The straight line

Some people think they are getting ahead of the game by mailing forms to the Government and at the same time providing the appropriate forms to their employee/independent contractor. The reality is, by doing so, they are potentially creating a difficult situation for themselves.

Mark comes to us from the firm of J. M. Abbott & Associates, Ltd., in Lincoln, Illinois, where he was a staff accountant for just over 3 years. He brings experience in federal and state tax return preparation and accounting for individuals, trusts, estates, corporate and partnership entities. His audit experience includes governmental engagements, school districts and grain elevators.

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.

Smart Tax Tips: New Employee Tax Credit, Donate From Your IRA, Don't Forget Your 1099!

If your credit union generated more than $1,000 in unrelated business income, you will be required to file form 990-T and pay the appropriate tax.

This new standard now helps to clarify the status of Plans by requiring employers to recognize critical information on the financial statements instead of only recording it in the footnotes.