The IRS has provided guidance on how exempt taxpayers, like Section 501(c)(12) cooperatives, can claim a refund after the repealed provisions concerning qualified transportation fringes. You can visit the IRS site for more information.
…The Taxpayer Certainty and
On December 20, 2019, the President signed into law the RURAL Act, H.R. 2147, which fixes an error in the 2019 tax reform law (Public Law 115-97). The error was expected to result in taxation of government grants, and Section …
The IRS issued proposed regulations to provide cooperatives and patrons guidance under New Section 199A, which was enacted as part of the tax reform act, Public Law 115-97 (the “Act”). See our prior blog posts about New Section 199A:
…AHC attorney David Cook will present a webinar with CPA Bill Miller on the “Electric Cooperatives and Tax Reform: One Year Later — the Good, the Bad, and the Ugly.” The webinar will occur on April 23, 2019, at 2:00 …
Over the past year, we have been posting on the tax bill passed on December 22, 2017, as Public Law 115-97 (the “Original Act”). The Original Act substantially amended the Internal Revenue Code including provisions that directly impact cooperatives. Prior …
Perhaps the most impactful aspect of the recent tax reform law is the change to the treatment of governmental grants. Many cooperatives qualify for governmental grants in furtherance of their community benefits, such as electric, telephone, and broadband service and …
Part III of the series on the impact of tax reform on cooperatives continues the prior part’s focus on tax-exempt organizations, including Section 501(c)(12) electric, telephone, and telecommunications cooperatives. This part discusses a tax imposed on excess executive compensation.
…On
Part II of the series on the impact of tax reform on cooperatives discusses the changes to Unrelated Business Income Tax (“UBIT”). Whereas Part I primarily focused on taxable cooperatives and new Section 199A, this part focuses on tax-exempt …
On December 22, 2017, Congress’ new tax reform bill became law as Public Law 115-97 (the “Act”). The Act substantially amends the Internal Revenue Code including provisions that directly impact cooperatives. This post is the first in a series that …
Taxable cooperatives – including Subchapter T cooperatives and taxable rural telephone and electric cooperatives – must determine whether income and expenses are considered patronage-sourced or not. This is called patronage determination. It is critical to taxable cooperatives because it determines …