While guidance and legislation continue to come from all sides, the House of Representatives — following the Senate’s lead — passed the Coronavirus Aid, Relief and Economic Security Act and the legislation has been signed by President Trump. The purpose of this post is to highlight the current legislation’s tax implications and their relevance to Northeast agriculture and customers of Farm Credit East.
If you are not taking full advantage of the beneficial provisions the tax code provides, you may be overpaying your tax bill. Farm Credit East tax specialist Andrew Cerio gives readers examples of tax provisions that may be overlooked if a tax preparer isn’t well-versed in the business of agriculture.
Benjamin Franklin once said that the only certainties in life are death and taxes. According to Dario Arezzo, he should have added a third – tax compliance requirements! As the IRS prepares for the 2019 tax season, Dario discusses draft 2019 K-1s for a partnership.
When it comes time to file an annual tax return, too often ag producers face an unexpected tax bill that could have been alleviated — or at least anticipated — had appropriate planning taken place. Nick discusses why tax planning and it's timeliness are important in any business decision.