A key rule for all depreciation deductions (Section 179, 50 percent bonus and starting the seven- or 15-year depreciation on the balance) is that the deductions can only be commenced when the property is placed in service.
During year-end meetings with farm clients, Minneapolis, MN-based consultant Rod Mauszycki, heard farmers pose a question the veteran tax adviser had never heard before, “What’s the penalty for not carrying health insurance next year?” “Many farm...
When President Donald Trump aggressively launched his first full week on the job by withdrawing the country from the Trans-Pacific Partnership (TPP), a host of agricultural organizations—most of who had explicitly or implicitly embraced the crusade to “Make America Great Again”—almost fell over each other in defiance.
While we generally have tax legislation every year or so, it’s rarely transformational to the system. The 1969 and 1986 Tax Reform Acts were two blockbusters, changing rates significantly and influencing business structures. It looks as if 2017 could bring another seismic rewrite of our federal tax system.
“Son,” he painfully wheezed through multiple layers of market scar tissue, “don’t hold your breath waiting for equal pieces of pie in this biz. Regardless how big the pastry rolls out of the oven, we always run out of dessert way before we run out of waving forks.
We have a Limited Liability Company (LLC) that contains all of our farms and one of my stock accounts. We formed it many years ago to protect the land from potential bad decisions our two children might make during their formative years.
A wealth of confirmed and suspected insect resistance to a number of Bt crops took many off guard in the 2016 growing season and is pushing growers to evaluate the way they use traits and inputs to ward off pests. However, scientists say the problem had been mounting for years.
Have you ever thought about drug testing employees on your farm? It may have been a passing thought as you feel there is no reason to distrust your team. It might seem like an administrative headache for a task that produces no value.
Farm parents and their successors may need to reevaluate their previous expectations as cash flows shrink in this farm recession and proposed treasury regulations limit the use of family stock discounts, cautioned Rod Mauszycki, a Minneapolis-based tax principal for CliftonLarsonAllen.
“Corn moisture, with the help of recent sunshine, is moving closer to 18 percent. We have locations that are tight on corn space. Belmond just finished filling their 1.5-million-bushel bunker and is now piling corn in other areas. Other locations are either loading a train or shuffling bushels among locations to make more room.
Generally, if a 1040 has a business loss that drives the return into negative territory, the net operating loss can be carried back two years (i.e., a 2016 tax loss carries first to 2014, then forward to 2015, and if large enough, onward to 2017, etc.). But if the loss arises from a farming business, a special five-year carryback applies.
Although she has served as a passionate surrogate for Clinton throughout the fall, she aggressively moved to circle her own wagons in such a way last month to suggest real doubt about exactly who will prevail on Nov. 8. Specifically, the First Lady fortified her cherished White House vegetable garden with concrete, stone and steel.
Bryant’s problem is the crop insurance floor keeps falling with commodity prices, exposing his farm to ever bigger losses. Ohio winter wheat producers, who face a 2017 crop insurance sale closing date of Sept. 30, will be guaranteed only $4.74 per bushel next year, down 45 percent from the same coverage four years ago.
In early August, the IRS released draft regulations that, when effective, will impose major restrictions on valuation discounts of family-controlled entities. This represents a major change in the tax system, and the clock is ticking before the new rules become final.
When the country-fried Machiavellian named James Carville was advising future President Bill Clinton to stay on message and cut to the core worry of voters in 1992, he developed a mantra for the campaign to chant its way to victory: “It’s the economy, stupid.