More about Paul Neiffer
Blog Posts by Paul Neiffer:
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HSA and Medicare
If you are approaching age 65 and plan on delaying social security and Medicare and have an HSA plan, be careful of the six month rule.
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More RMD Updates
Inherited IRAs are treated different based on the age of the person who owned the IRA. We go over the details.
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Watch Out For Excess Fertility Recapture
Farmers who buy land may be entitled to a deduction of part of that purchase for excess fertility. However, be aware that this requires ordinary income recapture when you sell the land.
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What if You Filed Without Form 7203
Farmers who filed by March 1 but did not file the required Form 7203 have until April 18 to file a Superseding return. This will correct that issue with no penalty.
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Limited Relief on March 1 Filing
The IRS is providing relief for March 1 farmers who needed to prepare Form 7203 for S Corporations. But so far, it is only for those farmers.
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Save the Date – AICPA Ag Conference
The AICPA Ag Conference will be in Denver this August. Please plan on attending if you can. It will be great to see people in person again.
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What Does Ten Years Mean?
The IRS has issued proposed regulations dealing with required minimum distributions on inherited IRAs and retirement accounts.
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March 1 is Not a Due Date
We respond to questions about the March 1 filing deadline (but not Due Date).
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IRS Needs to Delay March 1 Filing Deadline
The IRS should delay the March 1 filing deadline for farmers this year. Most farmers will not be able to E-File returns due to the IRS not finalizing many tax forms in time.
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Should the March 1 Tax Deadline Be Eliminated?
The use of the March 1 filing deadline for farmers is becoming more problematic for many farmers. It is time for the IRS to revamp or eliminate this option.