Farm Taxes

ACA Subsidies: One Court Strikes Down, Another Upholds

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July 22nd, 2014

The U.S. Court of Appeals for the D.C. Circuit ruled Tuesday morning that the insurance subsidies granted through the federally run health exchange, which covered 36 states for the first open enrollment period, are not allowed by the law.  Subsidies provided by state ran exchanges would still be allowed. The highly anticipated opinion in the […]


Section 179 and Bonus Depreciation Update

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July 17th, 2014

I seem to get more emails, phone calls and conversations regarding Section 179 and bonus depreciation compared to any other question. Both the Senate and House have either discussed or proposed several bills to extend bonus depreciation and Section 179 or make them permanent. In my opinion none of these bills will ultimately be passed […]


Watch Out for Spousal Inherited IRAs

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July 10th, 2014

Spouses who inherited IRAs have a couple of elections available to them that non-spouses do not have.  However, care must be taken to make sure that the 10% early withdrawal penalty does not apply when distributions are finally taken. When a spouse passes away owning an IRA whose beneficiary is the surviving spouse, that spouse […]


IRS Modifies Offshore Voluntary Disclosure Program (OVDP)

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July 7th, 2014

On June 18, 2014, the IRS announced new updated procedures for the voluntary disclosure program and new streamline filing procedures which in many cases substantially reduces the penalty exposure for non compliant taxpayers to 5% of the highest balance in foreign accounts and non-declared assets.  I have personally worked with clients that were involved in […]


The Continued Attack on Section 1031 exchanges

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July 3rd, 2014

In the FY2015 budget proposal released by President Obama back in March of this year was certain provisions of importance to farmers.  One provision is the permanent extension of Section 179 at the $500,000 level.  This would be a welcome change, however, as previously discussed in several posts, this will not happen until after the […]


IRS Releases Final Regulations on ACA Small-Business Tax Credit

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June 30th, 2014

The IRS released on June 20 their final regulations on the small-business tax credit for paying health insurance premiums for the business employees.  This credit has been available since 2010 and was at a 35% maximum level until 2013.  In 2014 and 2015 the credit increases to 50% for health insurance premium payments offered through […]


Is Low Section 179 Causing Low Equipment Sales?

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June 24th, 2014

Most of the equipment manufacturers have released their equipment sales for the last quarter and most of them reported lower sales for the first quarter of this year versus 2013.  We have seen some commentators attribute this to the current lower Section 179 tax deductions for this year and no bonus depreciation. However, when you […]


Washington State Sales and Use Tax Exemption Update

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June 12th, 2014

Washington State Sales and Use Tax Exemptions Update  For our Washington state readers, effective June 12, 2014, eligible farmers will no longer have to apply to the Department of Revenue and the Department of Revenue will no longer issue exemption certificates for repair parts and services for farm machinery and equipment. Instead, qualifying farmers must […]


Know Your Deferred Tax Liability!

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June 9th, 2014

Over the last couple of months I have seen some farm operations that based upon the fair market value financial statements provided appear to have net worth, however, when you factor in the amount of deferred taxes that would be owed if all of the inventories, equipment and receivables were liquidated, the farming operation would […]


FBAR Filing Deadline is Near

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June 5th, 2014

The Foreign Bank and Financial Accounts Report (FBAR) form, formerly TD 90-22.1 now known as FinCEN Form 114 must be electronically filed by June 30th.  As it is not required that this form be filed at the time of filing an individual tax return, this form can be easily overlooked. This form must be filed […]


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    Corn does well in Washington state. 55 at night 95 during the day plus irrigation 14 hours ago

    If average cash rents drop $50 this fall and cash return is 2% equals drop in average land values of $2,500. We shall see. 1 day ago

    2 years ago corn + beans + wheat was almost $40. Now it is under $20. 1 day ago

    Great time with @MRRChip today on Market Rally talking about the new farm bill. 2 days ago

    Drove over 2,000 miles in last 12 days. Saw a lot of good looking corn. Beans not so much 4 days ago

    When you drive through Minnesota, South Dakota and Iowa this time of year you see a lot of corn and beans and not much else 2 weeks ago

    Possible another reason for high US corn yield estimates is acres switched to beans were lower yield corn acres 2 weeks ago

    Don't understand why nobody claims the USDA manipulates the data when the report is bullish 2 weeks ago

    USDA pegged lower corn production but if yields trends continue this will quickly change to production increase. 2 weeks ago

    The soybean YO-YO is well underway 2 weeks ago