In the first of a two-part series, Farm Credit East tax specialist Dario Arezzo explains Farm Service Agency eligibility changes, specifically recent changes to USDA benefit limits based on Adjusted Gross Income.
2020 is shaping up to be one of the most interesting tax years in a long time. Between USDA payments, PPP funds and everything in between, it will be critical for farmers to stay up to date on projected year-end numbers to avoid an unpleasant tax surprise. Dario Arezzo illustrates the importance of situational awareness this tax year.
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.