Overview It’s been a while since I last did an case and ruling update. So, today’s post is one of several that I will post in the coming weeks. Some recent developments in the courts and IRS – it’s the topic of today’s post. Retained Ownership of Minable Surface Negates […]Read more »
Income Tax
471 posts
Overview With today’s article I look at more legal and tax issues that farmers and ranchers need to know about. Being aware of legal and tax issues is a means of overall risk management for the operation. More discussion of legal and tax issues – it’s the topic of today’s […]Read more »
Overview Trump Accounts are a new investment vehicle for parents of newborns. They have some unique features and are only good for a short window of time (unless extended). One another note, AGI issues remain concerning USDA’s Supplemental Disaster Relief Program. These are the topics of today’s post. Trump Accounts […]Read more »
Overview The USDA's Supplemental Disaster Relief Program (SDRP) aims to provide a vital safety net for agricultural producers affected by natural disasters. However, its reliance on IRS AGI has created significant inequities and undermines the program's purpose in many instances. AGI, a general measure of a taxpayer's income, fails to […]Read more »
Overview Under the Tax Cuts and Jobs Act of 2017 (TCJA), the research and development (R&D) tax credit and the rule for expensing research and experimental (R&E) expenditures was significantly changed. Effective for tax years beginning after December 31, 2021, the TCJA eliminated the option for businesses to immediately deduct […]Read more »
Overview The One Big Beautiful Bill Act (OBBBA) contains numerous provisions of benefit to farmers and ranchers. Two of them deal with agricultural real estate. One is a provision that provides a tax break to lenders where agricultural land secures the loan. Another one allows a farmer to sell farmland […]Read more »
This is a big week in the tax world. The Congress is presently close to passing the Reconciliation bill (“The One Big, Beautiful Bill” (OBBB)). The primary component of the legislation is to prevent a massive tax hike for tax years beginning after 2025 on businesses other than C corporations […]Read more »
Overview Farm and ranch clients face many income tax issues that require special attention and planning. Likewise, they also encounter many estate and business planning opportunities that they can either take advantage of miss out on. For those representing farm and ranch clients, professional training in these issues is an […]Read more »
Overview The decision to lease or buy farm equipment is an important one with potential impacts on a farmer’s bottom line. Historically, the traditional approach has been to buy farm equipment, but leasing is becoming a more popular approach. Understanding how leasing works—and the income tax implications that come with […]Read more »
Overview In today’s random thoughts blog article, I am writing about several questions that I have answered recently from those that have emailed, written (yes, I do get handwritten letters) called, or have talked with me while I have been out on the speaking tour. It’s random commentary, but hopefully […]Read more »