The straight line

During the last week in June, I attended the 30th Annual ACFE Global Fraud Conference in Austin, Texas. There were over 3,400 attendees from 60 different countries. They included individuals who worked in law enforcement, corporate governance, cyber security and risk management. There were only about 10-12 of us who were CPAs and worked in...

As the calendar has flipped to 2019, I wanted to provide you an update and reminder on accounting standards that may now be in effect or are getting closer to implementation so that you will be prepared. Revenue Recognition (2014-09) In 2014 the Financial Accounting Standards Board (FASB) issued new revenue recognition standards. The impact...

Under the Tax Cut and Jobs Act of 2017 (TCJA), there exists a “transition rule” for patron farmers who sold grain, milk, livestock or other commodities to the cooperative(s). This transition rule only applies to producers who sold to a cooperative that has other than a calendar year end. For calendar year end cooperatives, the...

The 2017 Tax Cut and Jobs Act (TCJA) amended the rules for deducting business interest expense (BIE). In general, under the previous law a business could deduct any amounts paid or ac­crued for interest during the tax year. The TCJA added new limits and requires additional compu­tations in determining the amount of deductible business interest...

It has been a memorable and reflective year for the agricultural industry in general, and in particular for cooperatives with the passage of the Tax Cuts and Jobs Act – 2017 and the subsequent Consolidated Appropriations Act – 2018, Section 199A. Many concerns were raised within the agricultural community of the unintended consequences that the...

The Tax Cuts and Jobs Act (TCJA) was signed into law by President Trump on Dec. 22, 2017. The bill is the most significant change to the tax code since the Reagan era. What are the key changes included in this law? The TCJA permanently lowered the corporate tax rate and made significant changes for...