The straight line

The IRS continues to send out notices to cooperatives, indicating a problem with EIN’s and SSN’s on 1099’s issued for prior tax years. If not handled in a timely manner, these will eventually result in a penalty assessment, and in some cases, a direct levy of funds.

Gardiner Thomsen has joined the social media world of Facebook and Twitter. We hope that you choose to “follow” us on Twitter and “Like” us on Facebook. We love where we work and want you to know why!

When considering whether or not your cooperaitve is understaffed, take a look at the coop’s profitability. As we discussed last quarter, if you are generating adequate local savings, you probably have the right number of employees and those employees are being productive.

Gardiner Thomsen CPAs welcomes Matt Gardiner to the company as our newest Auditor. Matt begins the 3rd generation of Gardiners to work at the firm, following in the footsteps of his grandfather, Dan; father, Dennis; and uncle, Mark.

Local Savings are the key to maintaining a viable cooperative. You hear it from us in every audit meeting report, from the bank, and at management and director training programs you attend. The percentage of local savings is the key factor in determining a cooperative’s profitability.

The “Fiscal Cliff” deal extends beneficial key cost recovery provisions. Bonus depreciation, which was set to expire December 31, 2012, was extended to qualified properties acquired and placed in service prior to January 1, 2014.