One of the major questions for tax planning season has been whether expenses paid with a Paycheck Protection Program loan that is forgiven will be deductible. Senior Tax Consultant Dario Arezzo discusses possible examples and outcomes.
2020 is shaping up to be a potentially high-income year for some farmers across the country, especially given the latest round of Coronavirus Food Assistance Program (CFAP) payments. One tool that will likely come into play for fruit growers this year is the ability to depreciate 100% of the cost of new orchards.
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.