Ryan Taylor, Partner Now that the calendar has turned over to 2023, I thought it would be beneficial to update you on IRS changes for 401(k) and IRA contributions. 401(k) contribution limit increases from $20,500 to $22,500 401(k) catch-up contributions for employees age 50 and over increases from $6,500 to $7,500 Annual IRA contribution limit...
keep readingRyan Taylor, Partner Over the past year, we embarked on a journey to include the use of AI technology in our audit process. We believe that the use of technology in our audits will provide a more efficient audit for our clients and help provide insight into the wealth of financial data at our fingertips....
keep readingBrian Sullivan, CPA, Partner What we saw in 2022: What we expect to see in 2023:
keep readingBy: Mark Gardiner, Partner, CPA, CFE The Association of Certified Fraud Examiners released their 2022 edition of the Report to the Nations fraud study last spring. This study contains over 2,110 cases of occupational fraud that were investigated between January 2020 and September 2021. This study published each year by the Association of Certified Fraud...
keep readingDennis Gardiner, CPA, Managing Partner In reviewing the patronage allocations for a number of our clients, I noted plenty of non-member business in certain divisions of the cooperative. Grain and agronomy have higher member business percentages, while feed and energy are typically the lower member business percentages. Feed is usually a function of business done...
keep readingSince DPAD/Section 199, now Section 199A(g), began in 2007, cooperatives have been building up significant increases in retained earnings and permanent capital. Additionally, bonus depreciation has been an available tax deduction for use for many years recently. As these deductions were being used, members have received a lesser percentage of the patronage-sourced (allocable) earnings. Percentages...
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