More about Paul Neiffer
Blog Posts by Paul Neiffer:
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300 New IRS Auditors for ERC
The IRS recently announced that 300 staff have been trained to do ERC audits. They will be busy.
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Good News on K-2 / K-3 Forms
It appears that most farm partnerships will not need to prepare Form K-2/K-3 for the 2022 income tax return.
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Excess Fertility – Is it Fully Deductible?
Excess fertility on purchased land can be deducted. However, the amount may not agree to what an agronomist might indicate.
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Older Farmers Can Contribute $30,000 to a 401(k) Plan
Farmers can contribute more to retirement plans in 2023 and we go over the details
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Yes, You Really Can’t Defer Your ERP Payment
We continue to have farmers ask why they can’t defer their ERP payments to 2023. We go over the reason why.
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The Social Security Donut Hole
Farmers who are age 60 or 61 this year will not get any benefit from inflation. We explain why.
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IRS Removes Penalties on 2021 and 2022 RMDs
The IRS just released guidance for taxpayers who did not take certain required minimum distribution on inherited retirement accounts.
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Make Sure to Follow the CRT Rules
A recent Tax Court case shows how a farmer should not report a Charitable Remainder Trust on their tax return. We go over the details.
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When Can You Defer Livestock Sales Due to Drought?
More and more livestock producers are being forced to liquidate herds due to drought. We review how to defer part of these sales and why you may not want to defer.
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Why Can’t I Defer my ERP Payment?
Emergency Relief Program (ERP) payments received in 2022 cannot be deferred to 2023 in almost all cases. We go over the reasons why.