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When Can You Defer Livestock Sales Due to Drought?
More and more livestock producers are being forced to liquidate herds due to drought. We review how to defer part of these sales and why you may not want to defer.
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Beware of Those Bearing ERC Gifts
Employer Retention Credits are valuable incentives, but before you start the process of making a claim, know who you are working with.
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Why Can’t I Defer my ERP Payment?
Emergency Relief Program (ERP) payments received in 2022 cannot be deferred to 2023 in almost all cases. We go over the reasons why.
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Higher Inflation May Help on Taxes
This year annual inflation adjustments will be the largest in at least 35 years. We go over the more common adjustments.
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Good News on IRS 2023 Inflation Adjusted Lifetime Exemption Amount
The largest inflation adjusted increase in the lifetime exemption amount will occur in 2023. We go over the details.
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What is a Marginal Tax Bracket?
Marginal tax returns usually do not exceed 37%. However, in certain situations they can exceed 100,000%. We discuss when this can happen.
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A Farm CPA’s Labor Day Weekend
Today’s post is on how I spent the weekend with some combine time. That is hard to beat for a Farm CPA.
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Ag Credit Still Appears in Good Shape
The KC Fed just released their report on Ag Credit Trends. We review the major items.
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If You Are Late With 2019 and 2020 Returns – Hurry Up and File
The IRS just announced they are automatically waiving almost all penalties paid on 2019 and 2020 returns filed late. But if you have not filed, makes sure to do it by September 30, 2022.
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Appeals Process for ERP AGI Issues
FSA appears to now allow an appeals process on the Farm AGI issue. Details on the process are limited at this time.