The straight line

Our father, Daniel Gardiner, started the firm to audit farmer cooperatives, which is still our primary client base. We have a number of clients who have been with the firm the entire 50 years, all cooperatives. Our history with credit unions and our governmental clients starts in the early 1980’s. We have a lot of good memories from all of the years that we have been in business.

By: Emily Bell, Marketing Manager  |  email Throughout 2014 we have been featuring clients who have been working with Gardiner Thomsen for many years (25+)! We are so fortunate to have been able to develop so many long standing relationships and I have thoroughly enjoyed talking with each one of these managers and getting to know more...

In preparing for this edition, we came across some of Dan Gardiner’s files and reports, finding one that summarized the results of his clients from May 1964 to May 1965 closes. We thought you might enjoy reading what the averages were of what he was seeing in his audits. Here are excerpts and stats from that analysis.

If your coop engages in the sale of petroleum products, the following items may be necessary: Retail Diesel Fuel Pump Stickers; Acceptable payment methods for tax exempt fuel; Federal Fuel Exemptions; Form 637 – Application for Registration (For Certain Excise Tax Activities).

As we all know, the 50% bonus depreciation for qualifying assets ended December 31, 2013 and the higher expensing limits under section 179 sunset with your 2013 tax year. It is now possible that lawmakers will approve a retroactive application of bonus depreciation back to January 1, 2014 and that the higher limits of section 179 will be reinstated as well. A leading publication expressed the opinion that firms are safe making their remaining asset acquisition plans for 2014 based on these assumptions. So at this point it is not certain if this will be passed but this info is the latest available.

Generally speaking, if you have a physical presence in a state, you must register with that state and file tax returns. It becomes more complicated if you sell into a state where you don’t have a physical presence. The purpose of this article is to make you aware of the need to evaluate your operations to determine if you have multi-state filing and registration requirements.