Handling Cooperative Losses
View the PDF version of this Cooperative Tax Brief here. When it comes to financial losses, many cooperatives are uncertain how to handle them. Because… Read More »Handling Cooperative Losses
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Utility bonds can help utility cooperatives avoid losses
What happens when a utility cooperative’s largest customer goes belly up? Industrial and commercial customers can be the largest accounts for utility cooperatives, such as… Read More »Utility bonds can help utility cooperatives avoid losses
Telephone Cooperative Tax Update Presented by David Cook
Attorney David Cook will be presenting a “Tax Update for Cooperatives” at the NTCA 2015 Finance & Accounting Conference. Click here for more details. NTCA… Read More »Telephone Cooperative Tax Update Presented by David Cook
Real Estate Investment Trusts and Cooperatives’ Patronage Dividends
Real Estate Investment Trusts and Cooperatives’ Patronage Dividends Some of the more interesting cooperative tax cases involve the interplay of cooperative tax law, such as… Read More »Real Estate Investment Trusts and Cooperatives’ Patronage Dividends
Cooperative Tax Brief: Alternative Methods of Patronage Notification
To view this Cooperative Tax Brief in the traditional PDF format, click here. Introduction What counts as notice of patronage under Subchapter T? Traditionally, notices… Read More »Cooperative Tax Brief: Alternative Methods of Patronage Notification
Guest Post: CFC Comments on Accounting Standards
This post comes from CFC Solutions Newsletter, Vol. 15, No. 25, July 1, 2013.
CFC recently filed comments with the Financial Accounting Standards Board (FASB) and Private Company Council (PCC) in response to an invitation to comment on private company financial accounting and reporting standards. CFC’s comments support the continued use of ASC 980 Regulated Operations—formerly Statement of Financial Accounting Standards No. 71.Read More »Guest Post: CFC Comments on Accounting Standards
IRS Scrutinizes Section 501(c)(12) Cooperatives
In its 2013 Workplan, the IRS reported a “high level” of incorrect reporting by Section 501(c)(12) cooperatives. These errors primarily related to “miscalculation and misreporting” of member income percentages.
The IRS conducted a compliance check of Section 501(c)(12) cooperatives. The compliance check involved questionnaires and examinations. The IRS concluded that one-fourth of the cooperatives either (i) failed the Member Income Test or (ii) were not being operated on a cooperative or mutual basis. Given the high number of irregularities, cooperatives would be well advised to review these two important requirements. Read More »IRS Scrutinizes Section 501(c)(12) Cooperatives
AHC Cooperative Tax Brief: Telephone Cooperative’s Sale of Subsidiary
In the latest cooperative tax ruling, the Service ruled that a cooperative’s (“Cooperative”) gain on sale of stock in corporations that offered services to Cooperative’s members was patronage-sourced. The ruling was important to Cooperative because it expected to fail the Member Income Test of Section 501(c)(12), subjecting Cooperative to regular corporate income tax. The favorable ruling allowed Cooperative to avoid substantial taxes in the gain.
Read More »AHC Cooperative Tax Brief: Telephone Cooperative’s Sale of Subsidiary
The Role of the Cooperative Accountant
AHC attorney David R. Cook recently spoke to a group of cooperative accountants about the role of accountants in cooperatives’ board meetings. The presentation focused on the duties of directors, officers, and in-house accountants to the cooperative and to each other.Read More »The Role of the Cooperative Accountant
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