Gardiner Thomsen News

IRS Clarification: Home Equity Loan Interest May Still Be Deductible

The IRS recently announced that in many cases, taxpayers can continue to deduct interest paid on home equity loans. The tax agency issued the clarification because there were questions and concerns that such expenses were no longer deductible under the Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, 2017. Background […]

How the New Tax Law Affects Rental Real Estate Owners

Do you own residential or commercial rental real estate? The Tax Cuts and Jobs Act (TCJA) brings several important changes that owners of rental properties should understand. In general, rental property owners will enjoy lower ordinary income tax rates and other favorable changes to the tax brackets for 2018 through 2025. In addition, the new tax law […]

GT Partners + Managers Growing Together

By Dennis Gardiner, Managing Partner

GT Partners and Managers growing (fill in the blank) together! Fill in the blank with: Professionally Personally Successfully Our firm Mature Old However you fill in the blank, it has been a shining example of people staying together for a common cause…to serve our clients and their particular industries, area of business. It is hard […]

Visit From The Grinch!

By Dennis Gardiner

Which “Grinch” visited our coop clients this year? The one whose heart grows 3 times? Or the one who stole all the presents? Well, the answer is it will vary! The effects of the new tax law changes are still being contemplated (and debated) and you are likely getting inundated with information from many sources. […]

Accounting Standards Update: Simplifying the Measurement of Inventory

By Robert Bell

In July 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update ASU 2015-11 – Simplifying the Measurement of Inventory as part of the Board’s Simplification Initiative. Under previous guidance, an entity subsequently measures inventory at the lower of cost or market; market being defined as replacement cost. Under ASU 2015-11, inventory is measured […]

R&D Tax Credits For Your Farmer/Members

By Dennis Gardiner

Over the last two years almost all you have had a study done to determine how much research and development (R&D) tax credits your cooperative could claim. Working with the Alliant Group, we have been able to amend returns to claim the credits, use the credits on the current tax returns, or carry the credits […]

2018 Regional Patronage – CHS

By Robert Bell

In November of 2017 CHS reported a net income of $127.9 million for the fiscal year ended August 31, 2017, compared to net income of 424.2 million reported in fiscal year 2016. Furthermore, CHS experienced a loss before income taxes of $54.8 million compared to before tax income reported of $419.9 million in fiscal year […]

CHS Annual Meeting + GT Hospitality Room

By Emily Bell

Thank you to those who were able to attend our hospitality room in Minneapolis on December 7th during the CHS Annual Meeting. We have had the pleasure of hosting a hospitality room during this annual event for many years now and were very pleased with the turn out this year! We enjoyed spending time with […]

Credit Unions – What We’ve Seen + What We Expect to See

By Brian Sullivan

What We Have Seen in 2017 Credit unions have seen their profitability continue to stabilize in 2017 when compared to 2012. Through the first six months of 2017, credit unions have maintained a return on assets of 0.76% which is almost what it was a year ago. For the first half of 2017 the interest […]

Governmentals – What We’ve Seen + What We Expect to See

By Elizabeth Thyer

What We Have Seen in 2017 Governmental entities are implementing Governmental Accounting Standards Board Statement No. 77, Tax Abatement Disclosures, (GASB 77) for the fiscal year ended June 30, 2017. This statement is being implemented to ensure that the following requirements are met – Financial Statements should include: information about whether current year revenues were […]