Farm Taxes

Another Tax Season Bites the Dust

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April 15th, 2014

I am waiting for my oldest son’s age to finally surpass the number of tax seasons I have completed.  He is 27 (and working at a CPA firm in Costa Mesa, CA) and his little brother, age 25 works at Price Waterhouse Coopers in downtown LA (there is a chance he gets to spend 3 […]

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Social Security, Treasury Targets Taxpayers for Their Parent’s Decades-Old Debts

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April 14th, 2014

According to a recent Washington Post article, the Treasury Department has been seizing tax refunds or demanding payment from hundreds of thousands of Americans on some very old debts due to a single sentence in the 2008 farm bill that removed the 10-year statute of limitations on debt owed to the government.  Since 2011, the […]

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Trusts Can Get You in Trouble

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April 10th, 2014

In a Tax Court filing from last week (Estate of Elwood H. Olsen, TC Memo 2014-58), we find how much tax can be owed if taxpayers do not administer trusts correctly.  In the case, Mr. Olsen passed away in 2008 at the age of 92.  In 1994, Mr. Olsen and his wife Grace each formed […]

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Patronage Dividend Notices Can Be Sent by Email or Posted to a Website

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April 3rd, 2014

Roger McEowen from the Center for Agricultural Law and Taxation (CALT) posted earlier this week on a recently issued IRS private letter ruling (PLR 201413002) allowing a cooperative to provide notice by email or a posting to their website instead of mailing all notices by regular mail.  In order for Cooperatives to get a deduction for […]

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Senate Finance Committee Proposes Two-Year Extension of Section 179 and Bonus Depreciation

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April 3rd, 2014

Senator Ron Wyden (D – Oregon), chairman of the Senate Finance Committee has submitted a bill to extend many of the provisions that automatically expired at December 31, 2013.  Of special interest to farmers is that Section 179 would be retained at the $500,000 level for 2014 and 2015 AND 50% bonus depreciation would be extended […]

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Very Limited Availability for AICPA Ag Conference

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April 1st, 2014

This post is primarily for our CPA readers out there.  I was just informed yesterday that there is extremely limited availability for the AICPA Ag Conference that will be held in Austin on May 7 to May 9.  If you are interested in attending, here is the link on the AICPA site to sign up.  […]

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Taxpayer Victory in Frank Aragona Trust Case

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March 27th, 2014

The US Tax Court released today their long anticipated decision in the Frank Aragona Trust case.  The background on the case is as follows: The Frank Aragona Trust was formed by Frank Aragona during his lifetime and after his death, the trustees of the trust were his five children plus an independent trustee.  Three of the children […]

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Painful Form 8879 Process is on its Way

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March 26th, 2014

Almost all of our tax returns that we prepare for farmers are now being electronically filed with the IRS and related state taxing authorities.  The form that we need from the client in order to electronically file the return is Form 8879.  This form must be signed by an appropriate person for entities and then […]

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Schedule F Reporting Update

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March 25th, 2014

I got some feedback on my previous post on Tax Reform and low Schedule F reporting of income. Several sources of farm income does not show up on a Schedule F. This includes many common sales of farm assets such as breeding stock and equipment. Most of the expenses associated with this income is deducted […]

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One More Reason Why Tax Reform is Going After Cash Method

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March 24th, 2014

The IRS issues data regarding income tax information for filers every year.  I ran across a posting on the net farm income and loss reported by Schedule F farmers for 2011 and 2012.  During each of these years, the USDA estimated that farmers had net farm income in excess of $120 billion. However, on schedule […]

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