Farm Taxes
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Additional Tax Reform Items
Last week, we had a quick overview of the tax reform proposals put forth by Dave Camp of the House Ways and Means Committee. After reading about the proposal further, there are some additional items that would affect farmers. Remember, this is just a proposal and nothing will happen this year. There is a chance […]
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AICPA National Ag Conference
Just a reminder that the AICPA National Ag Conference is about two months away. It will be held in Austin, Texas on Wednesday, May 7 to Friday May 9 and the conference will provide lots of information for CPAs who service the Ag industry. Several topics will be covered, including: The Global Landscape of Agriculture and […]
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Tax Reform – Part ?????!!!!!
Dave Camp, the chairman of the House Ways and Means Committee issued another tax reform proposal today. Since this is a mid-term election year, it has little chance of passing this year, but it is important to note possible changes that Congress is pondering. The major ones affecting farmers are as follows: For individuals, create […]
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Travel Update
After being informed of possible snow storm in Minnesota late tomorrow and since I would only be in Mankato for less than three to four hours I got smart in my old age and booked a direct flight from Salt Lake to St. Louis. You can ignore my previous post and I get to sleep […]
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John Deere Expects Increase (Hopes For) in Section 179 and Bonus Depreciation
John Deere released their first quarter fiscal 2014 years yesterday and profits were up slightly from the year before. As part of the conference call, they highlighted that US farm receipts are expected to remain high, however, based on their graph in slide # 6, they do show US farm receipts over $400 billion in […]
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IRS Data by Zip Code and County
The IRS just released certain summarized income and expense information based upon taxpayers in a county or zip code for tax year 2011. This information includes the number of returns with AGI between certain dollar amounts such as 0-$25,000, over $200,000, etc. It also provides information on the components of income such as wages, interest, dividends. […]
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When Farmers Barter
We had a reader ask the following question: “If you barter a vehicle for grain do you just put that grain with your other grain sales as there was no 1099 b form?” Many farmers barter goods and services during the year and in many cases, the barter transaction is not reflected accurately on the […]
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Some ACA Relief for Employers with 50 to 99 Employees
The Department of Treasury issued Regulations today (Monday, February 10) announcing that employers with more than 50 employees but less than 100 would not have to offer health insurance or pay a “responsibility” penalty until 2016 (one year later than the postponed 2015 requirement). Additionally, it appears that seasonal employees that are not expected to […]
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Estimating Inherited Land Values
We received the following question from a reader: “Hello, I am trying to determine how to establish a base value (for capital gains purposes) on some farmland I inherited from my parents.My mother (last surviving parent) died in 2005. We had the land appraised in 2009 but did not actually sell until 2013. I am […]
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One Possible Section 179 Strategy
We had a reader ask the following question: “Should I wait to buy section 179 property until the date 179 property is raised from $25,000 to whatever?” As we have said in a previous post, who knows when the Section 179 deduction will be raised from $25,000 to “whatever”. In fact, Congress may end up […]