Latest News From Taxes

The practices used during the 2024 growing season will have a direct impact on the ability to take advantage of these incentives. Mitchell Hora of Continuum Ag shares what you need to know.

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.

“This is an immense opportunity. For the first time, 45Z provides farmers and biofuel manufacturers a scoreboard with a transparent points system and a business model that rewards scoring points," says Mitchell Hora.

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.

USDA Secretary Tom Vilsack and Rep. Cindy Axne joined AgriTalk with host Chip Flory and Pro Farmer Policy Analyst Jim Wiesemeyer recently to comb through President Biden’s reframe of the Build Back Better (BBB) plan.

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.

Chip Flory of AgriTalk and Pro Farmer policy analyst Jim Wiesemeyer have a conversation with Paul Neiffer of CliftonLarsonAllen about potential future tax liabilities for farmers and ranchers.

Chip Flory discusses reconciliation bill outlooks with South Dakota and Arkansas Senators as well as AFBF President.

One of my favorite sayings about any new tax law is “We have the law, now we need the rules.”

The tax law limits the size of the deduction to 50% of the wages paid, which means entities with larger payrolls are eligible for bigger tax breaks.

The omnibus spending bill before Congress this week does include a change to Section 199A of the President’s Tax Cuts and Jobs Act.

A change to remedy unintended consequences of the tax code could pass through Congress by the end of the month.

Sen. Chuck Grassley thinks a legislative fix to Section 199a is within grasp.

In the next week we may see action that would impact the new 199A section of the Tax Cuts and Jobs Act, which was passed in December.

In essence, language in this section of code gives producers marketing grain a significant incentive to sell to a cooperative rather than a non-cooperative firm.

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.

Today President Trump addressed an audience of supporters at the White House urging Congress to put a tax reform bill on his desk before Christmas.