The straight line

Earlier this year, the IRS issued changes to the Form 1065 instructions, requiring partners to disclose negative capital tax basis accounts as part of their on-going anti-abuse enforcement effort.   The newly designed Schedule K-1 for the 2019 tax year requires partnerships to report partners’ capital accounting using tax basis as opposed to other methods, including...

The IRS has issued new reporting requirements regarding the 2019 Form 1099-PATR.  One particular concern for specified agriculture and horticultural Cooperatives is Box 7 – Qualified Payments. What are qualified payments under this proposed regulation? Proposed regulations are just that, proposed. They may fluctuate and are often vague to accommodate changes, offering little guidance and...

The following is a reprint of an article from our summer 2015 newsletter. We are seeing more use of non-qualified patronage from the regional cooperatives. Treatment of these allocations varies from client to client, firm to firm, etc. Even our decision may change as we see the regionals indicate or demonstrate they intend to revolve...

While you have been dealing with un-cooperative weather this spring and early summer in your operations, we have been busy trying to better ourselves to service your accounting and tax needs. In early May, the Gardiner + Co. staff participated in our annual staff training event in Des Moines. We brought in outside speakers to...

Don’t get too excited, there’s no word yet. But, on May 13, 2019, an AICPA committee asked FASB to delay the private company implementation date of its new lease accounting standard, citing overload for private company financial statement preparers. In the meantime, we are continuing to research this topic, its implementation and canvas third-party software...

Our winter newsletter addressed interest deduction limitations under the Tax Cuts and Jobs Act of 2017, Section 163(j). In general, the new section limits the deduction of business interest expense to the sum of the following: 1. Business interest income, plus 2. 30% of the adjusted taxable income, plus 3. Floor plan financing interest Your...