Latest News From Taxes

According to USDA, only 40% of farm households participate in some type of retirement account. Here's a way to potentially save money for retirement, reduce taxable income, and have more borrowing options.

When the IRS audited the Hajda farm, an agent arrived at the property, sat inside the farmhouse kitchen, and pored over the family’s finances.

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.

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.  

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.

Whether you sold cows earlier this year or plan to sell some before the end of the year, University of Nebraska experts share a few tax considerations to review.

There’s no one better to provide a realistic and informative take on tax planning than Paul Neiffer, principal with CLA and author of “The Farm CPA” blog. 

Farmers often ask if they can own farmland in an IRA. The technical answer is yes. But the more important and practical answer is you typically should not own farmland in an IRA.

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.

President Joe Biden's tax plan has both good and bad news for farmers, says Paul Neiffer, a CPA and principal with CLA and author of the “Farm CPA” blog.

Higher cattle prices might bump your tax bracket. Put that extra revenue to appropriate use before year-end

Develop a target income for your operation and make adjustments as your operation changes.

Tax concerns for drought-related sales of livestock.

The Cattlemen's Beef Board (CBB) has asked for suggestions to improve the checkoff program. Here's mine: Value-Added Checkoff.