December, 2016
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What Might Estate Tax Reform Look Like?
There is a lot of chatter about estate tax reform. We try to update you on the current details.
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Have Farmland Values Built-in an Interest Rate Rise
Interest rates are expected to rise during 2017. Normally this would negatively impact farm prices, but have farmers and investors already priced this into land prices.
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A New Simple Retirement Account Option for Farmers and Their Employees
If you are looking for a simple, easy and safe retirement vehicle for your employees, check out the new myRA.
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Standard Mileage Rates Drop Again
The IRS updated the mileage rates for 2017 and as expected, they dropped a little due to lower gasoline prices.
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Almonds Rhymes with Salmon
The Tax Court ruled yesterday that almonds growers must capitalize interest related to raising almonds in the first few years of production.
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Why Do I File by March 1
Many farmers automatically assume that they should file by March 1. However, in many situations this is not the best choice.
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Tax Court Allows “Double” Deduction of Prepaid Farm Expenses
A farmer can deduct prepaid farm expenses in most cases. But what happens if the farmer passes away before they are used in the farm operation. A Tax Court case released today tells you how.
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New Bill Eliminates Penalties on Reimbursements for Health Insurance
The $100 per day per employee penalty for Health Reimbursement Plans that did not meet the ACA requirements has been one of the largest pains for farmers. These rules have now been eliminated for almost all farmers.
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Touch Base at the Van Trump Conference
I am in the Midwest this week and will be speaking at the Van Trump Conference in Kansas City on Wednesday. If any of our readers are there, please make sure to let me know.
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What Will Be The New Corporate Tax Rate?
The current top corporate tax rate is 35%. President-Elect Trump and Congress wants to lower this rate. What will it end up at?