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Large cattle ranchers/dairies may qualify for immediate expensing of cost to raise calves.
When I talk to large ranchers/dairies who are on accrual basis of accounting and do not qualify as a small business, they assume that they are subjected to the UNICAP rules under 263A and needs to capitalize cattle/cows and depreciate cattle/cows instead of expensing or treating as inventory. This presumption is partially correct, if the […]
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Succession, Transition and Landowner Relations
We spend a lot of time talking about the financial and tax aspects of transition, but we often neglect the transfer of landowner relationships.
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Research and Experimental expenditure required capitalization
Prior to 2022, not much thought was given to the treatment of research and experimental (R&E) expenditures under IRC 174 and the companies usually will deduct these costs as incurred. There was an option to capitalize these costs and amortize over 5-year period but none of the clients I had worked for capitalized R&E expenditures […]
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Time to consider farming election under IRC § 163(j)?
As Paul noted in his post, he has officially retired from CLA and passed the baton to his CLA family. Carrying out the work that Paul started is a tough task, he is an ICON, and I will do my best to follow in his footsteps. As a quick introduction, I am a signing director […]
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SECURE ACT 2.0 Changes the Game on Retirement
The SECURE 2.0 was passed as part of the year end spending bill. We review the highlights of the bill.
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Join us at 2023 Top Producer Summit
Join us at the Top Producer Summit January 23-25, 2023 in Nashville, TN
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Should You Pay a January 15 Estimate?
Farmers have options for a filing date other than March 1. We discuss these and the reason March 1 is becoming a thing of the past.
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Our Thanks to Paul Neiffer
We thank Paul for his contributions to CLA and the industry and wish him well on his retirement.
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My Last Blog Post…?
This is my last blog post for the CLA Ag Blog since I am retiring effective December 31, 2022 (and headed to Hawaii on Wednesday to spend time with my family)