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Tag "IRS"

Farm Taxes: Conservation Easements are Viable Tool for Farmland Owners – DTN

Farm Taxes: Conservation Easements are Viable Tool for Farmland Owners – DTN

👤By Andy Biebl DTN Tax Columnist 🕔Mar 17, 2017

Conservation easements (CEs) are getting a bad name. A few months ago, the IRS teed up marketed deals as a Form 8886 disclosure item in tax returns. That enters the taxpayer into a painful world of IRS scrutiny that, by

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Ask the Taxman: Like-Kind Exchanges; Housing Deduction; LLC Value – DTN

Ask the Taxman: Like-Kind Exchanges; Housing Deduction; LLC Value – DTN

👤By Andy Biebl DTN Tax Columnist 🕔Feb 8, 2017

QUESTION Our parents left their land to my brother, sister and me. We have a crop-share arrangement with a young farmer and are working to divide the properties. Since we continued operating the farms together, how long do we have

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Farm Taxes: Heads Up! Major Change in Family Valuation Discounts – DTN

Farm Taxes: Heads Up! Major Change in Family Valuation Discounts – DTN

👤By Andy Biebl DTN Tax Columnist 🕔Oct 10, 2016

In early August, the IRS released draft regulations that, when effective, will impose major restrictions on valuation discounts of family-controlled entities. This represents a major change in our tax system, and the clock is ticking before the new rules become

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Farm Business: Does the IRS Consider You a Farmer? Maybe not. – DTN

Farm Business: Does the IRS Consider You a Farmer? Maybe not. – DTN

👤By Andy Biebl DTN Tax Columnist 🕔Apr 1, 2016

Being categorized as a farmer or rancher among your peers or with the USDA is one matter. However, whether all of your activities are farming for federal tax purposes can have very specific consequences. A key definition in the tax

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CRP Payments for Non-Farmers – Tax Questions

CRP Payments for Non-Farmers – Tax Questions

👤By Roger A. McEowen, Iowa State University 🕔Nov 24, 2015

Overview The recent non-acquiescence issued by the IRS in the decision of the U.S. Court of Appeals for the Eighth Circuit in Morehouse v. Comr. has raised a question among some as to whether Form 8275 should be filed with the

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Transactions: Don’t Fall Victim to These 5 Common Tax Mistakes – DTN

Transactions: Don’t Fall Victim to These 5 Common Tax Mistakes – DTN

👤By Andy Biebl, DTN Tax Columnist 🕔Sep 10, 2015

In last month’s column, I focused on troubles that can arise with do-it-yourself tax filings and interactions with the IRS. Here are more, but this time focusing on business transactions that can create tax havoc. #1 FAMILY TRANSACTIONS WITHOUT FORMALITIES

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Affordable Care Act: IRS Guidelines for Small Employers – 7 Tips

👤By Kristine A. Tidgren, Center for Ag Law and Taxation, Iowa State University 🕔Feb 19, 2015

The Affordable Care Act continues to be a challenge for businesses to determine how the policies affect employee insurance. It is especially confusing for small businesses such as a farm operation or crop consultant group. The IRS recently issued Notice 2015-17,

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Ask the Taxman: Exceptions to IRS Regs on Medical Reimbursement — DTN

👤By Andy Biebl, DTN Tax Columnist 🕔Jan 14, 2015

DTN Tax Columnist Andy Biebl is a CPA and principal with the accounting firm of CliftonLarsonAllen LLP in New Ulm and Minneapolis, Minn., and a national authority on agricultural taxation. His Dec. 31 column on the Affordable Care Act’s new

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Taxes: Year-End Panic – Don’t Wait to Navigate New Rules – DTN

👤By Elizabeth Williams, DTN Special Correspondent 🕔Dec 5, 2014

If you reimbursed an employee for individual health care costs, received a crop insurance indemnity payment, traded commodity options this year or had a lot of repair bills, your 2014 taxes just got more complicated. That doesn’t even count the

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Tax Planning: Installment Sales Method Gives Grower Flexibility — DTN

👤By Andy Biebl, DTN Tax Columnist 🕔Nov 3, 2014

Here we are two months from the end of the year, ready to tackle those critical year-end tax projections, and we still don’t know the depreciation rules for 2014. Soon Congress will finally address the so-called “extenders.” The two big

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