Greg Cargin, CPA, Partner “Your success isn’t based on your ability to simply change; it is based on your ability to change faster than your competition, customers, and business.” This insightful quote encapsulates many of the shifts we’ve observed in the cooperative sector in recent years. These changes are not only persistent but accelerating, emphasizing...
keep readingRobert Bell, CPA, Partner Starting January 1, 2025, Iowa’s individual income tax rate will be cut to a 3.8% flat rate for all taxpayers, a decrease from the top income tax rate of 5.7% in 2024. Governor Reynolds signed the flat tax law in May of 2024, which accelerated the tax reductions stemming from a...
keep readingMatt Gardiner, CPA, CFE, Partner Every business faces financial risks from both internal and external sources. Internally, weak segregation of duties, unchecked authority, and an over-reliance on trust can create opportunities for misconduct. Externally, vendor fraud, cyberattacks, and third-party schemes often exploit oversight gaps. Addressing these risks requires a proactive, multi-layered approach. Internal Fraud: Preventing...
keep readingBlake Miller, CPA, CFE, Partner The new accounting standard for joint ventures introduces significant changes aimed at reducing diversity in practice and providing better information for decision-makers. Previously, joint ventures faced inconsistent guidance on how to measure and recognize net assets contributed upon formation. Some opted to measure at carrying value, while others used fair...
keep readingBy Mark A. Rodruck, CPA, Partner As we wrap up a successful but challenging 2024 and look ahead to 2025, it’s clear that the agriculture industry, like many others, will face a number of challenges and opportunities. Key factors such as staffing concerns, rising fixed expenses, shifts in the political landscape, and the potential sunset...
keep readingJim English, CPA, Partner WHAT GOES UP MUST COME DOWN! After two years of record or near-record sales, the age-old adage “what goes up must come down” has proven true. Commodity prices, which surged in recent years, took a sharp downturn, leading to a noticeable drop in overall sales revenue. Fortunately, earnings didn’t follow the...
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