June, 2018
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Might You Make an Investment in a Qualified Opportunity Zone Fund?
Investing in an Qualified Opportunity Zone Fund may make sense for you in the future. As of yet, we still don’t know enough.
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Form 1040 – Smaller But is it Better?
The IRS has released a draft of the new Form 1040. It may be “postcard” sized, however, farmers will likely have to include 3-5 new schedules to get their return filed.
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Will You Now Pay More in Sales Tax
The Supreme Court ruled that states can now require sales tax to be collected by online vendors. This may cost you in the future.
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IRS Has New Ammunition in Hobby Loss Case Win
The IRS wins a case regarding taxpayers deducting large ranch losses against other income. This will provide additional ammunition for the IRS in future cases.
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Citrus Replant Costs Can Be Deducted Immediately
The IRS just released guidance on how to deduct citrus replant costs under the new tax law.
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Is IRS Audit Activity on Farm Partnerships Increasing?
It appears that the IRS is stepping up their audit efforts on farm partnerships with losses. We are wondering if other are seeing this too?
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Section 199A Guidance to be Here by the 4th?
The IRS announces late last week that guidance on Section 199A should be here by the end of the month (I hope no later than July 4).
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Why We Don’t Want Losses
The new tax law has made major changes to net operating loss rules and most of the changes are not favorable.
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Remember, The AICPA Ag Conference is Six Weeks Away
Just a reminder about the AICPA Ag Conference and trying coordinate playing golf on Sunday for those that are interested.