January, 2017
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Be Careful with Investing in Farmland Inside of an IRA
Many farmers would like to buy farmland inside of their IRA. However, in most cases, it will not work. We explain why.
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Form 1099 Filing Update
Form 1099s are due by January 31 to both the IRS and the vendor, but only for items required to be reported in Box 7 of Form 1099. Other items still fall under the old due date.
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Don’t Delay on Form 1099s
Starting this year you must file your Form 1099s with the IRS by January 31 (with no extensions) and the penalty for missing this can be as high as $500 per 1099 not filed.
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Farm Financial Standards Council Financial Guidelines
The Farm Financial Standards Council issues new guidelines each year. The latest is now available on their website.