As a cooperative, you are allowed to allocate various taxable items to your members.  Common items include qualified patronage and the section 199 deduction.  This benefit comes with some specific rules regarding reporting to your members and reporting to the Internal Revenue Service. When cooperatives make allocations to their members, they generally  have up to 81/2...

Organizations with fewer than 100 employees significantly trail their counterparts in the implementation of formal antifraud controls, according to a worldwide survey by the Association of Certified Fraud Examiners (ACFE).  Antifraud experts say formal controls can help small businesses prevent and detect instances of fraud that, left undiscovered, could lead to costly losses and possibly...

The CHS Annual Meeting is just around the corner! This year, our hospitality room will be hosted in the Mirage Room of the Hyatt Regency in Minneapolis on Wednesday, December 5th.  Come and see us from 3 PM to 7 PM for some great food, drinks, door prizes and company.  Watch for your invite in...

The USDA released its listing of the top 100 agricultural cooperatives much sooner for the 2011 year.  Agricultural cooperatives had record sales and income in 2011, surpassing the previous record set in 2008.  These 100 coops reported record sales of $148 billion in 2011, an increase of almost 30% over 2010.  Net income for the...

The Internal Revenue Service is sending out penalty assessments regarding what they are referring to as improper reporting of taxpayer identification numbers on forms 1099.  They are assessing penalties at the rate of $50 per occurrence.  Many cooperatives issue thousands of 1099's and are receiving notices indicating problems with in excess of 150 1099's.  Penalties...