September, 2015
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When Does $115,875 Equal $125,000?
The 2014 Farm Bill allows for a maximum payment of $125,000 for ARC/PLC, however, it appears that any program payments are subject to sequestering which will cut scheduled payments by up to 7.3%. Sequestering is the reduction of program outlays (not just USDA) by an automatic percentage for each government fiscal year-end (ending September 30). […]
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If Crop Insurance Subsidy Disappears, Will Premiums Rise For All?
Congress continues to discuss reducing or eliminating the subsidies for crop insurance premiums for those producers whose adjusted gross income exceeds a certain level ($750,000 is a current number discussed). If these subsidies are eliminated for these farmers, it is likely that those farmers may stop participating in the RMA managed crop insurance system. Instead, […]
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8 Digits Does Not Make an EIN – Extends Gift Tax Statute
In a recent IRS Field Attorney Advice, we find out that messing up an employer identification number on a gift tax return can extend the gift tax statute of limitations. A person filing a proper gift tax return gives the IRS only three years to audit the return. However, if the information is not complete, the statute […]