Tag Archives: cooperatives

Fundamentals of Co-op Taxation — A “Must Watch” NSAC Webinar, 4/19/23

Everyone who reads my blog or works with me knows I’m a vocal proponent of the cooperative structure as a sustainable and enriching alternative to classic shareholder business models. Co-ops allow companies to distribute wealth among those that do business with it, rather than to investors just trying to make a buck. They exist to fulfill member needs, rather than to generate profit — though they can be lucrative to those involved. They also often have “collateral goals” that are in concert with the main mission, which often are focused on community engagement, social equity, and environmental issues.

However, there simply aren’t enough accountants out there who know about this model, or how to navigate some of the special treatment under Internal Revenue Code. That’s why the work that the National Society of Accountants for Cooperatives is essential. They provide the education and outreach to help accountants excel in this often-misunderstood realm of society.

To that end, I want to encourage folks who might be interested in breaking into this area to attend the upcoming “Fundamentals of Cooperative Taxation” webinar coming up next Wednesday, April 19th. What better way to relax after Tax Day than by watching a webinar on an unfamiliar area of taxation, right?

I happen to know one of the presenters, Teree Castanias, personally, and let me say, she is a powerhouse of knowledge! You don’t want to miss this class. As a bonus, the webinar is FREE to NSAC members (and only $59 for non-members). Use this as an opportunity to join today and get an amazing slate of webinars delivered to the comfort of your home every month.

And while you’re in there, consider watching a recording of my recent NSAC presentation on grocery, housing, and worker co-ops, entitled “Hippie Co-ops? Expanding Your Co-op Expertise to Other Cooperative Niches“. It was a hit, if I do say so myself!

Fundamentals of Cooperative Taxation

Date: Wednesday, April 19, 2023
Time: 01:00 PM ET / 12:00 PM CT / 11:00 AM MT / 10:00 AM PT
Presenters: Teree Castanias, CPA, Principal, Teresa Castanias, CPA, Brett Huston, CPA, Tax Managing Director, Associate National Director of Cooperative Tax Services, KPMG – retired
Moderator: Wayne Sine, CPA, MBA, Director of Education, National Society of Accountants for Cooperatives
Objective: 
1. To operate on a cooperative basis for tax purposes, a company must meet specific tax rules in Subchapter T of the Internal Revenue Code. Attendees will understand the basic rules that must be met under Subchapter T.
2. Attendees will learn the definition of a patronage dividend and how it can be computed and distributed to members/patrons.
3. Attendees will also learn about the taxation of the member/patron, and the Form 1120-C that is used by Subchapter T cooperatives for filing its tax return.
Field of Study: Taxes
Program Level: Basic
CPE Credit: 1.5 Credit Hours
Delivery Method: Group Internet-based
Prerequisite(s): No advanced preparation or prerequisites are required for this course.

Course Description

Teree Castanias and Brett Huston, both CPAs, will present the basic rules of Subchapter T of the Internal Revenue Code and describe how those rules affect a cooperative’s tax return, Form 1120-C.

This session will be helpful for anyone who wants to know what tax rules are required for a cooperative.

Presenter and Moderator Bios

Presenter: Teree Castanias, CPA, Principal, Teresa Castanias, CPA

Teree is a CPA and has been working with cooperatives for over 40 years.  She retired from KPMG in September 2009 after 32 years where she was a Tax Partner and the firm’s National Director for Cooperatives.  She has worked with many types of cooperatives over the years, including large and small agricultural marketing and supply cooperatives, wholesale grocery, specialty supply, rural electric, Farm Credit agricultural lending, consumer grocery, and worker cooperatives of various types.  She has assisted cooperatives from inception throughout their corporate life.  Teree has been active in legislative issues affecting cooperatives, including Section 199 in 2005 and its predecessor provision, Section 199A, in 2017.  Teree is active in several cooperative organizations – National Council of Farmer Cooperatives, National Society of Accountants for Cooperatives, and recently Cooperative Professional Guild.  She has been in leadership positions in NCFC and NSAC and is a frequent speaker at webinars and conferences of all of these organizations.

Teree continues to provide cooperative consulting and litigation support services to all types of cooperatives in her own firm from October 2009 to present.

Teree recently retired from the Farm Credit West board of directors upon its merger with Northwest Farm Credit Services which became AgWest Farm Credit.  She also served on the board of directors of California Center for Cooperative Development in Davis, California for over 15 years.  Currently she is serving as a board advisor to Wine Service Cooperative in Napa, California, and as a Finance Committee member for Davis Food Cooperative in Davis, California.

Presenter: Brett Huston, CPA, Tax Managing Director, Associate National Director of Cooperative Tax Services, KPMG – retired

Brett is a CPA located in Auburn California. He has been working with cooperatives for over 32 years. He will be retired from KPMG in February 2023 and will continue to work with cooperatives in retirement. Brett was a Tax Managing Director with KPMG and the Associate National Director of cooperative tax services for KPMG working out of the Sacramento office. He has worked with agriculture marketing, supply, rural electric, consumer and Farm credit cooperatives. He has experience in providing tax compliance and consulting services to cooperatives including consultation regarding Section 199A, patronage and nonpatronage allocations, cooperative bylaw review, and state and local cooperative issues. He is currently a tax member of the National Council of Farmer Cooperatives and the National Society of Accountants for Cooperatives.

Moderator: Wayne Sine, CPA, MBA, Director of Education, National Society of Accountants for Cooperatives

Wayne Sine is an experienced and highly knowledgeable professional in the field of Tax. Wayne recently retired as Tax Director from his company, Southern States Cooperative. He has extensive experience working with agricultural cooperatives and has been a long-time member of the NSAC. He is extremely active in the NSAC, serving as both past Chapter President of the Atlantic Chapter, and past Chair of the Tax Committee, and is currently serving as the NSAC Director of Education. Wayne’s career is marked by several accomplishments, and he has always been involved in many organizations, spreading his knowledge. Wayne is a member of the Legal, Tax, and Accounting (LTA) Committee for the National Council of Farmer Cooperatives. He is also Past Chair of both the Tax Committee of the Virginia Chamber of Commerce and the Virginia Manufacturers Association. Wayne also served on the Tax Policy Committee at the Virginia Society of CPAs and served as past Region Vice President for the Tax Executives Institute.

Cost
Free for NSAC Members / $56.00 for Non-Members


If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. Ths allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.

The Dancing Accountant Offers Webinar On Accounting For Cooperatives

I’m very proud to again be partnering with the National Society of Accountants for Cooperatives (NSAC) to offer an entertaining and educational upcoming webinar, “Hippie Co-ops? Expanding Your Co-op Expertise to Other Cooperative Niches“, on Tuesday, February 21, 2023, at 2 PM ET/1 PM CT/ 12 PM MT/ 11 AM PT.

The focus of this webinar is to teach existing accountants who are already familiar with co-op accounting about the similarities and differences between the types of clients they already work with, and contrast them against a few other co-op types that are becoming more popular.

Consumer, Housing, and Worker Co-ops have been around for a long time and are experiencing a surge in popularity, but many experienced cooperative accountants know little about them. By introducing NSAC members and other accountants to unfamiliar cooperative structures, they can leverage their existing expertise in areas common to all co-ops, and build on that knowledge. We will explore these three co-op types and learn to recognize what they have in common with other co-ops, as well as explain the differences. Our goal is to help identify and create additional business opportunities for cooperative accountants to expand their scope and offerings.

The learning objectives will be:
1) Identify distinguishing characteristics of consumer, housing and worker co-ops.
2) Recognize the unique benefits and challenges of each type, as well as common industries.
3) Explore additional resources and next steps to expand scope and offerings to potential clients.

Normally the cost is $56 for the one-hour session for non-NSAC members, but they have been generous enough to allow me to offer a code to blog readers to attend at no charge. Simply visit:
https://nsacoop.memberclicks.net/022123
and enter the code $DAVIP2023$ to attend at no cost.

Hope to see you there!


If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. Ths allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.

NSAC Offers Employee Retention Credit (ERC) Webinar Aug 23

Employee Retention Credits (ERC) (nsacoop.org)

My colleagues at the National Society of Accountants for Cooperatives are offering a 75-minute webinar on Tuesday, August 23 to discuss the requirements and pitfalls in claiming Employee Retention Credits (ERC). The cost is free to members and $56 to non-members.

The ERC has been in the news quite a bit lately due to aggressive tactics by non-CPA firms claiming to be able to apply for these credits on behalf of business owners. (We’ll have an upcoming blog covering that topic.) However, the rules regarding whether or not a business qualifies are complex, and best performed by a knowledgeable professional.

During this webinar, the panelists will provide an overview of the Employee Retention Credit (ERC) and how to qualify for ERC including:

• Partial and full shutdowns as they apply to the ERC
• What constitutes “gross receipts”
• Safe Harbors
• Rules for Large Employers
• Unsettled matters and how the IRS is examining ERC claims

Participants are encouraged to submit questions in advance at info@nsacoop.org and during the session.

If you are an accountant or bookkeeper calculating these credits for your clients, or a business owner considering a DIY approach, please make sure you are thorough about obtaining education and resources before submitting anything to the IRS. You can expect their enforcement division to ramp up audits in the next few years.

Employee Retention Credits (ERC) (nsacoop.org)


If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. Ths allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.

Transitioning To Employee Ownership: FREE On-Demand Webinar

Yesterday I attended an excellent webinar on how two different small business owners transitioned ownership to their employees — one using an ESOP and one using a Worker Co-op structure.

As a CPA and consultant to many small business owners, I often am asked about succession planning and exit strategies, and my experience in cooperative taxation often leads me to recommend a transition to employee ownership. So I was glad for the opportunity to learn from the experiences of these folks who are in the thick of it.

My colleague Courtney Berner of the University of Wisconsin Center for Cooperatives led the webinar and Q&A, and Steve Storkan of the Employee Ownership Expansion Network interviewed business owners Gina Schaefer and Marty Ruddy.
– Courtney – https://uwcc.wisc.edu/staff/berner-courtney/
– Steve – https://eoxnetwork.org/
– Gina – https://acehardwaredc.com/pages/employee-ownedgina@acehardwaredc.com
– Marty – https://www.terrafirmamn.com/

I strongly recommend the informative and helpful free recording!

And just in case they might be helpful as an outline or while following along with the recording, the notes I took during the session are below.

Thanks again to Courtney, Steve, the panelists, and UWCC for this excellent resource!


Three main EE ownership structures —

  • ESOPs, most common, about 70% – better for larger busineses
  • Worker co-ops, less common but fast-growing
  • EE Ownership Trust, more common in Britain

Half of privately-held businesses are owned by boomers — who will be retiring soon (the “silver tsunami”).

ESOP – Employee Stock Ownership Plan
Employee financial control, not management control.
How does it work? the company gets a loan (from bank or owners) to pay the owners (whatever percentage ownership is agreed upon; can happen in tranches)
The owners get paid, and the company pays the loan off over time on behalf of the staff, and releases the stock to the employees
Employees just “get” their shares as opposed to worker co-ops where each member has to buy in.
Owner can remain CEO as long as necessary.
The tax benefits of an ESOP can save about 20% of value in terms of the company price compared to selling to private equity.
Vests in 20% increments annually until the employee is fully-vested.
If someone departs, the company has five years to pay them off.

Worker Cooperative
Employee-Owners have both financial and managerial control. One member, one vote.
Must sell 100% ownership to the workers; no partial purchases like with an ESOP.
Owner may become one of the many worker-owners in the new structure.
Owner or bank can finance a loan to pay the owners off over 15 years or however long.
John Abrams model – buy-in for each new owner is the price of a decent used car. :)
So they are two different things: buy-in by each worker-owner, vs company-held loan to pay off the owner.
Company can lend each owner some of the money to buy their share if that helps.
What happens if someone leaves from Marty’s worker co-op: the company has five years to pay back $9k initial investment if necessary,
but usually pay it off very quickly just to get it off the Balance Sheet if they have the cash to do it.
Then the internal capital account gets paid out in a different way, on a schedule with other owners.

Inviting staff to have an ownership mentality and be a democratically-run organization is very valuable, especially in anticipation of transitioning to ownership — but different from actual EE ownership.

Recommended book: John Abrams, “The Company We Keep”.

Neat idea – buying a pie for new owners as a way to say “here’s your piece of the pie”.

National Cooperative Resource Map – links to co-op development centers, associations, cooperative-friendly capital, co-op statutes by state:
https://uw-mad.maps.arcgis.com/apps/MapSeries/index.html?appid=a5eda85604f84f02a4f24b3b4483fb69

Questions from Q&A:
Are you using the terms “Exit Planning” and “Succession Planning” interchangeably, or do they have different meanings for you?
How did you educate your employees on employee ownership?
I am working with two businesses doing projects with students in my co-op business management course. An existing worker co-op has lots of legal questions how they can and/or must differentially treat workers as employees and workers as owners. Can you advise a good first landing on legal assistance to help get their questions answered or directed to those who should. I’m no lawyer and most that I work with are in the farmer co-op world. Thanks.
What is your advice for business-owners where the owner is the key employee with specialized knowledge and credentials that is not easily replaced by other existing staff?
In Marty’s buy in model, can that buy in level be paid to the co-op over time (installments) or is it all upfront (day 1).
What happens to the equity in the business as an employee leaves, and how is that different between the 2 structures
Could a consumer cooperative spin off, say, 30% for employees to become owners under either of these structures?
What is the difference in governance control of workers as an ESOP vs a Worker Co-op? I expect there is a range of options.
A follow up to the question about spinning off 30% of a consumer co-op, could the creation of the ESOP or worker co-op component be a vehicle for capitalizing the co-op for expansion or other purposes?
Are worker equity shares in a worker co-op appreciable over time?
Steve, you mentioned existing ESOPs or Coops bringing in another small biz as a merger/acquisition, perhaps sold by a founder with no buyer prospects. Can you talk more about this as another pathway for transitioning an existing biz to an employee-owned company?
I appreciate the conversation about sharing the wealth, but one challenge I see as a CPA is that workers are always convinced that owners are “hoarding” the profits and that’s one of the motivations for becoming worker-owned. However, the company has to be healthy and profitable for this to happen! It’s not magic. If the company is struggling, the worker-owned version of the company will struggle, too. It’s not a magic bullet.
I know there are food co-ops that are also worker co-ops. How could a consumer co-op facilitate their workers starting their own worker co-op inside the food co-op?
Are there incentives, support, programs, etc. for someone looking to start a private business with a roadmap from the beginning to convert to an employee ownership model?
If a small worker owned cooperative or ESOP is often structured as a partnership for tax purposes, does the cooperative structure only impact management?
For Marty, how do the workers owner manage or address the tension between investment in the equipment needed for the business versus profits place into the internal capital account and subsequently distributed?
Interested in any ideas or models for how workers in a consumer co-op might gain “more stake in the game,” feel a real sense of ownership and directly benefit from the growth and success of the business.
What are unique challenges associated with performance management (horizon problem, shirking, freeriding, etc) at employee owned businesses? Do you use any tools/tech for reviews, ratings, etc?
Can you highlight top 3 challenges of running an employee owned business that technology or tools can help solve?
Is there any way to plan succession or manifest employee ownership when the company is merely a one or two person shop without younger family?


If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. Ths allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.

National Society Of Accountants For Co-ops Upcoming Webinars

I often write and speak about my experiences as a co-op accountant, and how challenging it was to become an expert in the field with so few resources. Things have changed a lot since back then, with the National Society of Accountants for Co-ops (NSAC), National Cooperative Business Association (NCBA), and the Co-op Professionals Guild (CPG) all offering online education.

The NSAC line-up for the next few months is seriously powerhouse. For anyone in the field or looking to get into it, I strongly recommend a membership, which gets you into all of these webinars below at no extra charge. That said, if you only want to know the specifics of one topic or another, they are affordably priced at $56 each for non-members.

Note: I am not paid or given a discount to promote NSAC — I just think they’re great!

Behavioral Ethics March 9, 2022 | 11:00 AM EST
FREE NSAC Members | $56 Non-Members 
CPE: 1 Credit Hour
As we continue to be challenged by an increasingly complex business environment, it is important to develop ethical reasoning skills that allow us to put ethical decision-making into practice. In this session, attendees will discover how to identify ethical paradigms and learn how stakeholders are impacted by their ethical choices. Additionally, participants will explore real-life cases that will allow them to rehearse ethical practices. Be prepared for any ethical dilemma and register now! Click for more info. 
Agricultural Economic Outlook April 5, 2022 | 11:00 AM EST
FREE NSAC Members | $56 Non-Members 
CPE: 1 Credit Hour
Want to know more about current and expected market conditions affecting agricultural co-ops? This CLN will address the core issues impacting the macroeconomy, agricultural commodity markets, and the agricultural economy with particular focus on the effects of COVID-19 and inflation. Attendees will get an outlook on the agricultural commodity markets; including corn, wheat, soybeans, rice, cotton, hay, cattle, hogs, and dairy, as well as the impact of rising production costs. Gain valuable insight into current market conditions by registering today! Click here for more info.
Financial Ratios for Agricultural Co-ops April 20, 2022 | 11:00 AM EST
FREE NSAC Members | $56 Non-Members 
CPE: 1 Credit Hour 
Designed specifically for Agricultural Co-ops, this session will explore how to analyze company performance based on an evaluation of financial statements, and introduce ratios used in the financial analysis of cooperatively structured organizations. Learn what to look for when comparing a company to its peers and industry norms, and how to analyze company performance compared to strategic business objectives. Take advantage of this revealing CLN today! Click here for more info.
Financial Ratios for Electric Co-ops April 20, 2022 | 2:00 PM EST
FREE NSAC Members | $56 Non-Members 
CPE: 1 Credit Hour
Designed specifically for Electric Co-ops, this session will explore how to analyze company performance based on an evaluation of financial statements, and introduce ratios used in the financial analysis of cooperatively structured organizations. Learn what to look for when comparing a company to its peers and industry norms, and how to analyze company performance compared to strategic business objectives. Don’t miss out on this engaging session! Click here for more info. 
Tax Update April 28, 2022 | 11:00 AM EST 
FREE NSAC Members | $56 Non-Members 
CPE: 1 Credit Hour
This session will bring attendees the latest and up-to-date tax law changes and new tax return reporting items. Additionally, the CLN will explore any anticipated future tax law changes. Some of the topics that will be covered include: Meals and Entertainment, 163(j) Interest Expense Limitation, Net Operating Losses, R&D Tax Credit Update, and State Taxes Post Wayfair. Stay informed about the latest developments that are most likely to affect your organization with this 60-minute zoom! Click here for more info.
Processing of Work Orders for Electric Co-ops May 5, 2022 | 2:00 PM EST
FREE NSAC Members | $56 Non-Members 
CPE: 1 Credit Hour
In this CLN, participants will review the accounting process for construction and retirement of utility plant from the work order stage to unitization. This will include the audit perspective of this process, along with industry trends and common mistakes to avoid. Sign up today for this exclusive guidebook to processing work orders! Click here for more info.
Navigating New FASB Guidance: Your 2022 Guide May 12, 2022 | 2:00 PM EST 
FREE NSAC Members | $56 Non-Members 
CPE: 1 Credit Hour
Join us for an informative overview of new FASB standards that could impact your organization. This session will explore recent developments in the financial accounting standards relevant to cooperatives. Guest speakers Randy Throener and Amy Schreck will discuss the latest FASB guidance so attendees can successfully implement these recent amendments. Take advantage of this educational CLN! Click here for more info.
How Electricity and Demand Really Work & How it Impacts Rates May 19, 2022 | 11:00 AM EST
FREE NSAC Members | $56 Non-Members 
CPE:1 Credit Hour
As cooperatives consider moving from traditional to more innovative rate design structures, it is increasingly important to understand the different billing units required for each innovative design. Three-part, Four-part, Time-of-use, Critical peak, Super off-peak, and other innovative rate designs require an understanding of and access to a range of billing units. These include Non-coincident demands, Coincident demands, Time-based energy usage, KVar, and more. In this encore session from TFACC 2021, attendees will learn some of the billing units required for innovative rate designs, and explore some of the challenges involved in obtaining, using, and explaining them to members. Don’t miss out on this specialized presentation! Click here for more info.

Dec 7 Webinar: Common Fraud Schemes Facing Small Businesses

Event Image

Just wanted to share an upcoming webinar I’ll be attending — it’s free to NSAC members and $56 for non-members.

With the pandemic challenging traditional business processes and procedures, companies and their management are having to adapt to more electronic processes and different forms of communication. Fraudsters are mirroring these adaptations with ways of getting business information and how they execute their fraud schemes. We’ll discuss the most relevant fraud schemes affecting small businesses in this new business environment.

Presenter and Moderator Bios

Jessica Yohe, CPA, CFE, Bauknight Pietras & Stormer
Jessica is an audit supervisor at Bauknight Pietras and Stormer, P.A. (“BPS”) where she provides leadership to the teams she works with and maintains strong client communications. Jessica serves clients across multiple industries including telecommunications, manufacturing, distribution, property and casualty insurance, and fraud/forensic engagements. During her time at BPS, Jessica has taught continuing education seminars on topics such as Fraud Considerations for Auditors, Audit Considerations for Investments, and Audit Considerations in the Wake of COVID19.

Bill Erlenbush, CPA, NSAC Director of Education
Bill Erlenbush spent his entire career working in cooperative accounting at GROWMARK. His work experience includes all aspects of order control and billing, accounts receivable/payable, financial accounting, and tax. As compliance officer, he had responsibility for the administration of the compliance and ethics program at GROWMARK and its subsidiaries and retail divisions. In addition, he was been involved in negotiating major acquisitions for GROWMARK. His educational background includes a Bachelor of Science degree in Accountancy from the University of Illinois and an MBA from Illinois State University. He is a Certified Public Accountant. Bill is an active member in many industry, professional, and community organizations. He is past president of the Mclean County United Way Board of Directors as well as the past president of the Heartland Community College Foundation Board of Directors.

Cost
Free for NSAC Members / $56.00 for Non-Members

Register here — Common Fraud Schemes Facing Small Businesses Today – NSAC Cooperative Learning Network (nsacoop.org)


If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. Ths allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.

WGN Features Dill Pickle Food Co-op In The News

Very excited to see a long-time treasured client get some enthusiastic press from WGN Chicago. And remember — I’m not just their CPA… I’m a co-op member and lender!

Logan Square co-op brings together thousands, creates vibrant food community | WGN-TV (wgntv.com)

For more information on grocery co-ops and The Dill Pickle Food Co-op in particular, check out these resources on cooperative principles, and why shopping at a co-op is special and important.


If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. Ths allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.

Upcoming NSAC Webinars For Small Biz & Co-op Accountants

I get a great deal of value from my annual membership with the National Society of Accountants for Cooperatives, and one of the most valuable benefits is free access to their Cooperative Learning Network — “webinars that provide easy access to presentations, panel discussions and conversations by leading experts and fellow members on a variety of topics and issues important to those in the cooperative world”. (I would argue that any small business consultant will get great value from these — not just those who work with co-ops.) However, you can take these classes as a non-member as well, for a small fee (usually $56), which includes CPE credit. They are usually well worth it, as there are some topics that they cover, such as small business fraud and preparing for a third-party audit, that no other accounting/bookkeeping membership organization seems to do quite as well.

I mention this because they have a great line-up of CLNs in the next few months and I wanted to highlight some of them:

More information here:
https://nsacoop.org/events/financial-forecasting

More information here:
https://nsacoop.org/events/inside-mind-auditor

More information here:
https://nsacoop.org/events/common-fraud-schemes-facing-small-businesses-today

For those out there considering expanding your scope to include cooperatives, I strongly encourage it, as there are simply not enough co-op bookkeepers and accountants out there to fill the need; cooperatives are one of the fastest-growing segments of the small business population and we need your help to keep them on solid financial footing. NSAC offers Basic and Advanced Cooperative Accounting Seminars — training in the core concepts unique to working for or with cooperatives such as equity management, tax planning and risk management.

I’ll be attending all three of the above webinars and hope to “see” you there!


If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. Ths allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.

PPP Loan Forgiveness for Co-ops – Webinar 10/22

PPP Loans and Forgiveness: A Cooperative Perspective: October 22 2020
https://nsacoop.org/webcast_details.php?id=288

My colleague Eric Krienert will be teaching a one-hour webinar on October 22 on the topic of the Paycheck Protection Program. This session will provide an overview from a cooperative perspective of loans and forgiveness under the PPP. Beginning with the economic necessity certification, to qualifying expenses, to the spending timeframe and FTE limitation — an explanation will be provided on restoring FTEs and wage limitation before looking at the loan forgiveness application process. The session will conclude with a review of tax and other considerations.

More information on the webinar, as well as registration details, can be found here. The session is free to NSAC members and $56 for non-members.


If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. This allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.

NSAC Co-op Webinar 9/29: Distinguishing Between Patronage, Nonpatronage and Nonmember Income

NSAC’s Cooperative Learning Network offers excellent continuing education for co-op professionals.

I’m particularly excited about this upcoming webinar offered by the National Society of Accountants for Cooperatives (NSAC) — Tuesday, September 29, 2020 at 2 pm ET / 1 pm CT / 12 pm MT / 11 am PT — entitled “Distinguishing between patronage, nonpatronage and nonmember income“.

Why? Well, not only is it an important and complex topic about which there is little written — and even less often presented at conferences and in continuing education settings — but it’s being taught by some of my very favorite colleagues in the co-op world. In particular, Teree Castanias and George Benson are regular educators in the space of cooperative tax issues, and among the very finest in their fields. (And one of the moderators is none other than a friend of mine, the extremely knowledgeable and dedicated Rebecca Smith.)

“This session will discuss the consequences of patronage distributions and/or patronage retentions in the current environment. Panelists will discuss prior case law and the proposed regulations as well as the consequences of both in the current environment.”

If you work in co-op accounting, you owe it to yourself and your clients to take an hour out of your day to get up-to-speed on this complicated and essential topic. It’s a fast, convenient, easy, and affordable way to learn from some of the leaders in the field. Nope, they don’t pay me to say this… I’m just excited about it. Register here. See you there!


If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. This allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.