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    March 24th, 2016


    Are You 70 1/2?

    If you have retirement or IRA accounts and you are approaching age 70 1/2, you must be careful to make sure to take your required minimum distributions (RMD) and April 1 can be a key deadline.  Holders of these accounts are normally required to start taking RMDs in the year they turn 70 1/2, however, […]

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    March 23rd, 2016


    Expanded Cost Basis Reporting is Here! Are you Ready?

    The Surface Transportation and Veterans Health Care Improvement Act of 2015 (those two don’t really go together) added new tax laws that require executors to file cost basis information with the IRS.  This is required only when there is a taxable estate.  The rules on implementing this can be complicated, but I wanted to provide […]

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    March 22nd, 2016


    Iowa Governor Branstad Finally Signs Coupling Bill

    In the past, Iowa has always coupled Section 179 and other tax extender provisions with the IRS when these items are extended.  However, with the passage of the new tax laws back in December including making Section 179 permanent at the $500,000 level (indexed to inflation), Iowa Governor Branstad initially balked at the idea of […]

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    March 16th, 2016


    IRS Interest Rates Finally Start to Rise

    It seems like forever that the interest that the IRS will pay or collect on tax refunds/underpayments has been stuck at 3%.  The IRS just announced today that beginning April 1, 2016, the interest rate will rise to 4% for most taxpayers.  In some case, large corporations will pay 6% on refunds and will only […]

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    March 14th, 2016


    When Not To Take A Discount?

    When a farmer has a taxable estate, we usually try to obtain a discount by splitting up land ownership into “fractional” ownership.  This is usually accomplished by putting the land into some type of limited liability entity (LLE).  Most of the court cases have found that a discount of around 35% is permissible when farmland […]

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    March 10th, 2016


    Two Opportunities for Farm and Estate Tax Education

    Clifton Larson Allen is pleased to offer two seminars this summer for farmers, CPAs, attorneys and anyone else who is interested in a two-day seminar on farm and estate taxation.  Roger McEowen and myself will be the presenters at the seminars. The first seminar will be held Thursday and Friday June 9 and 10 in Cullowhee, North […]

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    March 3rd, 2016


    Final FSA Yields More Likely to be Under NASS Yields?

    There is a lot of chatter regarding the lack of ARC-CO payments for the 2014 crop year due to yields coming in higher than what farmers might have expected for their county.  When we were doing Farm Bill analysis about two years ago, we had taken a look at how final FSA yields compared to […]

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    March 2nd, 2016


    Crop Insurance Premiums Likely Lower This Year

    The University of Illinois in their FarmDoc Daily just released an update on where crop insurance premiums may range for the 2016 crop year.  A small blessing from low prices and low volatility is that premiums will likely be lower than in prior years (I think most farmers would rather pay higher premiums with higher […]

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    February 28th, 2016


    Iowa Farmers Have Until April 30 to File Iowa Tax Returns

    In the last two weeks we have posted several times on the issues facing Iowa farmers on filing their Iowa income tax returns for this year.  There has been a lot of back and forth as to whether Iowa will couple with all of the federal changes (at least for 2015). That issue is not […]

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    February 24th, 2016


    2015 Estimated ARC-CO Corn and Soybean Payment Amounts

    Farm Doc Daily put out by the University of Illinois just posted an article on the estimated 2015 ARC-CO corn and soybean payments.  Maps were provided showing an estimate of the payment by county and these maps are based upon the NASS yields that were released last week and using the current MYA price estimates […]

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