Farm Taxes

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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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    May 6th, 2015


    2015 AICPA Ag Conference

    As chairman of the 2015 AICPA Ag Conference, I would like to personally invite all of our readers to this event.  It will be held on Monday July 13, 2015 to Wednesday, July 15, 2015 in Indianapolis, Indiana. On Monday, Chris Hesse and myself will do an all-day optional workshop on farm taxation .  This session will […]

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    May 4th, 2015


    Minnesota Poultry Producers Get Extension to File and Pay

    Any poultry producer in the state of Minnesota that has been affected by the H5N2 avian influenza outbreak now has more time to file and pay any Minnesota taxes.  In an April 29, 2015 News Release, the Minnesota Revenue Department announced that these farmers will forgive interest and penalties for any tax returns that were due […]

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    April 29th, 2015


    NFL Gives Up Tax Exempt Status

    The NFL just announced that it is electing to give up its tax-exempt status. For many years, the NFL was required to file a form 990 listing the gross income and expenses of the NFL including the salaries of its five highest paid executives. Commissioner Roger Goodell made $35 million last year which is more […]

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    April 20th, 2015


    Senator Wyden Indicates Tax Reform Must Include Flow Through Entities

    Senator Ron Wyden of the Senate Finance Committee indicated on Friday at a breakfast hosted by the Christian Science Monitor that any comprehensive tax reform must include flow-through entities.  As we have discussed in posts before, tax reform is primarily based on getting the top corporate tax rate down closer to 25% to be competitive with other […]

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