USDA announced more money to be paid to farmers who had qualifying disasters in 2020 and 2021. These payments will only be paid to farmers who collected payments under Phase 1 not Phase 2.
If the act passes, the major item that applies to farmers is that 100% bonus depreciation is allowed on 2023 returns. Therefore, farmers might want to wait to file their return until sometime in February.
Agricultural Risk Coverage (ARC) uses Olympic Average MYA prices to determine the amount of guarantee. The 2024 numbers may be almost exactly the same as 2014 numbers.
USDA announced a $80-million grant to Virginia Tech to promote climate-smart agricultural practices. Also, the $100 is the three-year total, so the annual payment is less than $35 per acre.
I was on the AgriTalk program yesterday with Chip Flory discussing the Farm Program Integrity Act of 2023. In this post we provide a link to that discussion.
Many promoters claim you qualify for the Employee Retention Credit due to supply chain issues. They are wrong and the IRS provides additional guidance on this issue.
USDA assumes that $1.504 billion of ERP Phase 2 claims will be filed by July 14, but we believe the final number will be much lower. Here's a rundown from Paul Neiffer.
If you purchase or inherit a new farm, you might be able to deduct the excess soil fertility. However, there is very little guidance on this deduction from the IRS.
This act requires most farm operations that filed with the Secretary of State to file an online report beginning in 2024. The penalties for not doing so are $500 per day, Here's a webinar that breaks down the basics.
The Inflation Reduction Act (IRA) created new Section 45Z "Clean Fuel Production Credit" starting in 2025. Will this credit lead to extra payments to farmers?
Several Senators sent a letter to the IRS urging changes to various grantor trust rules. They believe the IRS has the authority to make these changes. We shall see.
