COVID-19 regulatory and tax updates
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New Direction for Potential Tax Legislation?
There appears to be a new direction on potential tax legislation. We review where we are at right now (but we know it will change).
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Be Careful on 4th Quarter Employee Retention Credit
The ERC is scheduled to expire as of September 30, 2021 if the infrastructure bill is passed by the House. We discuss the details.
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Will Valuation Discounts Disappear?
The House want to eliminate discounts on non-business assets. Farms are business, but will farmland holdings also qualify as a business and get a discount.
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Podcast on House Ways and Means Proposals
I did a special Farm CPA Podcast on the House Ways and Means tax proposal earlier this week and you can listen to it here if you do not get Apple Podcasts.
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Good News on DPAD
The House Ways and Means Committee plans on capping the Section 199A 20% deduction. We now confirm the plan is not to limit the DPAD from a cooperative deduction.
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More Guidance on Possible Tax Changes
The House Ways and Means Committee released their income tax revenue raisers to pay for legislation. We review the most pertinent items for farmers.
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4/15 is Better Than 9/15
The transfer tax appears to be getting watered down. We go over the current proposal.
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Gifting – Rules Now and Maybe in the Future
There are likely changes coming to the gift tax rules. We review the current requirements and what may change and how it may affect you.
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IRS Provides Safe Harbor on ERC PPP Loan Forgiveness Gross Receipts Test
The IRS just release guidance that may allow more famers to qualify for the Employee Retention Credit.
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The IRS Finally Issues Additional Guidance on Employee Retention Credit
The IRS finally issued more guidance on the Employee Retention Credit. There is both good and bad news in the new guidance.