Capitalization Regulations: Implementation Plan and Issues

Date: Thursday, December 6, 2012
Time: 02:00 PM ET / 01:00 PM CT / 12:00 PM MT / 11:00 AM PT [Prevailing Time]
Presenters: Sharon Appelt, Tax Director, Northwest Dairy Association, Mary Denler, Tax Manager, Land O'Lakes, Inc, John Hiatt, Corporate Controller, CountryMark, Rich Shevak, Senior Manager, Grant Thornton’s Corporate
Moderator:
Learning Objectives:
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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

Many questions still remain over the temporary "repair" regulations for capitalization accounting methods that were issued by the IRS earlier this year. This session will help cooperative professionals interpret and develop implementation plans for these often complex regulations that affect all cooperatives in one way or another. These temporary regulations affect all business taxpayers who acquire, produce or improve tangible property. They are effective for tax years (or costs incurred in taxable years as appropriate) beginning on or after January 1, 2012. However, the regulations are in effect retroactive, depending on the accounting method used at the time and whether it complies with the new standards. This one-hour session is the second in a series to inform and provide information and resources to NSAC members on current tax topics.

Presenter and Moderator Bios

Presenter: Sharon Appelt, Tax Director, Northwest Dairy Association

Sharon Appelt, CPA is Tax Director for Northwest Dairy Association and its marketing subsidiary Darigold, Inc. headquartered in Seattle. Sharon has worked 15 years with cooperative tax issues. Before joining Darigold, Sharon worked with PriceWaterhouse Coopers and the Boeing Company. Sharon is a member of the NSAC Tax Committee and Tax Executive Institute. Her education background includes a B.B.A. degree with a concentration in Marketing and a M.S. degree in Accountancy from the University of Houston, and a M.S. degree in Taxation from Golden Gate University. Sharon is a Certified Public Accountant in Washington State. Mary Denler, CPA is a Tax Manager at Land O'Lakes, Inc. and brings 25 years of corporate tax experience from both public accounting and industry to the cooperative taxation business. She is responsible for improving the efficiency, accuracy, and controls surrounding the corporate income tax process of this Fortune 200 Company. Prior to joining Land O'Lakes, Mary led the federal tax desk at Imation Company through a system implementation, the M-3, FIN 48 and the corporate e-file initiatives of the new millennium. She has represented her employers in IRS and state income tax audits her entire career. She is a CPA and received a B.S. in Business with honors from the Carlson School of Management at the University of Minnesota. She is a member of the AICPA, NSAC, and the MNCPA. John E. Hiatt, CPA is Corporate Controller for CountryMark, headquartered in Indianapolis, Indiana. CountryMark owns and operates a crude-oil refinery in Mt. Vernon, Indiana. Its fuels and lubricants are distributed to farms, fleets and families through a network of CountryMark member cooperatives. John has over 20 years of experience in dealing with tax issues. Prior to joining CountryMark, John was the CFO for a private equity group and also spent 13 years with Deloitte and Touche. John has a B.S. from the Kelley School of Business at Indiana University and is a Certified Public Accountant. Richard Shevak is a Senior Manager in Grant Thornton’s Corporate - Strategic Federal Tax Services specializing in tax accounting methods, accounting periods and inventory issues. In this role, he provides technical support to clients and tax professionals in Grant Thornton’s operating offices on a wide range of tax accounting issues including income recognition, timing of deductions, capitalization of expenditures, method changes, as well as special methods of tax accounting including Section 199, inventory, and depreciation. Rich gained approximately five years of broad-based income tax accounting experience at the Internal Revenue Service, Office of Chief Counsel in Washington, D.C. Prior to practice with the Internal Revenue Service, he practiced law as a Judge Advocate in the United States Marine Corps in Quantico, Virginia. Rich received his J.D. from St. John's University School of Law and his B.A. from Dowling College.

Presenter: Mary Denler, Tax Manager, Land O'Lakes, Inc

Presenter: John Hiatt, Corporate Controller, CountryMark

Presenter: Rich Shevak, Senior Manager, Grant Thornton’s Corporate

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.