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 […]

Lost Co-op Tax Break Seems Headed Towards Reinstatement – DTN Mar 5, 2020

🕔Mar 5, 2020
Leaders of the National Council of Farmer Cooperatives are optimistic IRS officials will adjust Section 199A(g) tax breaks after testimony this week from Treasury Secretary Steve Mnuchin. Reviewing the “Grain […]

Taxes: Qualified Business Income, Section 199A – Confused? – DTN Aug 5, 2019

🕔Aug 5, 2019
Back in January, the IRS released final regulations on Section 199A. Due to several flaws, the agency continued to work on the verbiage and mechanics. On April 19, the IRS […]

Taxes: Does the IRS Consider Your Farm a Hobby or a Business? May 8, 2019

🕔May 8, 2019
Understanding tax laws and guidelines can help you avoid unexpected tax consequences on your small farm or ranch. “Your tax return has been selected for examination by our office.” These […]

Farm Taxes and Vehicle Depreciation – What are the Rules? – DTN Apr 18, 2019

🕔Apr 18, 2019
I’m writing this article as my “break” from reviewing tax returns. Let me tell you, this has been a challenging year! Between new tax laws, new tax forms and certain […]

IRS Waives Estimated Tax Penalty for Farmers Mar 1, 2019

🕔Mar 1, 2019
The Internal Revenue Service (IRS) has waived the estimated tax penalty for qualifying farmers who file their return and pay any taxes due by April 15, 2019. “Typically, agricultural producers […]

Farm Equipment Leasing: New Tax Code Adds A Wrinkle – DTN Mar 14, 2018

🕔Mar 14, 2018
I’m sitting here reviewing tax returns and thinking about questions clients have asked throughout the busy season. With the low commodity prices and tax law changes, many clients have asked […]

Farm Business: Digital Farm Records Made Easy Feb 12, 2018

🕔Feb 12, 2018
Everyone knows the feeling. Boxes upon boxes fill up your garage, closet, attic, and about every other conceivable location, storing all those precious receipts and invoices. For the IRS you […]

Farm Taxes: Who Needs a 1099? Aug 14, 2017

🕔Aug 14, 2017
After the first of the year, many farmers and ranchers issue IRS 1099 forms as required by law. The big question becomes “Who am I required to send one to?” There […]

Ask the Tax Man: Trading Into a Lease; IRS Notices; Pending Tax Legislation – DTN Jun 5, 2017

🕔Jun 5, 2017
Here are several recent experiences that have lessons, plus a thought on the upcoming tax legislation: TRADING INTO A LEASE With cash-flow tight and income taxes not an issue for […]

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