Farm Taxes

ACA Subsidies: One Court Strikes Down, Another Upholds

By: | Trackback URL | No Comments

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 […]

More

Section 179 and Bonus Depreciation Update

By: | Trackback URL | No Comments

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 […]

More

Watch Out for Spousal Inherited IRAs

By: | Trackback URL | No Comments

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 […]

More

IRS Modifies Offshore Voluntary Disclosure Program (OVDP)

By: | Trackback URL | No Comments

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 […]

More

The Continued Attack on Section 1031 exchanges

By: | Trackback URL | No Comments

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 […]

More

IRS Releases Final Regulations on ACA Small-Business Tax Credit

By: | Trackback URL | No Comments

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 […]

More

Is Low Section 179 Causing Low Equipment Sales?

By: | Trackback URL | No Comments

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 […]

More

Washington State Sales and Use Tax Exemption Update

By: | Trackback URL | No Comments

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 […]

More

Know Your Deferred Tax Liability!

By: | Trackback URL | No Comments

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 […]

More

FBAR Filing Deadline is Near

By: | Trackback URL | No Comments

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 […]

More

Subscribe to this blog by:

Previous Posts

Events

View upcoming speaking engagements and other networking events for Paul Neiffer and CliftonLarsonAllen’s agribusiness team.

See All

  • Twitter Feed

    Congrats to # 24. The Chase is in for #5 18 hours ago

    Got to drive a Case IH 2388 yesterday in 130+ bpa wheat for two hours. My idea of a perfect day. Have two more days end of the week 2 days ago

    Debt as percentage of farm assets will go up as farmland and equipment values go down. Where will it stop? 2 days ago

    Photo of 140 bpa wheat near Walla Walla pic.twitter.com/YsA2wPt1iH

    3 days ago

    Corn does well in Washington state. 55 at night 95 during the day plus irrigation 4 days 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. 4 days ago

    2 years ago corn + beans + wheat was almost $40. Now it is under $20. 5 days ago

    Great time with @MRRChip today on Market Rally talking about the new farm bill. 6 days ago

    Drove over 2,000 miles in last 12 days. Saw a lot of good looking corn. Beans not so much 1 week 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