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Cooperatives
Cooperatives
TaxNewsFlash-Cooperatives — KPMG's reports of tax developments concerning U.S. cooperatives
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Third Quarter (2020)
July - September
Sep 22 - Notice 2020-74: More time for drought-affected farmers, ranchers to replace livestock
Aug 28 - IRS temporarily to allow digital signatures on Form 1120-C
Aug 28 - PLR: Cooperative’s distribution of gain from sale of land, patronage-sourced income
Aug 5 - KPMG reports: Initial analysis of regulations, guidance under section 163(j) (printable version)
Jul 31 - KPMG report: Analysis of final FDII regulations
Jul 29 - Regulations under section 163(j): Calculating ATI for cooperatives
Jul 9 - Final regulations: Deduction under section 250, FDII and GILTI (text of regulations)
Second Quarter (2020)
April - June
First Quarter (2020)
January - March
Feb 21 - Rev. Proc. 2020-13: Guidance for farmers on uniform capitalization rules
Feb 20 - IRS reminder: March 2 deadline, farmers not making quarterly estimated tax payments
Feb 7 - Draft of instructions, Form 1120-C for 2019
Feb 6 - IRS re-releases draft instructions, Form 1099-PATR for 2020
Jan 13 - Reminder, cooperative tax provision in 2019 appropriations legislation
Fourth Quarter (2019)
October - December
Dec 19 - Legislative update: Congress passes funding legislation with cooperative tax measure
Dec 18 - Legislative update: Government funding bills, provisions concerning certain cooperatives
Nov 8 - PLR: Telephone cooperative’s gain on sale of shares is patronage-sourced income
Oct 16 - U.S. Tax Court: Cooperative’s payments to patrons, section 199-related computations
Oct 16 - IRS releases draft instructions, Form 1099-PATR for 2020
Third Quarter (2019)
July - September
Sep 30 - Notice 2019-54: More time for drought-affected farmers, ranchers to replace livestock
Sep 26 - Federal Circuit: Alternative mixture fuel credit denial upheld
Aug 5 - Corrections to proposed regulations under section 199A, concerning cooperatives
Second Quarter (2019)
April - June
Jun 25 - KPMG report: Section 199A implications for cooperatives; initial impressions of proposed regulations
Jun 20 - IRS updates FAQs, QBI deduction for cooperatives and patrons
Jun 18 - Notice 2019-27: Guidance for cooperatives and patrons on QBI deduction
Jun 18 - Proposed regulations: Rules under section 199A for cooperatives and patrons (text of regulations)
May 10 - Texas: Property tax exemption, electric cooperative’s heat-recovery steam generators
May 7 - Notice 2019-33: Future guidance on tax reserves used by public utilities; request for comments
First Quarter (2019)
January - March
Fourth Quarter (2018)
October - December
Third Quarter (2018)
July - September
Sep 28 - Notice 2018-79: Extension of replacement period for livestock
Aug 31 - IRS denies tax-exempt status for “food co-op”
Aug 23 - IRS releases draft version of Form 1120-C for 2018
Aug 8 - Separate guidance for cooperatives expected under section 199A
Jul 24 - Relief for U.S. farmers, ranchers affected by trade retaliation
Contact Us
KPMG’s National Director of Cooperative Tax Services:
David Antoni | +1 (267) 256-1627 | dantoni@kpmg.com
Associate National Director of KPMG’s Cooperative Tax Services:
Brett Huston | +1 (916) 554-1654 | bhuston@kpmg.com
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