September, 2017
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Still Not Much is Known About Tax Reform
The “Big Six” released updated tax reform guidance today and so far as usual, not much real guidance was provided. We go over the major details.
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States May Keep an Estate Tax!
Even if Congress eliminates the federal estate tax, there will continue to be an estate tax for many states.
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Change in Scope of Piece-Rate Work?
Piece Rate wages are being challenged in Washington state. How it turns out there may affect farms across the country.
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Inflation Adjusted Items for 2018
Many tax provisions have an annual inflation adjustment. I share one of the key changes and review some of the other ones.
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Is Farm Real Estate Pricey Compared to Farm Income?
The ratio of net income per dollar value of farm real estate has dropped from 25 cents to about 16 cents in constant dollars. Does this mean that farm real estate is overvalued?
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Will Section 1031 Exchanges Disappear?
Section 1031 tax-deferred exchanges have allowed farmers to roll over gains on farmland sales into new farmland. Tax reform may eliminate this option.
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Will You Be Able to Deduct Retirement Plan Contributions?
Farmers can set up 401k plans for themselves to get a large tax deduction. One tax reform proposal may eliminate this option.
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Relief for Filing Some Partnership Returns Late
The due date for partnership returns was accelerated by month beginning in 2016. Many partnerships were not aware of this and got hit with penalties. The IRS just announced today that these partnerships will not be subject to the penalty and will receive a refund for any penalties paid. This is good news.