Farmers who filed by March 1 but did not file the required Form 7203 have until April 18 to file a Superseding return. This will correct that issue with no penalty.
Many farmers looked at transferring assets to the next generation in 2021 via trusts. One trust option to consider is a Spousal Lifetime Access Trust (SLAT).
The IRS is requiring additional information for partnership and S corporation tax returns this year. However, some returns may not be required to file this extra information. We summarize the details for you.
100% bonus depreciation is scheduled to go to 80% in 2023 and then be reduced by 20% each year. We review how Section 179 and bonus depreciation interact also.
