Estate Planning: Stepped-Up Basis – What Is It, Why Is It Important – DTN Jan 5, 2021

🕔Jan 5, 2021
With all the talk about potential changes to estate tax laws, I thought it would be a good idea to go back to the basics and discuss stepped-up basis. When […]

Want To Quit Farming? Tips For Cushioning Tax Obligations – DTN Dec 1, 2020

🕔Dec 1, 2020
It’s been a trying year. Commodity prices have been volatile, and the weather has wiped out large sections of crop. The stress has taken its toll on the farm community. […]

Ag Producers Income Tax Management Program, Online, Dec. 1 Nov 20, 2020

🕔Nov 20, 2020
A tax management program will be offered to producers and tax preparers on Dec. 1 from 1 to 4 p.m. Central time, via Zoom technology. “This program provides an excellent […]

Biden’s Tax Plan Details – DTN Oct 29, 2020

🕔Oct 29, 2020
Former Vice President Joe Biden’s tax plan would translate into higher annual income and payroll taxes for roughly 80,000-plus farmers and significantly affect taxes in farm liquidations or the handing […]

Farm Taxes: Transitioning Out of a Partnership or S Corporation – DTN Aug 18, 2020

🕔Aug 18, 2020
I’ve had conversations with several clients recently. Because of the stress and uncertainty, they would like to transition out of farming. Sometimes, this means transitioning to the next generation, and […]

Ag Taxes: What to Know About Debt Forgiveness – DTN Jul 28, 2020

🕔Jul 28, 2020
As I’m writing this article, we are still waiting for guidance on PPP (Paycheck Protection Program) loan forgiveness. Based on what is being discussed in Congress, there will be some […]

Ag Taxes: Limits on Deducting Farm Losses Jul 22, 2020

🕔Jul 22, 2020
The typical farming couple has both off-farm and farm income. The farming operation probably reports a loss as often as it reports profits. The loss is usually deducted against off-farm […]

Ag Tax Provisions from the Coronavirus Aid, Relief, and Economic Security Act – DTN Jun 19, 2020

🕔Jun 19, 2020
These are strange times. Back in January, many of our agribusiness subindustries were poised to have a good year. We reached a trade agreement with China. Milk and cattle prices […]

Farm Taxes: Partnership Capital Accounts – It’s Complicated – DTN Mar 25, 2020

🕔Mar 25, 2020
Partnership reporting has undergone some drastic changes in the past few years. In 2018, the IRS required that if a partnership tracked capital accounts on a nontax basis, the partnership […]

Income Taxes – Year-End Planning Checklist for Ag Producers Dec 13, 2019

🕔Dec 13, 2019
Agricultural producers should do tax planning before the end of the year. “With the difficult and late harvest, producers haven’t had much time to think about year-end tax planning, but […]

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