The IRS issued an alert warning taxpayers about the most common mistakes taxpayers make in regards to Employee Retention Credit claims. Make sure none of these mistakes apply to you.
USDA announced more money to be paid to farmers who had qualifying disasters in 2020 and 2021. These payments will only be paid to farmers who collected payments under Phase 1 not Phase 2.
If the act passes, the major item that applies to farmers is that 100% bonus depreciation is allowed on 2023 returns. Therefore, farmers might want to wait to file their return until sometime in February.
FSA announced this week the rules for Emergency Relief Program Track 1 and 2. It is materially different from 2020 and 2021 and will cost most farmers a lot of money.
Beginning Jan. 1, 2024, you will be required to report online to the Financial Crimes Enforcement Network (FINCen) any entity that is required to be filed with your state.
Many of you know that I have been posting to Agweb for over 10 years. I have decided to start providing a more robust information source for farmers regarding farm taxes, succession planning and other related matters.
Agricultural Risk Coverage (ARC) uses Olympic Average MYA prices to determine the amount of guarantee. The 2024 numbers may be almost exactly the same as 2014 numbers.
USDA announced a $80-million grant to Virginia Tech to promote climate-smart agricultural practices. Also, the $100 is the three-year total, so the annual payment is less than $35 per acre.
USDA announced a $400,000 effort to allow ethanol to qualify for the new SAF tax credit. Will this result in extra payments by the ethanol plant to the farmer?
Rep. Alma S. Adams (D-N.C.) introduced the Family Farmer and Rancher Tax Fairness Act of 2023 that would make certain USDA payments tax-free to farmers.
The Inflation Reduction Act allocated substantial more funds to the IRS to audit high income earners. So far, the IRS has not been able to find many to help in the effort.
The Corporate Transparency Act requires more companies to register with FINCEN starting January 1, 2024. However, your farm may be exempt, but others will not.
The IRS issued Notice 2023-53 a few weeks ago that would waive the 25% missed RMD penalty for missed distributions from inherited IRAs. However, this does not apply to all taxpayers.
The Treasury Inspector General for Tax Administration identified millions of taxpayer's records lost by the IRS. I don't think anyone is shocked by this anymore.
Most farmers know that if they collect crop insurance, they are allowed in most cases to defer those proceeds for one year. But in many cases, they can't defer all of it.
At the end of 2022, Congress elected to implement Secure 2.0, which made some changes to Secure 1.0 but also made many other changes that will affect farmers either now or in the future.
The IRS issued a Fact Sheet yesterday that seems to indicate they will finally allow taxpayers to upload correspondence digitally and file more returns electronically. This is welcome news.
I was on the AgriTalk program yesterday with Chip Flory discussing the Farm Program Integrity Act of 2023. In this post we provide a link to that discussion.
Senators Grassley and Brown introduced the Farm Program Integrity Act. If passed, it would restrict farms to 2 payment limits; treat general partnerships like corporations; and require substantial work by owners.
Many promoters claim you qualify for the Employee Retention Credit due to supply chain issues. They are wrong and the IRS provides additional guidance on this issue.
The IRS issued notice 2023-54 on Friday July 14 regarding relief for certain required minimum distributions that occurred in 2023 and also provides relief for certain penalties.
USDA assumes that $1.504 billion of ERP Phase 2 claims will be filed by July 14, but we believe the final number will be much lower. Here's a rundown from Paul Neiffer.
If you purchase or inherit a new farm, you might be able to deduct the excess soil fertility. However, there is very little guidance on this deduction from the IRS.
