The straight line

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.

Have you ever looked through your employee handbook as if you were an employee who might use it against you and your business? This type of auditing can help you avoid innocent statements that can turn into costly lawsuits.

The following items reflect answers to frequently asked questions, and highlights some important tax information.

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.

It’s been a difficult year for many credit unions. Due to the struggling economy in 2009, delinquency has increased 0.25%, charge-offs and bankruptcies continue to rise in numbers and because of status of the economy, many credit unions have had to increase their allowance for loan loss reserve in order to absorb some of these increased losses.