Today’s Harvest Blog

Today’s Harvest is a valued, timely resource for stories, news, tips and information relevant to Northeast agriculture and our customers.
Farm tractor in a field during the fall harvest

Latest From Today's Harvest Blog

Crop Insurance

Assistance Available for Connecticut Producers Impacted by Flooding and Hail

Farm Credit East Knowledge Exchange

Following recent flooding and hail events across Connecticut, the U.S. Department of Agriculture (USDA) is offering the following programs to assist impacted farmers and livestock producers.

September 17, 2024

Flooded corn field with tractor tire marks, blue skies

Latest Tax Talk

Middle aged woman completing tax paperwork
Tax Talks
Navigating Charitable Contributions Post-TCJA

The Tax Cuts and Jobs Act (TCJA) enacted in 2017 and in effect from 2018 – 2025 has had a substantial effect on itemizing deductions. The resulting changes have impacted the tax consequences of making charitable contributions, especially for senior citizens. A remedy to this can be to use Qualified Charitable Distributions (QCD) from an IRA account.

August 28, 2024

Today's Harvest Blog

side profile view of employee business woman wearing casual shirt sitting working at office desk with laptop pc computer indoors sign documents writing something
Tax Talks
Important Update Regarding Life Insurance Redemptions

In April, we discussed that the Supreme Court was hearing arguments in the Connelly v U.S. case regarding life insurance proceeds. With this case now decided, it will be important for individuals and small businesses owning life insurance to fund buy/sell agreements to include a review of these policies.

July 05, 2024

Farm workers harvesting apples
Tax Talks
New York Farm Employer Overtime Credit – Advance Application Opens July 1

In December 2023, we shared two important Tax Talks blog articles on the New York Employer Overtime Credit. The time to apply for an advance of the credit is fast approaching with NYS Ag and Markets opening the application on July 1, 2024. 

July 02, 2024

Tractor preparing field for planting
Tax Talks
Production Tax Credit – Complete Application for Registration by July 15

In a previous Tax Talks blog article, we talked about energy credits. An energy credit not discussed is the Production Tax Credit (PTC) under Internal Revenue Code (IRC) section 45Z. This credit incentivizes the domestic production of sustainable transportation fuels, such as those that may be generated by an on-farm biomass digester, offering a per gallon tax credit for qualified fuels produced by the taxpayer and sold to an unrelated person. 

June 25, 2024

Two farmers in a crop field looking at a tablet
Tax Talks
Handling State Tax Refunds from Business Tax Credits

With many taxpayers having filed their 2023 taxes, refunds are appearing in their bank accounts. There may be a question of what to do with these funds. Particularly for those in states that had an expansion of refundable credits generated from farm businesses.

May 29, 2024

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