Farm Taxes

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    September 1st, 2015


    8 Digits Does Not Make an EIN – Extends Gift Tax Statute

    In a recent IRS Field Attorney Advice, we find out that messing up an employer identification number on a gift tax return can extend the gift tax statute of limitations.  A person filing a proper gift tax return gives the IRS only three years to audit the return.  However, if the information is not complete, the statute […]

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    August 24th, 2015


    IRS Delays New Inherited Property Reporting Requirements Until February 2016

    On July 31, 2015, President Obama signed the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 which included a new provision requiring reporting of income tax basis of property inherited if the estate was required to file an estate tax return.  This new provision applies to estates that occurred after July 31, 2015. […]

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    August 23rd, 2015


    Lightning Storms Can Delay Planes

    I finished up with the Pro Farmer Midwest Crop Tour Thursday night, but ended up traveling to Kansas City early Friday morning for some meetings through Saturday.  I flew home from Kansas City Saturday afternoon via Minneapolis.  We were scheduled to fly out of Minneapolis Saturday at 8 pm and our plane was the last […]

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    August 18th, 2015


    Highway Use Tax Return Due August 31, 2015

    The IRS released an announcement today reminding owners of heavy highway vehicles that Form 2290 is due by August 31, 2015 to pay their excise taxes for these vehicles.  The tax is normally for the period from July 1 to June 30 and is required for those farmers who operate semi-trucks (which there a lot […]

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    August 11th, 2015


    Don’t Use Your Product When Preparing a Tax Return

    In the Beck v. US case decided by the Tax Court yesterday, it is apparent that you should not be using marijuana when preparing your income tax return (I am not sure if the Mr. Beck was or not; I will let you decide).  The State of California allows marijuana to be disbursed for medical […]

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    August 6th, 2015


    Rebroadcast of AICPA Farm Tax Update Seminar

    As many know already, Chris Hesse and myself presented a Farm Tax Update seminar in conjunction with the AICPA Ag Conference in Indianapolis on July 13.  This seminar was videotaped and will be rebroadcasted on September 3.  If you are interested in viewing the broadcast and getting 8 hours of CPE, here is a link to […]

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    August 4th, 2015


    S Corporation Due Dates

    In my post from Monday regarding the new dates for corporations and partnerships income tax returns, I failed to mention that S corporations will now have the same due date as partnership returns or March 15 for a calendar year return.  C corporations will be a month later (except for those pesky June 30 year-ends […]

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    August 3rd, 2015


    The June 30 C Corporation Due Date

    Yesterday we reported on the changes to due dates for partnerships and C corporations. One of the oddities was that June 30 fiscal year C corporations would keep their current due date of September 15 until 2025 while other entities got an extra month. I think I have now figured out this oddity. The fiscal […]

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    August 2nd, 2015


    Tax Return Due Date Changes and Other Items

    When Congress passed a short-term highway funding bill last week and President Obama signed it on Friday, there were various tax provisions included in the bill.  One that will affect most of our farmers relates to the new due dates for various tax forms.  The major changes are as follows: Partnership tax returns will now […]

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    July 31st, 2015


    Cash Basis Farmers Allowed to Deduct All Costs!

    The Tax Court released the Agro-Jal Farming Enterprises case yesterday and the court ruled that cash basis farmers are essentially allowed to deduct all costs related to the business of farming.  The taxpayer was a farmer in Santa Maria, California who grew various vegetables.  As part of the harvesting process, the crops would be placed directly […]

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