Farm Taxes

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    July 1st, 2015


    It Pays to Follow the Rules

    The US Tax Court released a full opinion yesterday in the Webber v. Commissioner case that shows how important it is to follow the rules. In 1999, Mr. Webber created a grantor Alaska Trust (Alaska has no income tax) to purchase two private placement insurance policies for about $700,000.  Private placement insurance allows a taxpayer […]

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    June 25th, 2015


    June 30 Extension for Medical Insurance Penalties Rapidly Approaches

    Small employers received some relief this year when steep penalties for employer payment plans were extended to June 30, 2015.  These $100 per day per employee penalties apply when employers pay for or reimburse an employee’s individual health insurance premiums rather than provide employer sponsored group insurance.  All employers were originally expected to comply by […]

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    June 25th, 2015


    Supreme Court Rules in Favor of Obamacare

    The Supreme Court released their long awaited ruling on whether participants obtaining health insurance from the federal marketplace instead of the state sponsored exchanges would be allowed to have subsidies, etc.  In a 6-3 decision (Chief Justice Roberts plus Kennedy and the 4 more liberal justices ruled in favor plus Scalia, Thomas and Alito ruling […]

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    June 24th, 2015


    AICPA Ag Conference

    We are now less than three weeks to the AICPA Ag Conference being held in Indianapolis on Monday July 13 to Wednesday July 15.  For those who are interested in attending, there is still seats available but you should contact the AICPA immediately.  The lineup of speakers is very good and whether you are a producer, […]

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    May 22nd, 2015


    Summer Seminar Series

    For those farmers, bankers, attorneys and especially CPAs and accountants that need to get their professional hours in, I am personally inviting you to attend one of three summer seminars put on by The Center for Agricultural Law and Taxation (CALT). The first seminar will take place on Thursday and Friday June 11 and 12 […]

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    May 20th, 2015


    April 18 (or 19), 2016 is Due Date for 2015 tax returns

    The normal due date for federal individual, partnerships and trust income tax returns is April 15 of each year.  However, when the due date falls on a Saturday, Sunday or federal holiday, the due date becomes the next normal business day.  Next year April 15 falls on a Friday and there are no federal holidays […]

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    May 19th, 2015


    What Runs Through the Estate!

    I got an email from a reader that other day and I will paraphrase it as follows: “My sisters and I sold some farmland in 20XX.  This land had been in several trusts.  A trust that was formed in 19XX when our grandfather passed away owned a portion of the land.  Another two trusts; one for […]

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    May 14th, 2015


    Where’s Waldo (Paul)?

    My children used to like to take a look at the books featuring “Where’s Waldo?”.  My four boys would race to see who could find him first (they usually beat mom and dad to it too).  Once I started doing more traveling, many of my staff will now ask “Where’s Waldo/Paul?”.  So this post will […]

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    May 12th, 2015


    “Cost don’t Matter, Except When it Does”

    I seem to get an email on at least a monthly basis asking what “my cost basis is” when the person inherits property, usually farm land.  The email usually goes into great detail about the cost basis of the property when it was originally acquired by their parents or grandparents and usually has very little […]

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    May 7th, 2015


    Don’t Get Too Greedy!

    The US Tax Court released the Costello case yesterday and it is a great example of how much tax you may have to pay when you either get “too greedy” or don’t follow the tax rules or both.  David and Barbara Costello purchased a large farm (according to the Tax Court 73.6 acres is a […]

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