A Potpourri of Items
Today’s blog post will simply be an update of some items that have arisen over the last few weeks.
First, the IRS just announced that they are finally eliminating the new “postcard” Form 1040. We have certainly struggled with this new form. The goal was good but when you go from a nice summary of almost all major tax information on a two page form and replace it with a two page “postcard” with an additional five schedules of information, it was not the best solution.
The IRS will now go back to using the old style Form 1040 and for that, I know personally, I will be very happy about it.
Second, Washburn University is putting on a two day farm income, estate tax and business planning seminar in Steamboat Springs on Tuesday and Wednesday August 13 and 14. I will be part of the speaking team on Tuesday and if you are interested in joining the seminar, here is a link to sign up for it (Steamboat in August is pretty nice).
Market Facilitation Program (MFP) sign-ups begin today at your local FSA office. You may want to wait a day or two before going there since it may be pretty hectic today.
Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a principal with CliftonLarsonAllen in Walla Walla, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. Paul and his wife purchase an 180 acre ranch in 2016 and enjoy keeping it full of animals.
Are they going back totally to the old forms? I’ve seen the drafts on the IRS website for a format something in-between the old and new forms.