Farm Industry Trends
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Will NOL issue get fixed?
There is a chance of a technical corrections bill after the mid-term election (only a week away). If so, farmers may get some relief on the new net operating loss rules for fiscal year corporations.
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Many C corporations May Get DPAD in 2018 or 2019
C corporations do not get the new Section 199A deduction and lose the old Section 199 DPAD deduction. However, there is a transition rule that may allow some DPAD to C corporations in 2018 or 2019.
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What’s my WOTC
Hiring certain employees can get you a substantial tax credit and CLA can help you get with minimal effort on your part.
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Don’t Expect to File by March 1
Many farmers try to file and pay their taxes by March 1. This is the year where that may not be a good idea.
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Get Ready to Pay An Extra $558
The Social Security Administration released their 2019 cost of living amounts last week and it can cost some farmers an extra $558.
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MFP – Can you Defer it?
Farmers will start receiving Market Facilitation Program payments over the next few months. Several have asked if they can defer the income. We explain why you can’t.
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2017 Corn ARC Information
The FSA released last week the first full data on the 2017 crop ARC. I provide some data on corn ARC.
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Is it 50% or 40%?
If you are a fiscal year-end entity, you may elect out of 100% bonus depreciation. However, you need to know when the result is either 50% or 40% bonus. Also, we fill you in on the IRS position on the de minimis SSTB “cliff”.
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Payment and AGI Limitations
We continue to get questions on how the payment and adjusted gross income limits will apply to the new Market Facilitation Program. We provide answers and some examples.