I have been doing this blog since 2009 and have posted on numerous topics. However, I can tell you that Section 199A has been by far the most discussed; commented on; and otherwise bantered back and forth of any topic we have ever covered. I know personally I have been quoted in numerous national news organizations, trade media outlets and likely other communications that I am not even aware of.
Our firm has numerous co-ops, private elevators, and farmers as clients. We work to know and help all of the over 5,000 agribusiness clients we serve. We are trying to provide information based on Code Section 199A that was placed into law in December. It is very apparent that the final version of the law may not have been what was initially intended and now many individuals and groups are working to "FIX" it. However, in order to "FIX" this Section, they must pass a new bill (or attach it to some other bill such as the budget) and that opens the 2017 tax bill to every other Senator that wants to make a change. There is a chance this might happen, but it is really too early to tell.
The other issue with fixing the Code Section is that at least one or more segments of the Ag community will not be happy with the result. For now, the Code (which is the law) provides a tax benefit to farmers. The "FIX" may remove or reduce this benefit, we just do not know at this point.
The bottom line is that nobody really knows what the final result of Section 199A will be, but we do know there is activity from both cooperative and private groups to help find a solution. We know what the Code says now, but it is very apparent there are Senators trying to change the wording of the Code. Until this is resolved, be very careful what any advisor or firm says about maximizing this deduction.
You might recall that we raised many of the issues being currently discussed before the legislation was ever passed and we will continue to work with all groups to help in any way we can. It may be hard to do, but waiting to see what happens in the next week to 10 days may prove to be the best course of action.
I will keep you posted.