Ag General
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W-2 and 1099 Filing Changes for 2023
Most taxpayers will be required to file their 1099s and W-2s electronically this year. We review the changes and provide options for filing.
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Don’t be Afraid of the Big Bad…Tax Notice
Tax notices can be intimidating. However, they are not always correct in their assumptions. Be careful to not overreact.
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Do I Need a Trust?
Trusts are valuable tools in estate planning, but there is not a one size fits all approach.
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Large cattle ranchers/dairies may qualify for immediate expensing of cost to raise calves.
When I talk to large ranchers/dairies who are on accrual basis of accounting and do not qualify as a small business, they assume that they are subjected to the UNICAP rules under 263A and needs to capitalize cattle/cows and depreciate cattle/cows instead of expensing or treating as inventory. This presumption is partially correct, if the […]
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Succession, Transition and Landowner Relations
We spend a lot of time talking about the financial and tax aspects of transition, but we often neglect the transfer of landowner relationships.
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Research and Experimental expenditure required capitalization
Prior to 2022, not much thought was given to the treatment of research and experimental (R&E) expenditures under IRC 174 and the companies usually will deduct these costs as incurred. There was an option to capitalize these costs and amortize over 5-year period but none of the clients I had worked for capitalized R&E expenditures […]
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Time to consider farming election under IRC § 163(j)?
As Paul noted in his post, he has officially retired from CLA and passed the baton to his CLA family. Carrying out the work that Paul started is a tough task, he is an ICON, and I will do my best to follow in his footsteps. As a quick introduction, I am a signing director […]
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Join us at 2023 Top Producer Summit
Join us at the Top Producer Summit January 23-25, 2023 in Nashville, TN
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Should You Pay a January 15 Estimate?
Farmers have options for a filing date other than March 1. We discuss these and the reason March 1 is becoming a thing of the past.