Farm Leadership
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AICPA Ag Conference Is Now Virtual and in December
The AICPA Ag Conference will now be held virtually on December 8 and 9, 2020.
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Proceeds For Damage to Crops is Deferrable (No Matter the Form 1099 Reporting)
Prevent plant proceeds can be deferred even for the extra supplemental proceeds allowed by the 2019 disaster aid bill. (The Photo in the heading is what a IH 453 looks like after it rolls over.)
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Updates on a Few Posts
We respond to some comments on yesterday’s post and the post on the Farm Decision Tool.
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Sell the Grain – Buy the Board
A reader sends a very good comment on hedging/speculation and we go over the tax rules.
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Get Ready For Major Changes to Schedule K-1
The draft of Schedule K-1 for partnerships and S corporations appears to be more complicated and requires a lot more information especially for partnerships.
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C Corporations Still Do Not Provide Common Ownership
We respond to a comment from yesterday’s post regarding payments by a C corporation. We answer and expand on other options.
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Safe Harbor Still Not Worth Much
The IRS released a proposed regulation on a safe harbor for making rental activities business income for purposes of Section 199A. The IRS released a Procedure yesterday finalizing it.
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Don’t Be in A Hurry on ARC/PLC decision
Most farmers prefer PLC for 2019 sign-up, however, it makes sense this year to wait. You have plenty of time to make your final decision.
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Not All Deductions Reduce QBI
Certain deductions on Form 1040 will reduce the QBI 20% deduction, but not always. We explain why.
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Why is a GP not an Entity?
MFP round #2 has a higher payment limit than the first round. However, many farms will not qualify for the maximum payments. We explain why.