The straight line

Gardiner Thomsen strives to provide you with timely, valuable information so you can make more informed decisions. Two of the vehicles we use to do this are this printed newsletter and our E-newsletter. In an effort to better organize and track the popularity of certain topics and ensure your privacy and profile settings are current and correct, we will be sending out a printed mailing for you to fill out and return.

Gardiner Thomsen is expanding! We are very excited about our recent growth and would like to take this opportunity to introduce the newest members of our team. We know they’ll be valuable assets to the Gardiner Thomsen family and will do a superb job serving our clients.

Effective October 3, 2008, the basic limit on the FDIC amount was increased from $100,000 to $250,000 per depositor through December 31st, 2009. On May 20, 2009, the FDIC extended the coverage date through December 31, 2013. (However, the extension does not apply to the Transaction Account Guarantee Program. The unlimited coverage under the Transaction Account Guarantee Program is only in effect for depositors at participating institutions through December 31, 2009.) On January 1st, 2014, coverage will revert to $100,000, except for certain retirement accounts.

Last year, based on IRS guidance, we changed the way that Section 199 was computed. This year we are researching the Internal Revenue Code, specifically sections 1381, 1382 and 1383, which are related to Section 199, to investigate the possibility of writing down your tax basis member grain inventory (in dollars) to zero. This would have the affect of creating a tax deduction equal to your ending member grain inventory.

The Internal Revenue Service, as well as State and local taxing authorities, all have the ability to charge significant penalties and interest on returns that are filed late.

So far, there have been several private letter rulings dealing with section 199. These rulings have been issued on pooling cooperatives, although a thorough review of the facts indicates that all of the cooperatives involved have been conducting their business like non-pooling marketing cooperatives and are pooling cooperatives in name only.