Latest News From Taxes

As the year comes to a close, Paul Neiffer shares five ways to minimize the impact of income taxes.

Leading financial experts underscore the importance of farmers understanding the do’s and don’ts of a Line of Credit that will help producers during the downside of the rollercoaster markets they have gotten to know.

On Jan. 1, 2023, the percentage immediately deductible through bonus depreciation (a provision in the Tax Cuts and Jobs Act) went from 100% to 80%. It will continue dropping by 20% each year until it reaches zero.

A resolution introduced Tuesday would support the “preservation” of the rule and “oppose efforts to impose new taxes on family farms or small businesses.”

With Republicans now in control of the House, Rep. RandyFeenstra (R-Iowa) said he wants to introduce legislation shielding the stepped-up basis and like-kind exchanges.

If your spouse dies, look into filing Form 706 Federal Estate Tax Return with the IRS. Taking that step could help you protect farm assets so they pass to your heirs without estate taxes. The process isn't automatic.

Now that harvest is wrapped up and the holidays are past, farmers must redirect some of their time to prepare for year-end taxes.

This year, more than ever, requires you to spend time with your tax adviser to pin down the right amount of taxable income to report. Good luck.  

Before you flip the calendar to 2023, cross a few important tax to-dos off your list, encourages Paul Neiffer, CPA and principal with CLA.

If you’re planning to buy farm equipment before the end of the year, here’s a refresher on two tax tools you can use.

The end of the year is closing in. Have you considered new prepaid expense moves? According to Paul Neiffer, farm CPA at CLA Connect, you should.

Secy. Yellen directed the IRS not to use any of the new funding allocated in the reconciliation package to increase the number of audits of Americans making less than $400,000 a year. So, what will the funds be used for?

Up to $12.06 million can be passed to your loved ones upon death, exempt from federal estate tax. While living, you can also gift $16,000 annually to as many individuals as you'd like. Of course, some exceptions apply.

On Tuesday, USDA Secretary Tom Vilsack rang in on AgriTalk to share agriculture’s angle in the BBB plan with host Chip Flory.

The newest tax proposal in Washington would impose a tax on billionaires. A farm tax expert warns the proposed changes could turn into a trojan horse for farmers and result in higher taxes within a decade.

The American Families Plan provides direct and indirect benefits to families. It also raises a lot of key questions for farmers and their succession plans.

The deadline to file these with the IRS is January 31, 2019.

USDA announced details of a second tranche of MFP payments, but growers may want to talk with their tax specialist before rushing to the Farm Service Agency (FSA) office according to a Farm Journal tax expert.

Current finances taxes and communication all play a role in succession planning.

Farmers and agribusinesses are patiently waiting to see how Congress will modify the controversial Section 199A.

A small portion of the conference bill that many anticipate Congress will vote on today addresses a key issue left out of the initial language: Section 199.

While New Year’s resolutions can be hard to keep, they may also make you more than 10 times more likely to achieve your goals than if you hadn’t made a resolution at all.

President's grades are mixed on four major agricultural issues, says ag policy expert.

Only weeks remain for Congress to reform estate tax rules

Direct expensing limit doubles