Introduction to Workers Cooperatives: From a Financial and Tax Perspective

Date: Tuesday, September 19, 2023
Time: 03:00 PM ET / 02:00 PM CT / 01:00 PM MT / 12:00 PM PT [Prevailing Time]
Presenters: Steven Harrington, CPA, CVA, CGMA, Partner, Whittlesey, Greg LaCasse, CPA, Partner, Whittlesey
Moderator: Wayne Sine, CPA, MBA, Director of Education, National Society of Accountants for Cooperatives
Learning Objectives:
1. What are the benefits of a workers cooperative and what makes them unique.
2. What is a workers cooperative. We will discuss cooperative taxation in general and what is unique to workers cooperatives. The goal will to be able to demystify workers cooperatives and establish a basic understanding of how a cooperative works.
3. What are the general ways profits are shared in a workers cooperative and what does the accounting and capital structures look like. The objective will be for you to understand how profits are shared, how profits are taxed at the individual and corporate level, what are the tax reporting aspects of a workers cooperative, and how are capital accounts maintained
objective will be for you to understand how profits are shared, how profits are taxed at the individual and corporate level, what are the tax reporting aspects of a worker cooperative, and how are capital accounts maintained.
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.
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Course Description

In this comprehensive webinar, we're diving deep into the core of workers cooperatives, shedding light on their unique benefits and intricacies from financial and tax perspectives. We will delve into the heart of workers cooperatives. You'll discover the distinctive advantages and unravel the unparalleled benefits of workers cooperatives that set them apart from conventional business structures. Gain insights into what makes these cooperatives unique and how they contribute to a more inclusive economy, and explore the intricacies of cooperative taxation, with a specific focus on the nuances that apply to these dynamic organizations. Explore the various ways in which profits are shared within workers cooperatives, and gain a comprehensive understanding of their accounting and capital structures. By breaking down the intricacies of profit sharing and taxation at both individual and corporate levels, you'll emerge with a clear understanding of tax reporting obligations and the maintenance of capital accounts.

Presenter and Moderator Bios

Presenter: Steven Harrington, CPA, CVA, CGMA, Partner, Whittlesey

Steven Harrington joined Whittlesey in 2021 and was formerly a partner with a Massachusetts CPA firm, Bova, Harrington, & Associates, P.C. He has over 35 years of experience in business advisory, tax, and financial statement services to closely-held businesses in various industries, as well as tax planning and preparation for individuals. Previously Steve was Treasurer and on the Board of Northampton YMCA and on the board of the Pioneer Valley Habitat for Humanity, 7 and 6 years respectively. He is a licensed Certified Public Accountant with the State of Massachusetts and holds a Certified Valuation Analyst (CVA) designation from NACVA and the Chartered Global Management Association (CGMA) designation from the AICPA.

Steve is a member of the American Institute of Certified Public Accountants (AICPA) and the Massachusetts Society of Certified Public Accountants (MSCPA), and The National Society of Accountants for Cooperatives (NSAC) and holds a Bachelor of Science degree in Accounting from Oral Roberts University.

Presenter: Greg LaCasse, CPA, Partner, Whittlesey

Greg LaCasse is a Partner at Whittlesey at the Holyoke, Massachusetts office. Greg joined the Firm in 2017 and has 30 years of experience in public and private accounting, including roles with the Big 4, as well as serving as the Chief Financial Officer for an international IT consulting firm. Greg is an active member of the Firm’s real estate, construction, and manufacturing niche and specializes in providing tax and advisory services to both businesses and individuals with a focus on working with clients in the professional service, medical, real estate, retail, wholesale, and manufacturing and distribution industries.

Greg holds a Bachelor of Science in Accounting from Central Connecticut State University and a Master of Science in Taxation from the University of Hartford. He also pursues continuing professional education in taxation and business advisory services. Greg is an active member of the American Institute of Certified Public Accountants (AICPA) and the Connecticut Society of Certified Public Accountants (CTCPA).

Moderator: Wayne Sine, CPA, MBA, Director of Education, National Society of Accountants for Cooperatives

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, and past Chair of the Tax Committee, and is currently serving as the NSAC Director of Education.. Wayne's career is marked by 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.