We have recently received verbal notification from the IRS that all amended returns which have been filed to claim the increased section 199 deduction will be disallowed, and to look for formal written notification of this decision by the end of September. Our hope is that the IRS will be specific as to why these amended returns have been disallowed, so that we will be able to challenge the veracity of the IRS action.

We would like to inform you of some important points to keep in mind if you plan on allocating some or all of your patronage sourced section 199 deduction to your members.

In August, all grain facility storage operators should have received a letter from OSHA addressing recent accidents in grain elevators, rules to comply with when entering bins and recent penalties assessed for hazard violations.

We understand that many of you have received letters from legal counsel for the “reorganized debtors” of Verasun Energy Corporation. These letters were regarding preference claims associated with their bankruptcy filing on October 31, 2008.

Enforcement of the rule has now been extended to December 31, 2010, while Congress considers legislation that would affect the scope of the included entities.

On March 18, 2010, President Obama signed the new Hiring Incentives to Restore Employment Act (HIRE) into law. This federal legislation creates brand new tax breaks for hiring and retaining unemployed workers Here’s a quick rundown on two of these key tax breaks: