Farm Taxes
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Will We Get a Mix of Interest Deductions & Full Write-Offs
Full Expensing of business asset purchases or deducting your interest. Which would you choose? Tax Reform may allow both for smaller operations.
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Some Examples of Destination Based Cash Flow Tax
One of the tax reform proposals is a destination based cash flow tax (a form of a value-added tax). We review some examples of how this may affect farmers.
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Is it Time for Sliding Scale Subsidies on Crop Insurance?
The new farm bill is being discussed right now. One of the discussion points will be subsidies for crop insurance. Might we see a sliding scale based on price of the commodity?
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Now is the Time to Make Commodity Gifts
To take full advantage of gifts to kids, you need to make a gift of grain harvested in the prior year. This is a perfect time to make that gift.
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We Hope This is The Final Update on # of W2s
We now have found out that you do not need to input the number of W2s to efile business returns and we provide some guidance on the new Destination Based Cash Flow Tax proposal.
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Update on Entering # of W2s
We got quite a few comments regarding our last post on W2s, etc. This post provides an update on that post.
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New requirement when claiming salaries and wage deduction on entity tax returns
The IRS has issued new requirements for filing entity returns.
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Good News On Valuation Discounts?
The IRS had proposed regulations to prevent taking discounts on transfer of farm entities. It appears that the IRS is backtracking on this and these new rules will not apply to most farmers.
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California Loses Their Appeal in “Swart”
The State of California can be very aggressive in trying to get money from out of state businesses that are not “doing” business in the state. In the Swart’s appeal case filed yesterday, the state lost. This is a good for all taxpayers.
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FBAR Due Date Automatically Extended to October 15
Farmers with accounts outside the US usually need to report these to the Department of Treasury. The due date is now April 15 with an automatic extension to October 15. The Department of Treasury just released a notice saying you do not need to ask for an extension. This is good news.