The Farm Bill has been bogged down since the Fall while Congress has battled over funding the government. Given it’s an election year, Congressional leaders have acknowledged if the Farm Bill isn’t passed by mid-year, it will likely be extended for another year leaving it for the next Congress to complete. Several Farm Credit backed proposals have been introduced this Congress that would allow Farm Credit to lean into meeting the capital needs of rural America. The intent is for these “marker bills” to be included in the Farm Bill. Here is a summary of four of them.
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Tax Talks
Life Insurance Redemptions Falling Under IRS Scrutiny
In the context of farming business structures, acquiring a life insurance policy is a prevalent practice. Here are two common scenarios and an update on an ongoing Supreme Court case involving the IRS concerning the valuation of businesses when insurance payouts are implicated and whether such proceeds are deemed liabilities or not.
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Tax Talks
Farmers Find Relief in New York State Budget
New York Governor Kathy Hochul approved the Fiscal Year 2023 budget, which included some key tax provisions for the state’s farmers. In today's Tax Talk, Senior Tax Consultant, Dario Arezzo goes over three tax credits included in the 2023 budget.
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The Lobster Industry in 2022
In today's blog, Melissa Waterman, Maine Lobstermen's Association, gives a recap of the lobster industry in 2021, as well as an outlook for 2022. This paper, along with more highlighting other industry outlooks in the Northeast, can be found in Northeast Agriculture: 2022 Insights & Perspectives.
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Ag Economy
2022 Grain and Oilseed Outlook
In today's blog, Zach Harding, The Andersons Inc., gives a recap on the grain and oilseed industry in 2021, as well as an outlook for 2022. This paper, along with more highlighting other industry outlooks in the Northeast, can be found in Northeast Agriculture: 2022 Insights & Perspectives.
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Tax Talks
IRS Provides Penalty Relief for Farmers
Notice 2022-13 was recently released and provided all qualifying farmers with relief from the March 1 deadline, so long as they file and pay their taxes by April 18 (or April 19 for Maine and Massachusetts farmers). In today's Tax Talks, Senior Tax Consultant, Dario Arezzo outlines the impacts Notice 2022-13 may have when examining your tax options.
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