Farm Taxes
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Research and Experimental expenditure required capitalization
Prior to 2022, not much thought was given to the treatment of research and experimental (R&E) expenditures under IRC 174 and the companies usually will deduct these costs as incurred. There was an option to capitalize these costs and amortize over 5-year period but none of the clients I had worked for capitalized R&E expenditures […]
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SECURE ACT 2.0 Changes the Game on Retirement
The SECURE 2.0 was passed as part of the year end spending bill. We review the highlights of the bill.
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Join us at 2023 Top Producer Summit
Join us at the Top Producer Summit January 23-25, 2023 in Nashville, TN
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Should You Pay a January 15 Estimate?
Farmers have options for a filing date other than March 1. We discuss these and the reason March 1 is becoming a thing of the past.
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Our Thanks to Paul Neiffer
We thank Paul for his contributions to CLA and the industry and wish him well on his retirement.
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Related Parties Don’t Count
We respond to a reader about our last post on paying rent to a landlord at year-end when it is a related party.
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Tax Court Rules Farmer Can Use Old Tractors
A recent Tax Court indicates that farmers can decide to farm how they want to farm without the IRS disallowing those expenses. But it also shows you need good records.
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Prepaid Farm Expenses Reminder
Most farmers prepay farm inputs at year-end for both business and tax reasons. We need to make sure to do them correctly. We review the rules.
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Are You Relying on DPAD Passthrough?
Cooperatives are passing through less DPAD this year to producers. If you use the passthrough as part of your year end strategy, make sure you know what to expect.