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Can You Defer CFAP Income?
Almost all farmers will be taxed when they receive their CFAP payments. No deferral is likely allowed.
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More Crops Qualify for CFAP
USDA added several specialty crops to the list that qualify for aid under CFAP and made other adjustments.
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What Does July 15 Mean
The July 15 income tax filing deadline is only a week away. What does it mean.
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Another Chance for Training
The Indiana Society of CPAs is sponsoring our Farm Tax Update and FSA Planning class on July 22, 2020. It is a virtual event and we provide a link to sign up.
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AICPA Ag Conference Is Now Virtual and in December
The AICPA Ag Conference will now be held virtually on December 8 and 9, 2020.
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New IFR on Forgiveness
Treasury released a 31 page IFR last night on forgiveness. They clarified some items and still leave some items up in the air.
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Will You Need to Wait Until January 2021
Will farmers have to wait until 2021 to file for PPP forgiveness. We are not sure but it may actually pay to wait anyway.
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Good News for Schedule F Farmers
Guidance on PPP loan forgiveness is beneficial to farmers and we go over the details.
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Capped or Uncapped; Simplified or Not
A couple of key questions need answers with the increase to a 24 week covered period. We review those questions and some possible answers.
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Thursday Livestream
I will be participating in our Thursday June 11 Livestream regarding PPP forgiveness.