The straight line

Category Archives: Cooperatives

IRS Form 990C vs. 1120 vs. 1120C

For the 2006 filing year, the Internal Revenue Service changed the cooperative tax reporting form from 990C to 1120C. Almost immediately, problems arose. The IRS was not set up to accept tax deposits for form 1120C so the deposits were recorded as 1120. The IRS assured us that they would automatically reclassify 1120 payments to 1120C for all taxpayers that had previously filed form 990C.

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Cooperatives 2007 – A Year in Review

It has been an interesting year for our cooperative clients. Many have enjoyed having their balance sheets, particularly their working capital, shored up with the value of the FC Stone stock. For local earnings though, we have found a mixed bag of results. Many thrived during the last year with tremendous margin improvements in grain and agronomy, although those have been offset to some degree with higher interest expense.

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