April, 2019
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Don’t Expect an Increase in the Corn Reference Price
The 2019 Farm Bill added the term Effective Reference Price. It allows the current reference price to increase, but don’t expect any increase for corn (unless you think we will get $7 corn in the next five years)
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Clarity is Needed on QBI and Farm Income Averaging
The IRS just released some information on the interplay of Schedule J farm income averaging and QBI. We are not sure what it means.
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What Did we Learn from the 2019 Tax Season?
I recap some of the lessons learned from this tax season.
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Be Ready for IRS Notices
Tax preparers in North Dakota and New York received a batch of IRS letters asking how taxable income was computed. The issue is their instructions and lack of “footing”.