The IRS has been busy working on guidance to help taxpayers navigate the relief provisions recently afforded to them by Congress. Dario Arezzo outlines several items that taxpayers should know.
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.
In the financial world, your cash position is referred to as liquidity, i.e. your ability to pay your bills. Liquidity is important to any agricultural business, yet it may have a heightened significance depending on what you produce, how long it takes you to produce it and how it’s sold or marketed.
The SECURE Act passed in December 2019 with changes and exemptions worth noting. Dario Arezzo gives a summary of ‘stretch IRA’ and 529 plan changes and how they could shake out under the new rules.
