Periodically we receive inquiries regarding how long you should keep old records. In general, record retention periods are the same for electronic records and their hard copy counterparts.

Back in 2006, the Financial Accounting Standards Board (FASB) formally announced that it would reconsider the accounting for leases, and as we enter the second quarter of 2010, they are preparing to release a preliminary standard. Although the final rules and changes are not anticipated to be finalized for another year or two, you can expect some significant changes on how you will need to begin accounting for your lease agreements in the future.

Another article on Section 199, tired of the topic? We might agree, except we recognize the significance to our clients on how this deduction benefits the cooperative or its members.

Just when we thought we had seen it all with the grain price volatility last year! We see a year of extreme price volatility in the fertilizer prices. What a time for the prices to go nuts; many of you had made significant investments in building facilities to allow you to take delivery and inventory many more tons! Who would have thought we would see certain fertilizers sell for over $1,000 and then drop to a couple hundred dollars just a few months later.

Enforcement of the rule has been extended to November 1, 2009 to give additional time for developing and implementing written identity theft prevention programs. There are no criminal penalties for failure to comply, however violators may be subject to financial penalties. In addition, compliance assures the entity’s customers that they are doing their part to fight identity theft.

Form IA 137 is used to compute the ethanol promotion tax credit. This form and credit are quite confusing, but beginning January 1, 2009 an ethanol promotion tax credit is available to taxpayers who: are retail dealers of ethanol blended gasoline, and who operate motor fuel pumps at an Iowa retail motor fuel site. Note that for this credit, a tank wagon is considered a fuel site.