Farm Taxes

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    January 23rd, 2015


    IRS Scammers Net $14 Million from 3,000 Victims

    The pervasive IRS impersonation phone scam has claimed nearly 3,000 victims who have collectively paid over $14 million, according to a new warning from the Treasury Inspector General for Tax Administration (TIGTA).  According to the TIGTA, they have received reports of around 290,000 cases due to this scam from taxpayers since October 2013. In the […]

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    January 20th, 2015


    2 Senators Work to Eliminate Capital Gains Tax on Chapter 12 Bankruptcies

    Senator Grassley (D-Iowa) and Senator Franken (D-Minn) proposed a bill today in the Senate to eliminate capital gains tax that a farmer may owe when selling property after entering a Chapter 12 bankruptcy.  Chapter 12 bankruptcy is designed to allow farmers to reorganize their farm operations and keep the farm in the family and operating.  […]

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    January 19th, 2015


    Save the Date

    Due to the success of the AICPA Ag Conference in Austin, Texas last May, they have decided to do another Ag Conference this year.  Normally, this conference would be on an every-other year cycle, but they have elected to try having a back-to-back conference. This year, the conference will be held at the Hyatt Regency in […]

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    January 18th, 2015


    Do Farmers Take Advantage of “Trust Fund” Loopholes

    President Obama as part of his expected State of the Union address will announce various tax related measures to help the lower and middle class and close certain “trust fund” loopholes.  This loophole is primarily the ability to step-up assets to fair market value at death.  Current law allows a step-up in value of almost […]

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    January 16th, 2015


    Early CRP Opt-Out Ends January 30, 2015

    The USDA has announced that the deadline for CRP participants to elect out of any current CRP contracts will end January 30, 2015.  Under the new Farm Bill, certain CRP participants who met certain requirements were allowed to opt-out of the CRP contract early without penalty.  Here is a fact sheet on those conditions. Practices […]

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    January 15th, 2015


    Is Corn Drifting Away From Any 2014 PLC Payment?

    As most of our readers are aware, we have posted numerous times on PLC and ARC.  For several months the USDA has posted their monthly price for the corn 2014/15 MYA as being under $3.70.  If my memory is correct, they got as low as $3.30 and possibly even $3.20 and for at least the […]

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    January 13th, 2015


    IRS Opens FATCA Data Exchange Service

    The Internal Revenue Service has introduced an International Data Exchange Service that financial institutions and tax authorities in other countries will use to report tax information under the Foreign Account Tax Compliance Act, or FATCA. Financial institutions and host country tax authorities will use IDES to securely send their information reports on financial accounts held […]

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    January 8th, 2015


    Should I File By March 1?

    Most farmers usually file their income tax return by March 1 of each year.  If a farmer files AND pays their tax in full by that date, they are not required to make any estimated taxes for the year.  If they do not file by March 1, then they are required to make one estimated […]

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    January 7th, 2015


    Loss Limitation Eliminated?

    For years beginning after 2009, farmers who received any direct or counter-cyclical payments from the USDA (under Title I of the Food, Conservation and Energy Act of 2008), any payment elected to be received in lieu of such payment, or any CCC loan, are limited in the amount of otherwise deductible Schedule F farming loss. […]

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    December 20th, 2014


    It’s Official

    President Obama signed the Tax Extenders Bill yesterday and now farmers can go out and buy as much equipment as they want before year-end to take full advantage of Section 179 for 2014. I have a feeling there may be a fair amount of “phantom” equipment bought between now and the end of the year. […]

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