Farm Taxes
-
Be Careful with Investing in Farmland Inside of an IRA
Many farmers would like to buy farmland inside of their IRA. However, in most cases, it will not work. We explain why.
-
Form 1099 Filing Update
Form 1099s are due by January 31 to both the IRS and the vendor, but only for items required to be reported in Box 7 of Form 1099. Other items still fall under the old due date.
-
Don’t Delay on Form 1099s
Starting this year you must file your Form 1099s with the IRS by January 31 (with no extensions) and the penalty for missing this can be as high as $500 per 1099 not filed.
-
What Might Estate Tax Reform Look Like?
There is a lot of chatter about estate tax reform. We try to update you on the current details.
-
A New Simple Retirement Account Option for Farmers and Their Employees
If you are looking for a simple, easy and safe retirement vehicle for your employees, check out the new myRA.
-
Standard Mileage Rates Drop Again
The IRS updated the mileage rates for 2017 and as expected, they dropped a little due to lower gasoline prices.
-
Almonds Rhymes with Salmon
The Tax Court ruled yesterday that almonds growers must capitalize interest related to raising almonds in the first few years of production.
-
Why Do I File by March 1
Many farmers automatically assume that they should file by March 1. However, in many situations this is not the best choice.
-
Tax Court Allows “Double” Deduction of Prepaid Farm Expenses
A farmer can deduct prepaid farm expenses in most cases. But what happens if the farmer passes away before they are used in the farm operation. A Tax Court case released today tells you how.
-
New Bill Eliminates Penalties on Reimbursements for Health Insurance
The $100 per day per employee penalty for Health Reimbursement Plans that did not meet the ACA requirements has been one of the largest pains for farmers. These rules have now been eliminated for almost all farmers.