Ag Taxes: Independent-Contractor Classification – Possible Impacts of New Legislation – DTN Apr 16, 2021

🕔Apr 16, 2021
Prior to entering office, President Joe Biden issued a comprehensive labor plan. Within his plan was a call to enforce current laws against employers that misclassify employees as independent contractors. […]

Illinois Grain Farms: Impacts of Removal of Sales Tax Exemptions Mar 24, 2021

🕔Mar 24, 2021
Farmers do not pay Illinois’ 6.25% sales tax on exempt agriculture inputs.  We examine the impacts removing existing sales tax exemptions resulting in a 6.25% sales tax added to fertilizer, […]

Ag Taxes: How Will Biden’s Plan Affect Farmers? – DTN Feb 8, 2021

🕔Feb 8, 2021
Probably the No. 1 question I got in 2020 was, “What is the Biden Tax Plan [BTP], and how will it impact farms?” (At the time of writing this article, […]

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 […]

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