Farm Taxes

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    March 2nd, 2015


    IRS Has Impeccable Timing (As Usual)

    It was announced a couple of weeks ago that about 800,000 Form 1095-A were issued by the government with incorrect information.  As a result of this error, the government has issued relief from certain filing requirements or penalties associated with these incorrect forms. The latest News Release was released just last Friday indicating that qualifying farmers […]

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    February 20th, 2015


    Perhaps 800,000 or More Form 1095-A Are Wrong

    If you obtained health insurance through the federal or state exchanges, you may receive an email and phone call from the exchange in the next few days.  There was a widespread error on Form 1095-A where the costs of the second-highest silver level plan premiums may have been prepared incorrectly.  The errors on these forms […]

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    February 18th, 2015


    Here We Go Again

    Yet again, we have additional guidance on health insurance arrangements where employers reimburse employees for individual health insurance policies or pay individual policy premiums directly.  These types of arrangements, called employer payment plans, are disallowed by the ACA and are subject to steep excise taxes.  In Notice 2015-17, the IRS made some transitional relief available […]

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    February 16th, 2015


    You Don’t Need to File Those Form 3115s After All

    The IRS had issued new Regulations more than a year ago dealing with repairs, materials and supplies and related capitalization of asset purchases.  In my opinion the new Regulations were actually fairly taxpayer friendly, however, there was much discussion by many firms that all taxpayers would be required to file a Form 3115 (a form […]

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    February 16th, 2015


    Join US For AICPA Ag Conference in July

    The final agenda for the 2015 AICPA Ag Conference is just about complete and I think it will be as good or possibly even better than the 2014 Ag Conference held in Austin, Texas last May.  There will be good mix of presentations.  There will not be just one focus on tax, accounting or producers, […]

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    February 9th, 2015


    How Do Repair Regulations Affect My Farm Operation?

    The IRS issued new regulations on how to account for repair and maintenance costs and the required capitalization of fixed assets purchases about a year and half ago and most of the provisions are now effective with tax returns beginning January 1, 2014.  I have taught on this subject at several tax CPE classes in […]

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    February 6th, 2015


    Excessive Claims for Fuel Tax Credits Makes the IRS “Dirty Dozen List”

    The IRS just released a bulletin yesterday announcing that filing tax returns claiming excessive amounts of fuel tax credits is now on their “Dirty Dozen” list of tax scams for the 2015 filing season.  We find that most farmers purchase fuel that is exempt for state and federal gas taxes for those gallons that are consumed […]

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    February 2nd, 2015


    $500,000 Permanent Section 179 Could be Coming Soon!

    The House Ways and Means Committee is expected to vote on seven expired tax provisions on February 4, including making permanent Section 179 expensing at the $500,000 level.  The current level for 2015 is $25,000 and for any farmer who spends more than $225,000 on equipment during the year, the amount allowed is zero. Another […]

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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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