The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
Paul is now part of the fourth generation in America that is involved in farming and hopes the next generation will be involved also. Through his blog he provides analysis and insight to farmer tax questions.
The IRS issued proposed Regulations on the 3.8% Medicare Surtax imposed on investment income. Tony Nitti, a columnist for Forbes Magazine has a very good initial take on these proposed regulations. I would suggest reading the column to get a good idea of the major issues involved, but I am going to recap the major ones pertaining to most farmers:
There are many other proposed items in the Regulations and we will keep you posted in the next few weeks, but since the law will start applying in less than a month, we wanted to get this quick synopis to you now.
These are proposed regulations and subject to public comment. However, based on history, major changes to the IRS position can be somewhere between slim and none.
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