COVID-19 regulatory and tax updates
-
Will the ERC Terminate after September 30, 2021?
The proposed infrastructure bill has a provision to terminate the Employee Retention Credit (ERC) as of September 30, 2021.
-
The Proposed Transfer Tax Can be Much Worse for Most Farmers Than the Estate Tax
The Proposed Transfer Tax can actually eliminate net equity for many farm families and cause their heirs to be underwater. It can be much worse than the current or proposed estate tax for most farmers.
-
Will Section 199A Deduction Get Changed?
Senator Ron Wyden has proposed changes to the Section 199A deduction. We review the major impacts.
-
NIIT To Hit More Farmers
President Biden wants to apply Net Investment Income Tax and Self-Employment Tax to more farm income. We go over the details.
-
You Can Now Unenroll from Child Tax Credit Advance Payments
The IRS finally updated their website to allow you to unenroll from the advanced child tax credit starting next month. Plus we give you an weather update for our region. One word – HOT.
-
Will More Income Be Subject to SE Tax
President Biden has proposed making almost all operating farm income subject to SE tax even S corporation earnings. We go over the details.
-
Transfer Tax Can Be Worse Than Estate Tax
The transfer tax could change inheriting an asset with value into a liability. We go through an example.
-
Will Partnership Distributions of Appreciated Property Become Taxable
President Biden’s green book has a provision that may change ownership structures for farmers.
-
New Rules on Premium Tax Credit
Taxpayers were not required to payback premium tax credits for 2020. For 2021, you may have to pay it back but the amount is likely lower than in prior years.
-
More Child Tax Credit Info
We provide additional details on the enhanced child tax credit.