Farm Taxes

IRS Disagrees With Morehouse Ruling (Of Course)

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October 27th, 2014

The IRS released on October 16, 2014 a new bulletin on their website (in the small business section) regarding the taxation of Conservation Reserve Program (CRP) payments.  Although the release was dated after the Morehouse appeal case which was released on October 10, 2014, the IRS has not changed their stance regarding the taxation of […]

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2015 Social Security Wage Base Increases to $118,500

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October 24th, 2014

FICA tax of 6.2% for employer and employee applies on wages and SE earnings up to $117,000 for 2014.  The Social Security Administration (SSA) just announced that for 2015, the new wage base will be $118,500 or an increase of $1,500.   This means, that for 2015, the maximum Social Security tax that employers and employees will […]

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Will ACA Require You To Include Health Insurance as Wages

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October 20th, 2014

Many farmers provide health insurance for their employees.  In years past; whether the employer offered a qualified group plan or simply paid for the employee’s health insurance, the payment of the premium was deductible by the farmer and non-taxable to the employee.  However, beginning January 1, 2014, an employee is only non-taxable on health insurance benefits […]

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Join Andy Biebl, Lance Woodbury and Myself

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October 15th, 2014

DTN/Progressive Farmer puts on an Ag Summit in Chicago every year in December.  This year on Sunday December 7 from 1 pm to 5 pm, Andy Biebl, Lance Woodbury and myself will be doing a joint presentation on Farm Retirement and Transition Planning.   Some of the key topics that Andy and I will be presenting […]

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Less Than Two Full Days to Get Your Return Filed

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October 13th, 2014

I think I must have have gotten 10 or more tax returns wrapped up and out the door today but I know I still have at least 20 or more to get finished by Wednesday at 5 PM (actually earlier for me: I am headed to Southern California to play in my two oldest sons […]

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Tax Court Tells IRS “Update Your Regulations”

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October 10th, 2014

In an US Tax Court case released on October 9, 2014, the Court essentially told the IRS to update their income tax regulations to reflect changes made to the US Income Tax Code almost 20 years before. If a service business (such as an accounting firm, law practice, medical practice, etc.) incorporates its business, it is […]

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Morehouse Appeal is Released – Taxpayer Victory

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October 10th, 2014

The Eighth Circuit just released today the long-awaited appeals of the Rollin Morehouse Tax Court case that we have posted on previously.  In the original Morehouse decision. the Tax Court found that essentially all CRP payments received, whether by a farmer or simply a landlord would be subject to self-employment tax. In today’s Eighth Circuit […]

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How Might CBO Estimates Change

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October 9th, 2014

The Congressional Budget Office (CBO) did an updated scoring of the new farm bill back in April of this year.   It breaks down the major outlays for all related agricultural farm bill spending including ARC and PLC for all of the major covered commodities. I am assuming that CBO has run numerous calculations at various low […]

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Time Running Out on Late Portability Elections

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October 7th, 2014

We now have a new provision (although it has been around for a few years) that allows the unused portion of the first spouse’s estate to be “ported” over to the surviving spouse.  We call this portability.  There was a lot of confusion surrounding how to report this when the first spouse did not have […]

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Taxable is Taxable -Whether a 1099 or not!

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October 6th, 2014

I got this question from one of our readers: “Are rebate checks that are received through a growers rewards program from Seed Company for the purchase of seeds taxable as income? I do believe it is but the wholesaler is saying it isn’t because you don’t get a 1099! ” I tend to get several […]

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