2023 had surprising results after a seemingly poor growing season. U.S. farmers are currently facing increasing export competition in a declining price environment. What will this mean for producer margins in 2024?
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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.
April 11, 2024
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In November 2022, Massachusetts voters approved an amendment to the Massachusetts Constitution to impose an additional 4% surtax on the portion of a taxpayer’s taxable income that exceeds $1 million. Shortly after, seven other states introduced their own legislation targeting high-income earners including Connecticut and New York. Here are the details to help your tax planning.
October 31, 2023
In 2017, the Tax Cuts and Jobs act was passed, putting a $10,000 limit on the amount of state and local tax that can be deducted on an individual's tax returns. For high income taxpayers that also pay a significant amount of property taxes, they quickly get to this $10,000 cap. For taxpayers who own pass thru entities such as partnerships and S-Corps, there is a potential way around this cap. This work around is called the Pass-Through Entity Tax.
September 29, 2023
The House Ways and Means Committee recently announced The American Families and Jobs Act, which includes three bills (H.R. 3936, H.R. 3937, and H.R. 3938) that could impact farmers.
July 06, 2023
The recently enacted New York State budget makes the Investment Tax Credit (ITC) fully refundable for eligible farmers who derive more than two-thirds of their gross income from farming. This provision will be in place through 2027 and will greatly benefit eligible farmers in New York State. Today’s post provides a high-level overview of the ITC.
May 29, 2023