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Latest Tax News

  • Good News On Valuation Discounts?


    01/20/2017 01:27 PM The IRS had proposed regulations to prevent taking discounts on transfer of farm entities. It appears that the IRS is backtracking on this and these new rules will not apply to most farmers.
  • Great News on Section 179 For FSA AGI Purposes
    01/19/2017 06:42 PM FSA was not allowing Section 179 as a deduction for certain entities when calculation average adjusted gross income limitations. However, after being involved in two FSA appeals last year, FSA has now updated their handbook to allow full Section 179 deduction. This may be very welcome news for any farmer that had their payment rejected solely due to Section 179 not being allowed.
  • Your Farm Financial Reporting Scorecard?
    01/18/2017 06:56 AM Since I am speaking at the Ag Boot Camp today I thought I would check with our readers on their farm financial reporting scorecard and see how they are doing.
  • California Loses Their Appeal in "Swart"
    01/13/2017 07:57 AM The State of California can be very aggressive in trying to get money from out of state businesses that are not "doing" business in the state. In the Swart's appeal case filed yesterday, the state lost. This is a good for all taxpayers.
  • FBAR Due Date Automatically Extended to October 15
    01/10/2017 07:50 AM Farmers with accounts outside the US usually need to report these to the Department of Treasury. The due date is now April 15 with an automatic extension to October 15. The Department of Treasury just released a notice saying you do not need to ask for an extension. This is good news.
  • Be Careful with Investing in Farmland Inside of an IRA
    01/10/2017 07:34 AM Many farmers would like to buy farmland inside of their IRA. However, in most cases, it will not work. I explain why.