Farm Leadership
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Is it 50% or 40%?
If you are a fiscal year-end entity, you may elect out of 100% bonus depreciation. However, you need to know when the result is either 50% or 40% bonus. Also, we fill you in on the IRS position on the de minimis SSTB “cliff”.
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Payment and AGI Limitations
We continue to get questions on how the payment and adjusted gross income limits will apply to the new Market Facilitation Program. We provide answers and some examples.
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IRS Releases List of Drought Counties
The IRS just released a list of the drought counties in the US. This allows ranchers an extra year to purchase replacement livestock for any deferred gains.
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Are You a Tax Shelter?
Most farmers don’t think of themselves as a tax shelter. However, in certain situations, your farm operation may be a tax shelter and this can cost you money.
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Follow Up on Qualified Business Income
We follow up on our previous post about rental income. There still seems to be a lot of confusion on when rental income qualifies for the new Section 199A deduction.
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Remember it is Qualified “Business” Income
We continue to get questions regarding rental income received when the taxpayer is under the threshold. This is not business income unless you meet certain requirements.
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Almonds and Cherries Qualify for Direct Payments
Almond and sweet cherry growers will now qualify for direct payments. However many may not get any payments due to AGI or other limits.
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One Last Chance for Tax Reform Education
Just a reminder I will be teaching an all day class on tax reform this Friday in Minnesota and it is available as a webinar.
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Not All Rental Income In Controlled Group Qualifies as QBI
We answer a reader’s question on cash rent and wind turbine rent qualifying for the Section 199A deduction. The answer is Yes and No.