June, 2017
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Right to Repair Movement
Farmers are finding it harder to repair new equipment with proprietary software. A movement to require vendors to provide tools to allow this is under way.
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Ranking States By ARC/PLC Payments
ARC and PLC payments are on pace to exceed the old 2008 Farm Bill payments, however, by the end of this farm bill, there may not be that much difference.
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Single Member LLC Update
Partnerships with fewer than 10 partners can normally get out of a penalty for filing late. However, this does not apply to partners that are single member LLCs or revocable living trusts.
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Single Member LLC is not an Individual
A small partnership who files its tax return late can owe substantial penalties. However, if it is a qualified small partnership, it may not owe the penalty. But if it has a single member LLC as an owner, it is likely not a small partnership.
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Late Portability Elections Available Until January
The IRS just announced an automatic extension for estates clear back to 2011 to file a portability election.
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Emerging Issues in Agricultural Lending
I am speaking at a conference in Columbia, Missouri today and am updating for other presentations at the conference.
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Are you Ready for the New Lease Accounting Rules
Although new lease accounting rules do not go into effect for a couple years, it is important to understand how they may change your accounting.
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Minnesota Tax Credits Approved for Young and Beginning Farmers
Minnesota just enacted a tax credit related to helping young and beginning farmers.