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Related Parties Don’t Count
We respond to a reader about our last post on paying rent to a landlord at year-end when it is a related party.
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Tax Court Rules Farmer Can Use Old Tractors
A recent Tax Court indicates that farmers can decide to farm how they want to farm without the IRS disallowing those expenses. But it also shows you need good records.
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Prepaid Farm Expenses Reminder
Most farmers prepay farm inputs at year-end for both business and tax reasons. We need to make sure to do them correctly. We review the rules.
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Are You Relying on DPAD Passthrough?
Cooperatives are passing through less DPAD this year to producers. If you use the passthrough as part of your year end strategy, make sure you know what to expect.
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Are You a Farmer?
Many farmers will not qualify as a “farmer” for estimated tax purposes and the possible penalty is much higher than in prior years.
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Happy Thanksgiving!
Just a blog post about my extended trip and wishing a Happy Thanksgiving to everyone.
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What Might be in Year-end Tax Package?
There is a very good chance that some tax laws will get passed by the end of the year. We review what they might be.
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Will 100% Bonus Depreciation Get Extended?
100% bonus depreciation will drop to 80% starting January 1, 2023. There is chatter about extending 100% to December 31, 2025.
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K-2/K-3 Guidance Not Quite As Good
Not all farm partnerships will get a blanket exemption from the K-2/K-3 Forms. We explain why.
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300 New IRS Auditors for ERC
The IRS recently announced that 300 staff have been trained to do ERC audits. They will be busy.