Council of Farmer Cooperatives and of the Tax Committee of the National Society of Accountants for Cooperatives. He frequently writes and lectures on cooperative tax matters and is editor of the TAXFAX column in The Cooperative Accountant. George was recognized as one of the leading tax controversies lawyers in the United States in the 2011 edition of The Legal 500 United States. George is a member of the bars of the State of Illinois, the U.S. Tax Court, the U.S. Court of Federal Claims, and the U.S. Court of Appeals for Federal Circuit and for the Seventh Circuit and the Supreme Court of the United States.

Cost
$56.00 for NSAC Members / $70.00 for Non-Members

Delivery System

  • All programs are delivered using the Zoom platform.
  • Confirmations will include log-in instructions.
  • Participants are able to participate using any device with an Internet connect (if the device does not have speakers, the participant can also dial-in) or they can participate with audio only by dialing in.
  • All registrants will receive a link to the CLN’s recording by email within 48 business hours of event’s conclusion.
  • There will be assistance available to help with technical and connectivity issues up to 10 minutes prior to the start of the presentation.

Registration

All registration is done on-line and each guest must provide their name and email address to participate. All NSAC members may register for free. Non-members may register for a nominal fee.

Refund Policy

NSAC will not issue refunds for CLNs. If a registrant is unable to participate in the CLN and provides notification to info@nsacoop.org 48 hours prior to the session, a credit will be provided for a future CLN. Alert the NSAC staff member monitoring the CLN if technical difficulties are encountered and technical support will be provided to eliminate problems with future CLNs.

Additional Information

Live participation is required for CPE credit and polling questions must be answered to document your active participation. All registrants will receive an email following the session with links to the slides and/or handouts, and a link to the CLN recording (unless otherwise stated). If you are unable to participate in the live session, you can still watch the recorded session, but you will not be eligible for CPE credits. Those eligible for credits will receive their certificate by email with 7 business days.

For more information regarding NSAC CLNs or administrative policies such as complaint and refund, contact the NSAC Headquarters, 7946 Clyo Road, Suite A, Centerville, OH 45459, 937-222-6707, or info@nsacoop.org.

What is NSAC's Cooperative Learning Network?
The NSAC Cooperative Learning Network is a live, interactive webinar, and you can attend from any location with internet and/or telephone access. NSAC members can attend an unlimited number of CLNs at no charge!

Each Cooperative Learning Network will have one or more speakers who are recognized experts on the topic. CLNs typically include a Q&A session where participants can ask questions live or by chat. No advance preparation or prerequisites are required, unless otherwise stated in the course information. Attendees are able to download copies of the slides and/or handouts and are provided a link to view the recording (unless the description states the session will not be recorded). These tools help continue your learning experience after the session.

CPE Credits
The National Society of Accountants for Cooperatives (NSAC) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor (#103068) of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

Delivery Method: Group-Internet Based.

Why NSAC Cooperative Learning Networks?

Fast.
No wasted time. Get right to the heart of the matter in a course designed to easily fit into your busy schedule.

Convenient.
No travel. No time out of the office. Listen and follow along from the comfort and convenience of your desk, device or conference room.

Easy.
A device with an Internet connection is all you need. If your device does not have sound capabilities, the ability to dial in from a telephone is available.

Ideal for multiple attendees.
Use a speakerphone and projector/monitor and invite as many people as you want to participate - at no extra cost to you.

Affordable.
NSAC Cooperative Learning Networks are free for members and available to non members at a fraction of the cost of travel and attendance fees for other high-priced conferences or seminars.