Update to the Update
We forgot to mention that there is also an additional $2.9 billion available for “underserved” farmers plus any farmers who were subject to discrimination. Underserved farmers include veterans, limited resource farmers, and beginning farmers and ranchers.
Any payments related to discrimination will be capped at $500,000 and the allocation for these claims are limited to $2.2 billion.
We will do an update later this week on various income tax provisions and income tax credits.
Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a principal with CliftonLarsonAllen in Walla Walla, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. Paul and his wife purchase an 180 acre ranch in 2016 and enjoy keeping it full of animals.
We understood from local office that underserved farmers included women, thus they would be getting 10% more than their husband spouses. I didn’t try to verify that in any way.