Farm Industry Trends
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IRS Has New Ammunition in Hobby Loss Case Win
The IRS wins a case regarding taxpayers deducting large ranch losses against other income. This will provide additional ammunition for the IRS in future cases.
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Citrus Replant Costs Can Be Deducted Immediately
The IRS just released guidance on how to deduct citrus replant costs under the new tax law.
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Is IRS Audit Activity on Farm Partnerships Increasing?
It appears that the IRS is stepping up their audit efforts on farm partnerships with losses. We are wondering if other are seeing this too?
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Section 199A Guidance to be Here by the 4th?
The IRS announces late last week that guidance on Section 199A should be here by the end of the month (I hope no later than July 4).
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Why We Don’t Want Losses
The new tax law has made major changes to net operating loss rules and most of the changes are not favorable.
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Remember, The AICPA Ag Conference is Six Weeks Away
Just a reminder about the AICPA Ag Conference and trying coordinate playing golf on Sunday for those that are interested.
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Be Careful on Making “State” Contributions
The IRS announces that formal guidance is coming on limiting payments to state sponsored charities to get around the limit on state income tax deductions.
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Married Filing Separate May Be in Play
There will be more married filing separate filings in 2018 due to the new tax law. We go over a couple of examples.
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Sign Up For the AICPA Ag Conference
The AICPA Ag Conference will be held on July 16-18 in Las Vegas. This is a personal invitation to everyone to join us at the conference.
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Another Webinar on How Tax Reform Affects Agribusiness and Cooperatives
We will be doing another webinar on tax reform and we provide information on how to sign up.