Managing the Financial Risks of the IRS Form 8300 Mandates

CPE: 1 Credit Hour 
Field of Study: Taxes 

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.