Farm Taxes
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Less Than Two Full Days to Get Your Return Filed
I think I must have have gotten 10 or more tax returns wrapped up and out the door today but I know I still have at least 20 or more to get finished by Wednesday at 5 PM (actually earlier for me: I am headed to Southern California to play in my two oldest sons […]
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Tax Court Tells IRS “Update Your Regulations”
In an US Tax Court case released on October 9, 2014, the Court essentially told the IRS to update their income tax regulations to reflect changes made to the US Income Tax Code almost 20 years before. If a service business (such as an accounting firm, law practice, medical practice, etc.) incorporates its business, it is […]
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Morehouse Appeal is Released – Taxpayer Victory
The Eighth Circuit just released today the long-awaited appeals of the Rollin Morehouse Tax Court case that we have posted on previously. In the original Morehouse decision. the Tax Court found that essentially all CRP payments received, whether by a farmer or simply a landlord would be subject to self-employment tax. In today’s Eighth Circuit […]
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How Might CBO Estimates Change
The Congressional Budget Office (CBO) did an updated scoring of the new farm bill back in April of this year. It breaks down the major outlays for all related agricultural farm bill spending including ARC and PLC for all of the major covered commodities. I am assuming that CBO has run numerous calculations at various low […]
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Time Running Out on Late Portability Elections
We now have a new provision (although it has been around for a few years) that allows the unused portion of the first spouse’s estate to be “ported” over to the surviving spouse. We call this portability. There was a lot of confusion surrounding how to report this when the first spouse did not have […]
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Taxable is Taxable -Whether a 1099 or not!
I got this question from one of our readers: “Are rebate checks that are received through a growers rewards program from Seed Company for the purchase of seeds taxable as income? I do believe it is but the wholesaler is saying it isn’t because you don’t get a 1099! ” I tend to get several […]
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ARC/PLC Election Made by Current Producer Not Owner
The FSA just released on the Regulations on the implementation of ARC and PLC and I have not yet had time to read all of the regulations, but one of the more important features is the elections that need to be made by “current” owners and “current” producers. The assumption was that all owners and producers […]
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IRS Offers Tax Relief to Drought-Stricken Farmers and Ranchers
The Internal Revenue Service is providing more time to farmers and ranchers in 30 drought-stricken states to defer taxes on any gains from forced sales of livestock. The IRS is providing this relief to any farm located in a county, parish, city, borough, census area or district, listed as suffering exceptional, extreme or severe drought […]
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CMS Update on Consumers who have Data Matching Issues
Did you sign up for insurance through the Affordable Care Act? If so, you might be in for an unpleasant surprise. The Internal Revenue Service announced it is using tax returns to verify the incomes people claimed when they signed up for exchange-based health insurance. If you didn’t input the right amount, you may owe […]
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Have Funds to Cover Your Check
The US Tax Court released a case yesterday that Joe Kristan from the Tax Update Blog did a great job of recapping so I will not go into too much detail since he covers the facts. However, the key point from this case is as follows: If you issue a bonus check at year-end that the […]