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 […]

Taxes: 7 Key Tips from New Retirement Act – DTN Feb 10, 2020

🕔Feb 10, 2020
The Setting Every Community Up for Retirement Enhancement Act of 2019, or SECURE Act, was passed by the House in July 2019 and approved by the Senate on Dec. 19, […]

Farm Business Decisions: Emotions Are Not Your Friend – DTN Jan 9, 2020

🕔Jan 9, 2020
Tax planning always makes me reflect. To say 2019 was a wild ride is an understatement. We saw large swings in commodity prices, increases in dairy prices and optimism in […]

Farm Taxes: Steer Away from Cash Accounting? – DTN Nov 5, 2019

🕔Nov 5, 2019
Cash method of accounting is under attack. In February 2017, the IRS issued an Action and Decision letter in response to losing Burnett Ranches LTD v. U.S. Under the Internal […]

Farm Employee Or Contractor? 4 Points For Determining Status – DTN Oct 15, 2019

🕔Oct 15, 2019
One question that often comes up during tax planning is how you should pay a worker. In other words, is he or she an employee or an independent contractor? This […]

Farmer Tax Credits: 4 To Consider Going Forward – DTN Mar 5, 2019

🕔Mar 5, 2019
I’m writing this column at 10 p.m. at night after a long week reviewing tax returns. Although tax reform has produced some mixed results, I’m still finding benefits for my […]

Farm Taxes: Equipment Trade-Ins – Navigating State vs. Federal Rules – DTN Nov 21, 2018

🕔Nov 21, 2018
Tax treatment of equipment trade-ins got a tune-up in 2017’s tax reform legislation. Experts say provisions restricting like-kind exchanges for machinery are offset by more generous rules on depreciation, resulting […]

Farm Taxes: Net Operating Losses No Longer Offset Profits in Future Years – DTN Nov 20, 2018

🕔Nov 20, 2018
Annual profits and losses in agriculture generally follow a rollercoaster path with sharp peaks and valleys. In the past, a tax-loss year would help farmers and ranchers offset profits from […]

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: Does Cutting Your Expenses Mean Giving Up Health Insurance? – DTN Jan 25, 2017

🕔Jan 25, 2017
During year-end meetings with farm clients, Minneapolis-based consultant Rod Mauszycki, heard farmers pose a question the veteran tax adviser had never heard before, “What’s the penalty for not carrying health […]

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