Farm Taxes
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Right to Repair Movement
Farmers are finding it harder to repair new equipment with proprietary software. A movement to require vendors to provide tools to allow this is under way.
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Ranking States By ARC/PLC Payments
ARC and PLC payments are on pace to exceed the old 2008 Farm Bill payments, however, by the end of this farm bill, there may not be that much difference.
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Single Member LLC Update
Partnerships with fewer than 10 partners can normally get out of a penalty for filing late. However, this does not apply to partners that are single member LLCs or revocable living trusts.
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Single Member LLC is not an Individual
A small partnership who files its tax return late can owe substantial penalties. However, if it is a qualified small partnership, it may not owe the penalty. But if it has a single member LLC as an owner, it is likely not a small partnership.
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Late Portability Elections Available Until January
The IRS just announced an automatic extension for estates clear back to 2011 to file a portability election.
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Minnesota Tax Credits Approved for Young and Beginning Farmers
Minnesota just enacted a tax credit related to helping young and beginning farmers.
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How Might Congress Limit Lower Passthrough Rate?
Congress and President Trump have proposed lower tax rates for pass-through income. However, this provides incentives to farmers to “game” the system to get lower rates. How might Congress try to prevent this from happening.
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Are You Taming The Deferred Tax Monster?!
The Farm Doc Daily just released a very good article on “The Deferred Tax Monster”. Make sure it is not a monster for your farm operation.
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More County Corn ARC data
We add four more states of 2016 corn ARC-CO estimates to be paid this fall.
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2016 ARC-CO County Data for Key Corn Belt States
I list estimated 2016 corn ARC-CO payments for key corn belt states. If you county data is not on the list, you may be able to estimate based upon your estimate of county yields.