Managing the Financial Risks of the IRS Form 8300 Mandates

Date: Tuesday, October 11, 2022
Time: 02:00 PM ET / 01:00 PM CT / 12:00 PM MT / 11:00 AM PT [Prevailing Time]
Presenter: Steve Dawson, CPA, CFE, President, Dawson Forensic Group
Moderator: Wayne Sine, Director of Education, NSAC
Learning Objectives:
Upon completion, attendees will:
• Have a better understanding of reporting requirements for reporting large cash receipts on IRS Form 8300
• Understand penalties for noncompliance
• Take away best practices for designing a cooperative-specific compliance process
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.
  Order Recording

Course Description

Many cooperative member types pay their bills in large amounts of cash. One example is the multi-billion-dollar cannabis industry which continues to grow exponentially. Federal law prohibits financial institutions from taking cannabis industry money so states that have legalized this industry have a banking challenge. Customers have to pay in cash and Cooperatives can find themselves processing bags of it. Cooperatives must now report these certain large cash receipts using IRS Form 8300. This session focuses on these various and numerous reporting requirements that carry significant penalties for noncompliance. This session will also present best practices in designing a Cooperative-specific compliance process to avoid common and costly compliance pitfalls. 

Presenter and Moderator Bios

Presenter: Steve Dawson, CPA, CFE, President, Dawson Forensic Group

Steve Dawson CPA, CFE is the President of the Dawson Forensic Group and for over 35 years has performed forensic investigations, internal control design consulting, accounting records reconstruction, litigation support services, and forensic training services for agricultural and electric cooperatives, along with various other industries through the United States Securities and Exchange Commission, the FDIC, the FBI, and other state and federal regulatory and law enforcement agencies.  His book “Internal Control/Anti-Fraud Program Design for the Small Business” was published through Wiley Business Publishing.  He is a graduate of Texas Tech University with a degree in Accounting, and holds a Certified Public Accountant certificate in Texas.  He also holds a certificate as a Certified Fraud Examiner. 
 

Moderator: Wayne Sine, Director of Education, NSAC

Wayne Sine is an experienced and highly knowledgeable professional in the field of Tax. Wayne recently retired as Tax Director from his company, Southern States Cooperative. He has extensive experience working with agricultural cooperatives and has been a long time member of the NSAC. He is extremely active in the NSAC, serving as both past Chapter President of the Atlantic Chapter, past Chair of the Tax Committee, and is currently serving as the NSAC Director of Education.. Wayne's career is marked with several accomplishments, and he has always been involved in many organizations, spreading his knowledge. Wayne is a member of the Legal, Tax, and Accounting (LTA) Committee for the National Council of Farmer Cooperatives. He is also Past Chair of both the Tax Committee of the Virginia Chamber of Commerce and the Virginia Manufacturers Association. Wayne also served on the Tax Policy Committee at the Virginia Society of CPAs, and served as past Region Vice President for the Tax Executives Institute. 

Cost
Free for NSAC Members / $56.00 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.